What are your obstacles to business success in 2018?

Industry publication startups.co.uk has asked its audience what is the biggest challenge their business is facing in 2018.Continue reading→

HMRC experiencing IT difficulties ahead of January tax return deadline

HM Revenue & Customs (HMRC) has been experiencing a number of IT difficulties in recent days, as customers rush to file their tax returns before the 31 January deadline.Continue reading→

SMEs confident about growth

A large number of UK small and medium-sized enterprises (SMEs) are hoping to expand this year, while others are anticipating a boost in business revenues.Continue reading→

New year, new website? What businesses want in 2018

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Small business growth hindered by late payments

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Currency concerning SMEs in 2018, suggests poll

Currency volatility will be the biggest talking point of 2018 as firms settle into the new year, a survey has found.

Bibby Financial Services (BFS), which published the poll, found that exchange rate concerns affect more than two-thirds of UK SMEs.

Around 67 per cent of businesses said they have been “adversely affected” by currency volatility in the past 12 months, owing to a loss in revenue of around £70,000 each.

It’s led to around 78 per cent of SMEs reviewing their foreign exchange arrangements to protect themselves against future volatility. Some businesses will also have the option of “locking in” to a guaranteed exchange rate.

Sterling has lost around 10 per cent in value against the dollar and around 13 per cent against the euro since June’s Brexit vote.

Logistics, duty, and VAT are among the other issues most concerning SMEs once Britain leaves the European Union in 2019.

Michael McGowan, managing director for Foreign Exchange at BFS, said: “By far the greatest challenge facing SMEs importing and exporting is currency volatility, sparked by the EU referendum and ongoing Brexit negotiations.

“While there is a common perception that a weaker pound benefits exporters, our findings challenge this binary narrative. Importing and exporting are not mutually exclusive and more than a quarter of SMEs that import sell finished goods or component parts overseas.

“As such, often importers and exporters are equally exposed to currency volatility and wider economic uncertainty.”

The biggest challenges facing SMEs in 2018

A new study carried out by Barclays Business Banking claims to have mapped out the biggest challenges facing British small and medium-sized enterprises (SMEs) over the course of 2018.Continue reading→

Business hopes up ahead of holidays

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SMEs concerned about cash flow

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HMRC warns about new tax scam costing victims thousands

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