Monthly Archives: December 2020

Hot Business News Today

What the Brexit deal means for small business

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Originally written by Timothy Adler on Small Business
UPDATED: Small business owners are relieved that the Brexit deal has finally been agreed, as it means certainty going forward.
Although on Friday afternoon, the 1,246-page legal text of the Trade and Cooperation Agreement deal had not been released, it does include a Small Business Chapter.
Mike Cherry, national chairman of the Federation of Small Businesses, said: “The work of looking through the detail of the agreement to map out exactly what it means for the small firms that make-up 99 per cent of our business community now begins.
>See also: How Brexit is going to affect your business – #1 imports
“As well as going through the terms of access to each other’s markets, we are keen to see the Small Business Chapter that we have championed and encouraged both sides to include.”
Mr Cherry repeated his call for £3,000 transition vouchers that small business owners can spend on training and advice to navigate a new trading relationship with the European Union. This would be similar to schemes in Ireland and in the Netherlands.
Jonathan Geldart, director general of the Institute of Directors, agreed.
“Wherever possible, changes should be phased in,” Mr Geldart said. “Financial support for SMEs, such

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Turn Covid emergency debt into shared ownership, urges small business

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Originally written by Timothy Adler on Small Business
The government should consider converting “unmanageable” levels of Covid debt into shared company ownership, the Federation of Small Businesses has urged.
Four out of 10 small businesses called their level of debt “unmanageable” in a FSB report published over the weekend.
Nearly half of those surveyed used personal finance products such as personal credit cards, overdrafts and loans to keep their businesses going.
Shared ownership means employees owning shares in the businesses they work for. Famous employee-owned businesses include John Lewis and, most recently, Richer Sounds, which was taken over by its employees in May last year.
Currently, 370 UK companies are categorised as employee-ownership SME businesses, 61 per cent have changed ownership in just the past five years.
Employee-owned businesses in Britain are currently worth £20.1bn between them, employing 178,000 people.
The FSB told The Times that emergency Covid debt could be assigned to an employee ownership trust in return for the trust getting preference shares in the business of the same value, plus an option to acquire 10 per cent of the business when there is a future change of control. Turning Covid debt into shared ownership would move the debt off the company’s balance sheet, the

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How to sell anywhere with contactless payments

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Originally written by Dan Matthews on Small Business
The way consumers pay for goods and services has been revolutionised in recent years. From the coins and notes that we have all used for decades, to the smart digital applications of the 2020s, people now have more ways to pay than ever before.
As a small business owner, keeping up with advances in payments technology can feel like a challenge, but in truth getting set up is easier than you might think.
Why go contactless?
Cash remains a popular way to buy. According to the Bank of England, there are around £70bn-worth of notes in circulation, or about £1,000 for every member of the British public.
But plastic has caught up and, in 2017, overtook paper and coins as the UK’s preferred payment method. At the same time, the old-style Chip and PIN method has been joined by contactless as a quick and easy way to settle bills of £45 and under.
Before the coronavirus took hold in the UK, there were 889m contactless payments in February 2020 alone, the vast majority of which were made via credit or debit card. But customers also increasingly use their phones or smart devices to pay.
But at the peak of

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