The coronavirus has started to take its toll on the UK economy, the general public and small businesses. There is a lot of panic and anxiety with constant news of new cases and deaths due to the virus. This is an especially difficult time for small businesses, who will struggle to keep afloat with the lack of consumer demand. Whether you run a restaurant or a clothing shop on the high street, the effects of this pandemic are being felt.[continue reading…]
Small Business News
The highly anticipated Budget 2020 has been revealed by the new Chancellor of Exchequer, Rishi Sunak. There was some welcoming news for the small business community as the Chancellor announced the suspension of business rates for SME’s, a Coronavirus Business Interruption Loan Scheme coming into effect and that the Government will be covering the Statutory Sick Pay for SME’s.[continue reading…]
In a recent study by Purbeck Insurance Services, it was found that just under half of women (46%) entrepreneurs found it difficult to switch off from work compared to the 38% of men entrepreneurs. With the International Women’s Day falling on Sunday the 8th of March this year, it is recommended female entrepreneurs take the day to celebrate and take time off to switch off.[continue reading…]
Changes to IR35 tax rules for contractors may only be two months away, but most contractors remain confused about what the changes will mean – and whether they need to do anything before the 6 April implementation date.[continue reading…]
There are 5.9 million small businesses in the UK and around 60% of people working in the private sector are working for small businesses. However, mental health and wellbeing advice and support is only really given to larger businesses. The FSB (Federation of Small Business) has started a campaign to focus on wellbeing for those in small business sector.
One of the questions we are most frequently asked at Company Bug is “how many limited companies are there in the UK”, or similar questions relating to the business population as a whole
In a recent study carried out by the Close Brother Asset Finance, it was found that small and medium-size businesses find diversity is good for business. However, they still struggled to achieve a diverse workforce. There are a number of benefits of having diversity in the workplace and SMEs may be missing out on these benefits.[continue reading…]
In a recent study commissioned by Close Brothers Asset Finance, it was found that during the SME recruitment process, older workers are discriminated against and are seen to be less desirable to fill the roles despite their experience. It was also found that SMEs understood and were aware of the number of benefits that came from hiring older workers for the business. Therefore, it was disappointing to see the results suggesting discrimination.
In the latest research carried out by PolicyBee, it was found that small businesses are quite perplexed with Professional Indemnity Insurance and it causes quite the confusion. This confusion and lack of understanding resulted in around 40% of respondents not getting a professional indemnity cover, leaving them exposed.
GDPR has now been in place for a year and, while the ICO has previously claimed it doesn’t intend to come down too hard on businesses still getting their privacy plans straight, the heavy fines are about to hit.
With Brexit and the uncertainty at No. 10, it’s becoming increasingly hard to predict what upcoming legislation will be enforced and when – leaving businesses, landlords and the self-employed all striving for clarity.
In the latest survey carried out by Instantprint, it was found that the East Midlands, Leicester topped the list of places for millennials to start a business. The research took into account what is important to millennials, their core values and the challenges they face when it comes to starting a business.
Giving back to the community and giving to charities has become a core part of most small business culture. From the Federation of Small Business (FSB), a ‘Small Business, Big Heart’ was published highlighting the ‘giving back’ attitude of small businesses in the UK. It is, therefore, the time for the Government to deliver on the National Insurance Contributions manifesto promise (NIC’s), which consisted of a year holiday from the NIC’s for small businesses.
The Federation of Small Businesses (FSB) has found that the small business confidence has hit the biggest low since the financial crash in 2011. The small business confidence was measured at -9.9, in their Small Business Index (SBI). The uncertainty that comes from Brexit is taking a toll on small businesses in the UK resulting in them being very unsure of what’s to come.
A recent Government report shows that £44.6 billion is owed to small-to-medium sized businesses in late invoice payments. While it’s hard to fathom how much impact this amount of money will have on the economy in general, it’s important to understand the impact it can cause business owners.
Mental health issues in the workplace have been a hot topic for some time and now even the government is recognising the issue. The issue of mental health problems being neglected in the workplace has a negative effect on everyone involved. Therefore, the government has pushed to tackle the issue. A new online service for employers has been launched to help them support and manage their employees with mental health issues.
In a recent study carried out by Paymentsense, it was found that female entrepreneurs were better at handling stress than their males counterparts. The research which looked at over 1,000 small business in the UK showed that women are good at handling business stress as well as men and sometimes even better. This should be encouraging to any aspiring female entrepreneurs, who want to take on the rewarding challenge of starting their own business.
Mental health issues plague the workplace as working conditions can sometimes lead to stress and anxiety. Although there is continuous progress being made to destigmatise talking about mental health, there is still a lot of work to do. Small businesses need to actively talk about mental health in the workplace, so employees can feel like it’s okay to talk about how they are feeling. Small business owners need to be the leaders and open up about the challenges and stress that comes with being in the workplace.
The chancellor has delivered his most small business friendly Budget to date. The Budget has bought in good news for the anxious small businesses. There is always a nervous environment pre-Budget, and small business owners can now breathe a sigh of relief. From the VAT threshold being kept at £85,000 to the fuel duty to be frozen for the ninth year running, the chancellor has been praised by the small business community.