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.
Small Business News
The last Budget before the UK leaves the EU was revealed by Chancellor Philip Hammond at the Houses of Parliament today. With the country edging close to Brexit, and no deal in place, the small business community is facing an uncertain time. The chancellor has tried to immunise the community from the uncertainty surrounding Brexit and give a well-needed boost to high street businesses.
There are almost a million drivers on the UK’s roads who are behind the wheel of a company vehicle. A company car is a privilege and a great perk of employment. It is also an essential tool for those who need to spend time at the remote work site or meeting with customers, suppliers and business partners.
President Donald Trump’s nuclear sanctions on Tehran are having significant implications for a major European business, creating a climate in which other companies looking to expand business globally are growing concerned. In particular, many are worried about how they may be impacted by international relations issues, including sanctions and embargos.
Diversity in the workplace can be really beneficial for both the people who work for the business and the business itself. Every major city is multi-cultural, there are people from all over the world that live and work there. For example, London is one of the best cities in the world and it’s full of people from many different backgrounds, cultures, races, genders and sexual orientations. The diversity in the city should, therefore, be reflected in the city’s workplace too. Small businesses, in particular, need to encourage more diversity when it comes to the recruitment process.
In the most recent Small Business Index carried out for the third quarter (Q3) of 2018, it was found that small businesses are lacking confidence. The research carried out by the Federation of Small Businesses (FSB) on a quarterly basis has seen the confidence of small business plummet for the third time since the Brexit vote. The confidence of the self-employed has also taken a big hit due to the government unfulfilling its promises.
Small businesses are worryingly unprepared for the possibility of a no deal Brexit, research has found. The Federation of Small Businesses (FSB) looked into how small businesses were preparing for the possibility, and the findings show a chaotic picture of the post-Brexit UK. Over 1,200 businesses were part of this research that was carried out this month. The whole country is unsure of what is to come with a no deal Brexit, but small businesses need to have a contingency plan in place to avoid chaos.
As the possibility of a no-deal Brexit deal increases, what would be the impact on our telecoms if it were to happen? Is it another cause for concern for small businesses or are there some potential benefits?
In a recent study conducted by FreeAgent, looking at the work habits of micro business owners and freelancers, it was found that they are creating a new phenomenon called workation. A workation is essentially working whilst being on holiday. This is not the ideal situation, checking work emails and doing admin whilst on holiday. The self-employed are workaholics and seriously need to find the balance between work and life. Holidays are a time to get away, switch off and rejuvenate, constantly working achieves the opposite of that.
Sometimes small businesses start out using e-commerce platforms such as Amazon and eBay to start their business. It seems that Amazon is currently the biggest player in the international market. A study carried out by Website Builder Expert, looked at the power that Amazon has and how it compares to the international competitors such as eBay and Alibaba. Worldwide online expenditure is expected to exceed £3.5 trillion by 2020, making the online market very competitive.
Small businesses are less likely than larger businesses to offer zero hour contracts when hiring. In research carried out by the Federation of Small Businesses (FSB), it was found that employers within the small business sector tend to steer clear of non-guaranteed hour contracts. It was also found that small businesses were already paying the new National Living Wage (NLW) of £7.43 before it rose in April. This makes small business a good choice of employer.
The Federation of Small Businesses (FSB) has carried out research looking at small businesses reaction to new credit. The study carried out had just under a thousand small business participants. One in three of those businesses say that the new credit is unaffordable. It’s making them hesitant to borrow funds, which are vital for growth. These findings come just ahead of Bank of England’s decision to raise interest rates in the UK.
In the latest research conducted by the Federation of Small Businesses (FSB), it was found that small businesses need innovation to narrow the productivity gap. As a result of this research carried out, the FSB are calling on the government to introduce a new tax credit. The lack of innovation within the UK small business sector is worrying and is having a negative impact on the overall productivity. With innovation, small businesses can grow and thrive.
In a recent study conducted by Advanced, it was found that small business owners are on the brink of a burnout due to their heavy workload. SME leaders and managers are close to hitting the boiling point because of the stress and pressure that comes from running a small business. These are issues that can be controlled and maintained. Small businesses are the backbone of the UK economy, and without healthy small business owners to run them, the UK economy could be in trouble.
The claims management market is exceedingly busy at the moment. The announcement of the PPI deadline for 29th August 2019 means businesses are working harder than ever to encourage as many customers as possible to make a claim. With over £30 billion already paid to consumers, the industry is receiving a good sum of money by working on behalf of consumers — an amount which is likely to increase as the deadline nears.
In the latest research conducted by the Federation of Small Businesses (FSB), it was found that the self-employed are not very optimistic about the future. The self-employed in the UK are the largest business group, with there being an estimated of 4.8 million sole traders. The FSB are launching a ‘Think Self-Employed’ scheme to rescue the collapsing confidence of the self-employed in the UK.
In the latest Small Business Index (SBI) carried out by the Federation of Small Businesses, it was found that small business confidence has risen again. The confidence of small businesses has hit a one year high, which is great news for the sector across the UK. The steady rise in the confidence portrays a bright future for small firms that remain strong and positive despite adversities.
According to the latest research from the Federation of Small Businesses (FSB), it was found that small businesses are unprepared for some of the biggest disruptions a business could face. The issues that could arise from cyber crime to staff losses or severe weather, can have a huge impact on small businesses. Therefore, small businesses need to get prepared and have a contingency plan in place.
The investment in the small business sector has fallen, according to the latest Federation of Small Business (FSB) research. The number of small businesses that are planning to invest in the future of their business in the upcoming months, has decreased. This decrease hitting an 18-month high.
A major initiative has been launched by TransferWise, a financial technology company to encourage UK’s youngest and brightest entrepreneurs to grow their business internationally. The scheme duped ’20 under 20′ could be life-changing for twenty young entrepreneurs in the UK, helping them take their business to new heights.