SMEs becomes liable for corporation tax when they change from being a sole trader to a limited company, yet many business owners are struggling to calculate the correct level of tax due, finds a study by FreeAgent. Seven in ten (71 per cent) UK micro-business owners in the UK feel that larger businesses benefit more from
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Bank charges on international payments hampering small businesses
by Ben Lobel • • 0 Comments
Traditional banks have a stranglehold of 95 per cent of the business payments market, according to a study by Covercy. One company making 20 transactions of £30,000 could overpay an average of £4,400 monthly or £52,800 a year in completely unnecessary fees, the survey finds. For a company making 20 transactions of £10,000 this equates to £2,120
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Business failure: Four in ten small companies don’t make it five years
by Ben Lobel • • 0 Comments
Information and communication-based businesses and retailers have the highest new business survival rates after one year, but for longer-term survival, businesses in the health and education sectors fare the best, according to a study by Ormsby Street. These are the only two sectors in which more than half of businesses launched were still trading after five
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Digital tax remains confusing for large portion of small businesses
by Ben Lobel • • 0 Comments
UK freelancers and micro-businesses still need more information about the government’s plans for digital tax, according to new research by accounting software provider FreeAgent. The study shows that 86 per cent of respondents who know what Making Tax Digital is do not feel at this stage that they had been provided with enough information about the
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Candidate shortages mean SMEs struggle to secure top talent
by Ben Lobel • • 0 Comments
One of the biggest challenges SMEs face, particularly in a candidate-short market, is how to attract the best talent for a job, according to specialist recruiter Robert Walters. Smaller businesses may feel that they are at a disadvantage compared to larger companies that can offer higher salaries and additional benefits, but a study by the company suggests
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Freelancers taking more holidays than employed people
by Ben Lobel • • 0 Comments
Freelancers commonly spend as many as 21 nights away from home in the average year, versus the paltry ten nights of an employed person, according to a study by PeoplePerHour. Self-employed people spend twice as long away from home on each holiday and travel nearly twice as far, covering an average of 2,200 miles per holiday.
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Small businesses unimpressed by pledges from May
by Ben Lobel • • 0 Comments
While May has assured smaller firms she will be listening to their needs, actions, not words, are what is required, says Charles Reilly, director of Fridgesmart. ‘Small businesses really are the ‘backbone of Britain’; the PM is right about that,’ Reilly says. ‘But it’s not enough to issue statements of support; we need an earlier Autumn
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Negative interest rates: Concern over charge for business deposits
by Ben Lobel • • 0 Comments
In an already uncertain time, the possibility of NatWest charging for deposits in a climate of negative interest rates will be a worrying sign for micro-businesses with small margins and limited options in terms of how they use their capital, experts have said. Howard Graham, CEO of start-up specialist Made Simple Group says, ‘Lenders are clearly
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Small businesses forced to write off debt due to late payment
by Ben Lobel • • 0 Comments
Findings from the SME Confidence Tracker report for Q2, undertaken by Bibby Financial Services before the EU referendum, show that 27 per cent of SMEs have written off money due to late payment in the past year. Across the business population, findings equate to more than 1.4 million SMEs suffering from bad debt over the past 12
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Healthy investor confidence in UK SMEs, study reveals
by Ben Lobel • • 0 Comments
Despite mass uncertainty surrounding financial markets and a variety of investment products in the wake of Brexit, there is considerable investor confidence in UK small and medium-sized enterprises (SMEs), according to research of 1,000 UK investors commissioned by IW Capital and Crowdfinders. The research finds that 52 per cent of the investors surveyed say they would
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