Entrepreneur activity is on the rise throughout Europe

A recent international survey of 7000 people by Idinvest Partners discovered that more than half of UK adults want to start their own business. UK based entrepreneurs were revealed to be the most financially independent, as more than half of the respondents interviewed intended to use their personal savings to finance their venture. Only 20% of the UK’s budding entrepreneurs have plans to take out a bank loan, compared to a significantly higher 38% in both France and Germany. Continue reading “Entrepreneur activity is on the rise throughout Europe” »

The true face of UK tax fraud

The National Audit Office has released information from the last year which shows losses from tax fraud totalled around £16billion. Reports about tax fraud or tax evasion are often centred on major international corporate entities. Although this is an important issue, in reality much of the money lost is a result of incorrect tax practises by small and medium sized businesses.   Continue reading “The true face of UK tax fraud” »

Entrepreneur activity is on the rise throughout Europe

A recent international survey of 7000 people by Idinvest Partners discovered that more than half of UK adults want to start their own business. UK based entrepreneurs were revealed to be the most financially independent, as more than half of the respondents interviewed intended to use their personal savings to finance their venture. Only 20% of the UK’s budding entrepreneurs have plans to take out a bank loan, compared to a significantly higher 38% in both France and Germany. Continue reading “Entrepreneur activity is on the rise throughout Europe” »

Planning your company’s Christmas celebration

As we are now heading into the festive season, many company directors will be planning a Christmas celebration to thank their employees for all their hard work throughout the year and end the year on a high note. As with all aspects of business, it is important to consider the financial issues surrounding the annual Christmas party, and generally the news is good in terms of taxes. Continue reading “Planning your company’s Christmas celebration” »

Changing from annual to quarterly self assessments

The process of completing self assessment tax returns is often far from straightforward and can be time consuming, which is why many self-employed people and company directors use the services of professional accountants to handle them. One of the reasons why self assessment can be complex is the fact that laws around tax are frequently being changed and updated. Now it has been announced that there will be a fairly major overhaul to the self assessment system in the near future. Continue reading “Changing from annual to quarterly self assessments” »

Credit support for small businesses will remain available until 2018

With a continued focus on economic growth in the UK, there has been a two-year extension of a Bank of England scheme to encourage banks to increase lending to small businesses. The Funding for Lending initiative was launched in 2012 in an attempt to secure loans for cash-strapped households and businesses. The scheme stopped targeting households in 2013 and has since focused on small businesses. Continue reading “Credit support for small businesses will remain available until 2018” »

Do you make the best use of business plans?

Business plans are valuable because they allow businesses to map out their objectives, strategies, philosophies and other essential details. They can be a useful resource for decision makers and hold value for investors too. A good plan will be very detailed but still provide a great deal of flexibility so it can be adapted to suit changes in socio-economic factors. Continue reading “Do you make the best use of business plans?” »

Adjusting your payroll for the latest changes

As many of you will be aware, the 1st of January 2016 will see the start of arguably the single biggest change to the way in which small businesses handle their payroll. The implementation of the workplace pension scheme has now moved into its final phase. As of New Year’s Day, all small businesses that employ up to 30 people will have until 1 April 2017 to ensure they are registered and complying with the workplace pension requirements. While there is universal acceptance of the system across the UK, ensuring that all payroll, tax and bookkeeping requirements are met can be a formidable challenge. In terms of handling the coming changes, using professional accounting services is a reliable and efficient way of ensuring success. Continue reading “Adjusting your payroll for the latest changes” »

Important developments from the Autumn Statement

Earlier this month, the government published its joint Spending Review and Autumn Statement. There were several key announcements included, including news of an increase in spending on security, state pensions, and the NHS, as well as the introduction of a new London Help to Buy equity scheme. The statement also contained various news that is pertinent for small business owners, as well as those who are looking to set up a new business. Continue reading “Important developments from the Autumn Statement” »

HMRC’s tax office restructuring

HMRC is poised to launch a major restructuring of its local tax offices across the UK in a bid to help save millions of pounds. They plan to close 137 of the current 170 offices and replace them with 13 larger regional centres. It is hoped that the move to modern offices will also help to boost HMRC’s ability to answer complex questions and deal with the large volume of enquiries they receive, ultimately improving the service they offer. Continue reading “HMRC’s tax office restructuring” »