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SMEs risk losing out on Christmas income totalling £2bn if they don’t accept cards - December 5, 2017


A new study has revealed that almost half of all shoppers will not spend money with a business this Christmas if it doesn’t provide facilities to pay by card. A study, commissioned by card machine provider Paymentsense, has found that 45 per cent of UK shoppers walk out of cash-only smaller retailers and independent outlets […more]

Business rates to switch from RPI to CPI, saving SMEs billions of pounds - December 5, 2017


Businesses across the UK have welcomed the Chancellor’s decision to bring forward plans changing the way business rates are set by two years. In the Autumn Budget, Philip Hammond announced that from April 2018 business rates would rise in line with the Consumer Price Index (CPI) measure of inflation, not the Retail Price Index (RPI). […more]

Class 2 and 4 NIC merger delayed until 6 April 2019 - December 5, 2017


The abolition of Class 2 National Insurance Contributions (NIC) will now be delayed until 6 April 2019, according to a new written statement to the House of Commons. HM Treasury has written to MPs to let them know that the move has been delayed to allow additional consultation with interested parties, particularly in respect of […more]

Simple by name, but not necessarily by nature - December 5, 2017


Earlier this year, HM Revenue & Customs (HMRC) introduced Simple Assessments for some taxpayers who have, until now, been required to complete Self-Assessment Tax Returns. Those affected are taxpayers with relatively straightforward financial affairs where HMRC considers that it already has sufficient information to be able to calculate the tax owed. The first groups to […more]

Chasing outstanding debts from an individual or sole trader? The process has changed - December 5, 2017


Outstanding payments can be a major headache for SMEs as they can have a significant effect on cashflow and seeking payment can take up time that would be better spent on running the business. In fact, according to Bacs, the not-for-profit entity that runs the eponymous payment service, late payments cost UK SMEs more than […more]

Chancellor fails to deliver on Office for Tax Simplification’s VAT simplification recommendations - December 5, 2017


The Office for Tax Simplification (OTS) recently published its findings following a review intended to ensure the VAT system remains relevant. On the basis of its findings, the OTS made eight core recommendations: The Government should examine the current approach to the level and design of the VAT registration threshold, with a view to setting […more]

Autumn Budget 2017 - November 22, 2017


When Chancellor Philip Hammond stepped up to the despatch box, he would have been acutely aware of the pressure he was under. Some 24 hours before the Chancellor was due to open his famous red box, the Office for National Statistics (ONS) confirmed a wider deficit than anticipated for October. Ahead of the Budget, business […more]

HMRC to implement changes to how it is paid - November 15, 2017


HM Revenue & Customs (HMRC) is to change the way that taxpayers and their agents can make payments. From 15 December 2017 and 13 January 2018, the pay at the post office service will be withdrawn and HMRC will no longer accept payment by personal credit card. However, the Revenue has confirmed that taxpayers will […more]

Over-50s cutting back on essentials to leave inheritance - November 15, 2017


According to new data from Populus, nearly half of people aged over 50 are willing to forgo luxuries in later life to leave a larger inheritance for their children. The study, commissioned by Saga Money, also found that 80 per cent of over 50s intended to pass some form of inheritance on to their children. […more]

Britain’s small business economy is expected to grow nearly a fifth by 2025 - November 15, 2017


The UK’s small business economy is expected to grow by nearly a fifth in total by 2025, but some areas are predicted to grow much quicker than others. The predictions result from a survey by Hampshire Bank Trust and the Centre for Economics and Business Research (CEBR). The CEBR research predicts that alongside the growth […more]

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