NEWS - ENTREPRENEURS & STARTUPS
Small businesses are expecting an increase in growth in 2016, according to a report conducted by Yelp. The Small Business Pulse Survey showed that small companies are predicting a 26% increase in growth next year.
Young businesses are the most optimistic about their growth, with nearly 50% expecting to expand in the next year.Read more >>
Stirling is the best place in Scotland for starting a new business, according to a recent study. Start-up specialist Quality Formations carried out the survey, studying 69 cities in the UK. Stirling came eighth, with Manchester, London and Birmingham not far behind.
For the research, the survey looked at eight criteria, including broadband service and quality of life. Derby also scored high on the survey, followed by Belfast and Stoke.Read more >>
SMEs are vital for the growth of the UK economy, according to Alex Hazell of the SME-focused bank Aldermore. Hazell discussed the topic of SMEs seeking funding in a blog post, stating that they face a “plethora of challenges” when it comes to funding business growth.
Despite this, figures from the Federation of Small Businesses show that 99% of the estimated 5.4 businesses in the UK private sector are SMEs.Read more >>
Sarah McVittie has offered advice to budding entrepreneurs in her latest column for Elite Business magazine. The entrepreneur shared her experiences of running a start-up, stating that she learned what she should and shouldn’t do when running and growing a business at the same time.
McVittie runs Dressipi, a fashion tech start-up that is based in London, with co-founder Donna Kelly. She brings shareholding and sales experience to the business, while Kelly focuses on the products.
Read more >>
The number of small businesses obtaining finance for development has risen in the past year, according to figures from Albion Ventures’ third Albion Growth report. The report showed that 44% of small businesses were approved for development finance in 2015, compared to 27% in 2014.
Out of the 1,000 small and medium-sized businesses studied for the survey, research showed that 29% were seeking finance for new equipment, 24% for the development of new products and 17% for research and development.Read more >>
Because of what Deloitte describes as a “borrower-friendly market”, the Big 4 firm says that SMEs should consider taking loans out now to fund expansion plans.
As credit availability rises to a near seven-year high while the cost of credit falls towards an eight-year low, the UK banking market is “buoyant”, according to the company's latest analysis.Read more >>
The Chartered Institute of Taxation (CIOT) has set out six objectives for EU tax officials to help UK SMEs consider Europe as their home market.
The proposals aim to stimulate action so that more UK small and medium-sized enterprises expand their European-wide activities.Read more >>
Small companies that have a turnover under £2m and employ less than 50 people can seek advance assurance on R&D tax relief from next month.
This will help them put more effective financial planning in place and give them more certainty, says HMRC.Read more >>
A recent report from Big 4 firm KPMG in association with CB Insights says the UK economy is the European ‘hot spot’ for investment in start-ups.
The 'Venture Pulse Q3 2015' did however point out that the amount invested in the UK has fallen and is now at the lowest for five quarters.Read more >>
Banking services for SMEs lack competition and need an overhaul, according to the Competition and Markets Authority (CMA).
The creation of a price comparison site would be one factor that could improve the way banks work to compete for customers, the consumer watchdog says.Read more >>
HMRC’s clampdown on tax avoidance schemes could mean that small businesses in the UK are at risk of demands for hundreds of thousands of pounds.
HMRC is stepping up repayment demands and has said it expects to issue 40,000 more nationally by the end of next year.Read more >>
Investment plans for almost a third of SMEs in the UK have been put on hold because of continued uncertainty in Europe.
Smith & Williamson's latest quarterly Enterprise Index survey found that macro-economic issues are having a direct effect on growth plans in the small business sector of the UK economy.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) says that start-ups should be more frugal and avoid "burning through resources too quickly" by using more careful cash flow management.
The professional body has pointed out that many entrepreneurs who are starting a new business find the reality very different to what they had in mind.Read more >>
Small and medium sized businesses in the UK are increasingly feeling the strain of late payments, particularly if they are owed more than 13% of their turnover.
This benchmark is used by advisers and accountants who are concerned about cash flow issues due to late settlement of invoices.Read more >>
Although using qualified accountancy personnel is an essential part of the financial planning for any business, today there are many ways that the preparation of data can save time and money for small businesses and SMEs.
In fact, many accountancy sector professionals encourage small business to use payroll software that can help make data gathering less man-hour intensive and smooth the passage of information transfers to HMRC.Read more >>
Small firms in the UK paid out 63 percent of their profits as dividends in 2014-15, according to the accountancy firm, Moore Stephens.
Now the company claims that proposed changes to the tax treatment of dividends will impact the way that SMEs will be able to fund expansion.Read more >>
More than one in four of Britain's manufacturing SME's are having their potential for growth held back by a shortage of skilled workers according to a new survey.
MHA, the UK-wide group of accountancy and business advisory firms, has made the claim in its latest annual Manufacturing Survey, which sampled 400 mainly small and medium sized manufacturing and engineering businesses in the UK.Read more >>
Software giant Sage and Big 4 firm PwC have announced a new collaboration aimed at pushing forward global SME connections and growing UK activities.
The accounting software company and Big 4 firm are rolling out the new project in the UK before extending it across their international operations.Read more >>
SMEs and sole traders look likely to benefit from proposals to introduce a threshold for compliance with VAT Mini One Stop Shop (VATMOSS) regulations.
Small businesses trading e-services across the EU are currently obliged to charge VAT at the native rates of their customers living in the 28-strong membership, which has meant added workloads operating with several different rates.Read more >>
According to the latest government statistics, the number of UK SMEs that claim tax relief for research and development (R&D) has risen by almost a quarter.
The amount claimed has gone up from £1.4bn last year to £1.75bn as approximately 20,000 small businesses claim the relief, an increase from 16,000 previously.Read more >>
The Office for National Statistics has announced that it will change the way it comes up with its economic growth estimates.
The move is likely to cut costs for small businesses, as they are likely to have far fewer time-consuming surveys to complete.Read more >>
A new report highlights the dangers faced by small businesses because of cash flow problems caused by late payments.
The newly published research from the Tungsten Corporation warns that as many as a quarter of UK SMEs may be at risk of insolvency.Read more >>
ACCA (the Association of Chartered Certified Accountants) has signed a new agreement with Enterprise Uganda that will offer wide-ranging training, support and mentoring for the country's growing small business sector.
The Memorandum of Understanding (MOU) will allow ACCA members to volunteer to mentor small businesses and help them through challenges and encourage growth.Read more >>
More people are using investment schemes like SEIS and EIS to invest in small businesses, but there is potential for further growth.
A growing number of small and medium-size enterprises are taking advantage of government schemes designed to make it easier to attract investors, but there is still a lot of untapped potential that firms are missing out on.Read more >>
UK Trade and Investment is running nine events around the country aimed at helping businesses break into overseas markets.
UK businesses operating in international markets will have the opportunity to share their ideas on exporting at a series of new events organised by UK Trade and Investment (UKTI).
The body will be running nine ExportJam workshops across the country later this month, with the aim of looking at how the government gives support to companies that sell goods and services around the world.Read more >>