small_business_expenditure

Average small business expenditure totals £1m per year

New research from American Express has found that UK small business expenditure has risen to an average of over £1m per year. Overview of small business expenditure research findings Small business expenditure includes all outgoings related to asset purchasing, recruitment and operational costs. These are the key findings from the study – conducted in partnership…

UK small businesses waste over 100 days on admin each year

New research from technology firm Sage has identified that UK small businesses spend an average of 120 working days per year on administrative tasks. Small business staff spend an average of 5.6% of their time on back-office tasks. If staff could increase efficiency by the same amount, it would generate an estimated £33.9bn in additional GDP each year. Many administrative tasks are unavoidable.…

HMRC delays Making Tax Digital

HMRC’s implementation of the Making Tax Digital initiative has received much criticism from Government officials and the self-employed. The initiative was due to go live from April 2018. However, extensive concerned feedback from both self-employed workers and Government officials has pushed back its launch. What is the new implementation schedule? From 2019, only businesses generating…

4 common accounting errors small businesses should avoid

Starting out as a small business owner is hard enough without the worry of rectifying accounting errors. That’s why we’ve prepared this handy list of four common accounting errors to avoid: 1. Confusing cash-flow and profit Mixing these up can jeopardise the development of your business by leaving you unexpectedly short of cash. Cash-flow covers both your incomings and outgoings (overheads, supplier…

What is tax investigation insurance?

Tax investigation insurance protects your business from the costs of a tax investigation. It is one of many means small business owners, contractors, freelancers and landlords should be considering to maintain financial stability. However, it is also an additional expenditure that you will need to assimilate into your overall cash flow. So you need to make sure the outlay will be worth it. What…

How will Amazon’s £3bn investment impact small business lending?

Amazon is revolutionising small business lending. The Internet giant has already invested £3bn in its own small-scale marketplace traders. It is thought to be considering extending its small business loans to customers who do not trade on Amazon. If this happens, it will introduce an interesting new competitor to the banks and peer-to-peer platforms that currently…

Debt collection just got harder for the self-employed

Debt collection for the self-employed will be seriously affected by the new Pre-Action Protocol rules. These will come into effect in October 2017 and almost double the window of time before court proceedings can begin. The Ministry of Justice are implementing these rules. They have increased the maximum time-frame within which creditors must respond to…