Many employers face penalties over pensions auto-enrolment

Despite more than 4 million firms already having signed up to auto-enrolment there is a growing concern that some firms are becoming complacent and could face hefty fines for failing to join up.Continue reading→

Slowing Growth in UK Services Sector Suggests Recovery Losing Steam

The UK services sector hit a three-month low in September, potentially signalling the end of the UK’s growth spurt.  The survey, released by Markit and the Chartered Institute of Purchasing & Supply (CIPS), shows that the purchasing managers’ index (PMI) dropped from 59.7 in August to a six-month low of 58.1 in September. Continue reading→

SME Struggling Due to Late Payers

The culture of late payments is growing in the UK, according to Market Invoice, and small businesses owners are paying the price.  Small companies without large capital contingency funds are struggling to balance the books, and are facing the dilemma of having to turn down additional work from large companies or begin the arduous process of legal action to reclaim missing revenue. Continue reading→

SMEs take control of auto enrolment process, with help of expert advice

Britain’s small and medium sized businesses have said they feel they are ready for auto-enrolment and have taken help from experts to get them ready, according to a study from Barclays Corporate and Employer Solutions.Continue reading→

UK Economy Surpasses Pre-Crisis Peak

The ONS has reported that the UK’s economy was 2.7% larger in the second quarter of this year than the pre-crisis peak.  The findings were announced after the Office for National Statistics (ONS) completed the largest national accounts revision for a generation. Continue reading→

HM Revenue & Customs given fresh powers to ‘raid’ pay packets

H.M.Revenue and Customs will soon be able to take up to £17,000 directly out of the pay packets of British workers who have underpaid tax – an increase of more than £14,000 on the current limit.Continue reading→

Poll Shows UK Manufacturers Support EU

The UK’s relationship with the EU has come under increasingly scrutiny since the start of the financial crisis, with the likelihood of an upcoming referendum growing each year.  However, despite the EU’s floundering economy, a recent poll has shown that UK manufacturers would vote to remain a part of the European bloc. Continue reading→

Government Encourages Businesses to Claim £3000 for Better Broadband

A government grant worth up to £3,000 is available to businesses in 22 cities across the UK.  The grant helps businesses experience the benefits of faster broadband speeds and better connectivity, and it is hoped that it will attract further business investment to the UK. Continue reading→

Business Secretary admits Funding for Lending is failing.

The Business Secretary, Vince Cable, has admitted that the Government’s Funding for Lending scheme is not working – as net lending to SMEs fell in the first two quarters of this year.

The scheme was designed to encourage lenders to provide more credit to smaller businesses, but recently the number of bank’s providing these loans has plummeted.

It was recently revealed that during the first quarter of 2014 lending fell by £723m, which was followed by a further £435m drop in the second quarter.

Speaking during an event for the British Business Bank, which was reported in the Times, the Business Secretary said that the bank restriction of credit to SMEs “persisted to this day” with more and more money being taken away from SME lending.

Mr Cable said: “Ever since I got into government I’ve been having conversations with George Osborne about how we get small business lending going.

“Our initial instincts were, we have these big banks who have been rescued by the state, why on earth don’t they do it? For a variety of reasons, it never happened.

“They were left at an arms’ length basis, there was difficulty with the private majority shareholders of RBS and the Treasury didn’t want to go down that road, they were interested in preparing them for privatisation, so that route didn’t work.”

Cable also blamed banks for giving business owners a “bad deal” saying that SMEs were being forced to take matters into their own hands.

Banks have recently been forced by government to ask SMEs if they would like their information shared with alternative lenders should the business be rejected for a bank loan.

This was followed in August by the George Osborne encouraging SMEs to seek financing from crowd-funders, peer-to-peer lenders and invoice financiers.

RTI Penalty Launch Imminent

From 6 October HMRC will begin issuing automated PAYE real-time transaction (RTI) penalties to companies sending late RTI reports. Continue reading→