Monthly Archives: August 2021

Hot Business News Today

Make December 31 end of tax year, says small business

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By Timothy Adler on Small Business – Advice and Ideas for UK Small Businesses and SMEs

Small business owners are overwhelmingly in favour of changing the tax year to the end of December to simplify the system.

In a survey of 500 small and medium-sized businesses, 91 per cent supported moving the date for filing tax affairs, according to accountancy firm BDO.

Companies said that the transition would have to be planned carefully, with longer deadlines to accommodate the change, but they supported the inevitable short-term disruption as it would make the UK tax system fit for the 21st century.

>See also: Nearly 300,000 sole traders face increased tax bills

The British Chambers of Commerce (BCC) told the Financial Times that moving the small business tax year could simplify the accounting process, but cautioned that care should be taken to ensure the adjustment did not encumber companies with extra bureaucracy.

Paul Falvey, a tax partner at BDO, told the Times: “Businesses are hoping that a rethink of the tax system can help them to flourish following the challenges of Brexit and Covid-19. Changing the tax year to December 31 is supported by businesses of all sizes and will be particularly helpful for those with international connections.”

The

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Hot Business News Today

Hiring an apprentice: The benefits for a small company

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By Timothy Adler on Small Business – Advice and Ideas for UK Small Businesses and SMEs
Hiring an apprentice is becoming an increasingly popular way for young people to enter the working world, allowing them to learn a trade and gain valuable on-the-job experience whilst earning a wage.
You can employ apprentices at different levels, from school leavers and university graduates, to people who want to further their careers or change career direction completely.
You can hire someone new or upskill an existing employee.
And it’s not just the apprentices who benefit. Hiring an apprentice also brings numerous advantages for companies participating in such schemes, making them a great investment.
Hiring an apprentice – 4 benefits for a small business
#1 – A committed workforce
One of the biggest benefits of running an apprenticeship scheme is that it helps create a dedicated, loyal workforce. The majority of apprentices are young school or college leavers, meaning that they have lots of energy with which to learn the ways of your business as you help them climb the career ladder within your organisation.
Eighty-six per cent of employers said apprenticeships helped them develop skills relevant to their organisation, according to the government Apprenticeships website.
#2 – Bridging the skills gap
Many companies,

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