Category: Business

Comments Off on Businesses approve Prompt Payment Code

Businesses approve Prompt Payment Code

Businesses approve Prompt Payment Code

Businesses have backed the Prompt Payment Code (PPC) to support SMEs who are dealing with late payments. The PPC sets the standards for best practice for businesses and suppliers chasing overdue payments and invoices, ensuring everyone is paid on time and offered clear guidance on procedures. Suppliers to the government have willingly committed to pay … Continued

Comments Off on Important changes to PSC reporting

Important changes to PSC reporting

Important changes to PSC reporting

Changes to the people with significant control (PSC) register have come into force. All companies and limited liability partnerships (LLPs) are required to identify and record the people with ‘significant control’ over their company. Previously, a company or LLP would make any changes to the PSC register as part of its annual confirmation statement submitted … Continued

Comments Off on Lack of funds holding back start-ups

Lack of funds holding back start-ups

Lack of funds holding back start-ups

Almost half (40%) of aspiring entrepreneurs cited lack of funds as the main barrier to starting a business, according to research. Out of 1,500 people surveyed by Yell Business, 51% thought about starting their own business but barriers such as risk of failure (25%) and not knowing where to start (23%) were preventing them from … Continued

Comments Off on Businesses prepare for data protection changes

Businesses prepare for data protection changes

Businesses prepare for data protection changes

Businesses are preparing for the General Data Protection Regulation, which comes into force from 25 May 2018. All businesses holding personal data will need to ensure their procedures are fit for purpose and compliant when the new rules take effect next year. Those businesses found non-compliant may face fines of up to €20 million – … Continued

Comments Off on Rejected contracts hit SMEs in the pocket

Rejected contracts hit SMEs in the pocket

Rejected contracts hit SMEs in the pocket

47% of small businesses lost out on up to £10,000 in the last year due to turning down work contracts and orders, according to a study. Out of 501 companies surveyed by Hitachi Capital Invoice Finance, 26% rejected contracts worth up to £5,000 while 21% snubbed deals worth between £5,001 and £10,000. Almost one in … Continued

Comments Off on Change to Persons of Significant Control (PSC) Notifications

Change to Persons of Significant Control (PSC) Notifications

Change to Persons of Significant Control (PSC) Notifications

From April 2016, the vast majority of UK limited companies have been required to create and maintain a register of people with significant control. Commonly known as the PSC register, this includes details of who ultimately controls or exercises significant influence upon the company. From 30 June 2016, every company has also needed to submit … Continued

Comments Off on Firms plan to offset rising costs

Firms plan to offset rising costs

Firms plan to offset rising costs

More than half of businesses are planning to offset rising prices, according to a study by ICAEW. 53% of firms have seen input prices increase over the past year but less than half are willing to absorb the costs. Businesses cited the following reasons for rising prices: rise in raw materials (35%) cost of services … Continued

Comments Off on New Data Protection rules – General Data Protection Regulation (GDPR)

New Data Protection rules – General Data Protection Regulation (GDPR)

New Data Protection rules – General Data Protection Regulation (GDPR)

On 15 December 2015, the European Parliament, Council and Commission reached agreement on new data protection rules, establishing a modern and harmonised data protection framework across the EU. The Regulation was adopted by the European Parliament on 14 April 2016 with the new rules becoming applicable after two years to all members of the EU. … Continued

Comments Off on Digital skills shortage hampers business growth

Digital skills shortage hampers business growth

Digital skills shortage hampers business growth

A lack of digital skills is affecting business productivity and growth, according to the British Chambers of Commerce (BCC). More than 4 in 5 (84%) firms say digital and IT skills are more important than 2 years ago, however 76% say they are facing a digital skill shortage. Adverse effects of skills shortages include: increased … Continued

Comments Off on Business rates revaluation takes effect

Business rates revaluation takes effect

Business rates revaluation takes effect

The business rates revaluation took effect on 1 April 2017. This means that businesses in England and Wales will pay rates that reflect the changes in their local property market. The government has said that nearly 75% of businesses will see no change or a fall in their bills. Small business rate relief has permanently … Continued