Category: Business

Comments Off on Digital skills shortage hampers business growth

Digital skills shortage hampers business growth

Digital skills shortage hampers business growth

A lack of digital skills is affecting business productivity and growth, according to the British Chambers of Commerce (BCC). More than 4 in 5 (84%) firms say digital and IT skills are more important than 2 years ago, however 76% say they are facing a digital skill shortage. Adverse effects of skills shortages include: increased … Continued

Comments Off on Business rates revaluation takes effect

Business rates revaluation takes effect

Business rates revaluation takes effect

The business rates revaluation took effect on 1 April 2017. This means that businesses in England and Wales will pay rates that reflect the changes in their local property market. The government has said that nearly 75% of businesses will see no change or a fall in their bills. Small business rate relief has permanently … Continued

Comments Off on Lack of funds prevents business opportunities

Lack of funds prevents business opportunities

Lack of funds prevents business opportunities

A fifth of SMEs have missed out on at least 1 business opportunity in the past 12 months due to a lack of finance. Research by Aldemore found that firms are missing out on an average of £77,651 a year due to missed opportunities. Bigger businesses were more likely to have missed out on opportunities: … Continued

Comments Off on Late payment regulations support SMEs

Late payment regulations support SMEs

Late payment regulations support SMEs

Late payment regulations support SMEs Large companies and limited liability partnerships (LLPs) will have to publish their payment practices and performance twice a year from April 2017. This new reporting requirement will include the average time taken to pay supplier invoices. The government hopes this will help to reduce late payments. It is estimated that … Continued

Comments Off on New LLP SORP

New LLP SORP

New LLP SORP

CCAB has published a revised statement of recommended practice (SORP) for limited liability partnerships (LLPs). The LLPs SORP has been updated to reflect the new LLP Regulations that were issued in May 2016 and recent changes to UK accounting standards. The LLP regulations were amended in May 2016 by The Limited Liability Partnerships, Partnerships and … Continued

Comments Off on SME borrowing set to rise in 2017

SME borrowing set to rise in 2017

SME borrowing set to rise in 2017

SME borrowing set to rise in 2017 SME borrowing is projected to rise 22% in 2017, according to Zurich. The survey of 1,000 SME owners showed that firms are planning to borrow an average of £41,770. This would see lending to SMEs rise to over £50 billion in 2017. Anne Griffiths, head of SME proposition … Continued

Comments Off on Business rate changes from April 2017

Business rate changes from April 2017

Business rate changes from April 2017

Two changes to business rates are due to come into effect from 1 April 2017. Whether the changes will affect your business will depend on its location and size. Revaluation Revaluation adjusts the value of business rates to take into consideration changes in the property market. It usually takes place every 5 years although there … Continued

Comments Off on Small businesses offered alternative route to finance

Small businesses offered alternative route to finance

Small businesses offered alternative route to finance

Small businesses that have been rejected for finance by banks may be matched with alternative finance providers under a government scheme. The service will see participating banks pass on details of businesses they have rejected to alternative finance platforms. According to figures from the Treasury, 71% of businesses looking for finance only request it from … Continued

Comments Off on Making Tax Digital

Making Tax Digital

Making Tax Digital

The Government initiative ‘Making Tax Digital’ (MTD) intends that by 2020 the vast majority of businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally and to update HMRC at least quarterly via their digital tax accounts. According to the Government’s current plans, from April 2018 all but the … Continued

Comments Off on Autumn Statement 2016 expectations

Autumn Statement 2016 expectations

Autumn Statement 2016 expectations

Chancellor Philip Hammond is due to deliver his Autumn Statement on 23 November 2016. Speaking at the Conservative party conference in October, Hammond said the government will prioritise spending on housing and business investment to boost the economy. Here is a round-up of some of the potential measures that could be announced. Economic policy The … Continued