A business loan can be a useful tool for SMEs, offering access to capital which can help with growth, stability and resilience. Loans can facilitate investment in new locations, staff or equipment, as well as helping smooth cash flow and build business credit. When managed well, interest on a business loan can be more affordable […]
In a bid to help boost the economy the Government has revealed details of its Small Business Plan. The consultation, which aims to back SMEs and support growth, has been designed to help deliver £320 billion into the UK economy by 2030. So what’s been announced, and how will the plans support SMEs? Employer National […]
If you’re running an SME much of your time will be taken up with decisions about how to run a successful and profitable business. But what about your exit strategy? What do you want to happen to your business when you choose to leave, retire or exit for other reasons? A good business exit strategy […]
Offering competitive employee benefits is crucial for SMEs, especially to attract and retain talent. But this can be tricky when budgets are tighter than in large companies. The most effective benefits strike a balance between affordability for the business and strong perceived value for employees. So which are best to consider, and do any offer […]
If you’re thinking of selling your business, one of the key questions you may ask is what tax I will pay on the money I receive? It’s a fair question too. Afterall, if you’ve been building the business for many years, you’ll want to ensure you see maximum benefit from the risk and hard work you’ve undoubtedly had to put into it.
Statutory Sick Pay (SSP) is the minimum amount which employers must pay employees when they’re off work due to illness. But what are the current rules? And are changes afoot? Who qualifies for SSP?Under the current rules, any employee is eligible for SSP if they: How much is SSP?From April 2025, the rate is £118.75 […]
The start of a year is always good time to look ahead at what tax and financial changes will take effect over the coming months. For SMEs there are a number of changes in 2025 which could have an impact on operations and which it makes sense to plan for. Increase in National Minimum Wage […]
The Fair Payment Code has been launched to help better tackle SMEs who are paid late. The burden of not being paid on time, and chasing payments, is weighing heavy on small firms with more than ever declaring insolvency. And with SMEs owed, on average, £22,000 a year the Code aims to help with the […]
New rules are being introduced for claiming employment expenses. To help reduce ineligible claims and tax abuse employees now need to use a P87 form and provide supporting evidence. The new rules took effect on 14th October 2024. The new process to “check first, pay layer” follows feedback that more ineligible claims were being made. […]
With time to consider the detail of the Autumn Budget it’s useful to reflect on the main changes impacting SMEs. Small businesses will be affected by many of the changes announced, particularly with regards to National Insurance contributions, fuel duty, and business rates. Employer’s National Insurance Contributions The main impact of the Autumn Budget on […]
SMEs are claimed to be responsible for £4.4 billion of unpaid tax as a result of tax evasion, according to a new report from the National Audit Office (NAO). Tax evasion is the practice of deliberately falsifying or omitting information to reduce a tax bill. The research – which focused on the high street […]
Introducing flexible working and condensed hours can be extremely beneficial for both business owners and employees. The 4 Day Week Campaign has picked up pace since the pandemic, based around the idea that a “9-to-5, five-day working week is outdated and no longer fit for purpose.” Reported benefits include increased productivity, higher employee satisfaction and […]