Category: Business

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

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

Late payment regulations support SMEs Large companies and limited liability partnerships (LLPs) will have to publish their payment practices and performance twice a year from April 2017. This new reporting requirement will include the average time taken to pay supplier invoices. The government hopes this will help to reduce late payments. It is estimated that … Continued

CCAB has published a revised statement of recommended practice (SORP) for limited liability partnerships (LLPs). The LLPs SORP has been updated to reflect the new LLP Regulations that were issued in May 2016 and recent changes to UK accounting standards. The LLP regulations were amended in May 2016 by The Limited Liability Partnerships, Partnerships and … Continued

SME borrowing set to rise in 2017 SME borrowing is projected to rise 22% in 2017, according to Zurich. The survey of 1,000 SME owners showed that firms are planning to borrow an average of £41,770. This would see lending to SMEs rise to over £50 billion in 2017. Anne Griffiths, head of SME proposition … Continued

Two changes to business rates are due to come into effect from 1 April 2017. Whether the changes will affect your business will depend on its location and size. Revaluation Revaluation adjusts the value of business rates to take into consideration changes in the property market. It usually takes place every 5 years although there … Continued

Small businesses that have been rejected for finance by banks may be matched with alternative finance providers under a government scheme. The service will see participating banks pass on details of businesses they have rejected to alternative finance platforms. According to figures from the Treasury, 71% of businesses looking for finance only request it from … Continued

The Government initiative ‘Making Tax Digital’ (MTD) intends that by 2020 the vast majority of businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally and to update HMRC at least quarterly via their digital tax accounts. According to the Government’s current plans, from April 2018 all but the … Continued

Chancellor Philip Hammond is due to deliver his Autumn Statement on 23 November 2016. Speaking at the Conservative party conference in October, Hammond said the government will prioritise spending on housing and business investment to boost the economy. Here is a round-up of some of the potential measures that could be announced. Economic policy The … Continued