Posted By Thiago Kiwi
Small UK businesses are hoping to expand in 2016, according to Simply Business writer Jade Wimbledon. Wimbledon provided several predictions for UK businesses in 2016, listing growth as one of the top trends.
Recent research from Close Brothers Asset Finance showed that around 1.35 million SMEs are planning to expand over the new few months, with 20% believing that their business is performing well in the current economy.Read more >>
A new business hub to help entrepreneurs build up their business has been launched by NatWest. The company has opened the Entrepreneurial Spark business hub at its Hardman Boulevard office in Manchester.
Research carried out by market research company Populus for NatWest showed that 23 per cent of people in the North West wish to start up their own business, but over a third believe that the process is too risky.Read more >>
The UK economy grew at its fastest pace in the West Midlands and East Midlands for six months, according to a report by Markit for Lloyds Bank.
Research showed that output increased in January as the services sector performed well, but some areas, such as the North East, experienced slow growth due to job losses. Scotland was found to have experienced the slowest economic growth as a result of the oil price collapse, which has led to job losses.Read more >>
Startups can avoid failure by keeping their feet firmly on the ground and staying humble, according to Sarah Bakai.
In an article for startups.co.uk, Bakai said that over 90% of startups fail, with some sources stating that more than half of new businesses fail in their first year. She said the causes of failure are “nearly always avoidable” and she provided several tips to help startups avoid becoming just another statistic.Read more >>
In the ruthless world of business it can be a struggle to secure investment, and gaining funding for a startup can be arduous and disheartening.
Before winding up in the boardroom of a venture capitalist desperately trying to form a convincing pitch, you might want to plan ahead, adding in some key information that will be sure to pique their interest.Read more >>
The UK’s small business finance market is on the road to recovery, according to the British Business Bank’s Small Business Finance Market Report. The report showed that bank lending is still the most popular form of finance, with growth increasing for four consecutive quarters.
Figures also showed an increase of 43% in equity finance deals in small UK businesses up to October 2015, along with a significant increase in peer-to-peer lending.Read more >>
Budding entrepreneurs need first-hand experience, according to marketing firm Pro UK Consultants. Whilst online entrepreneurship programs have grown in popularity and are a hit with employers, Pro UK Consultants voiced concerns that they may not add value to those looking to become an entrepreneur.
The Birmingham-based company, which focuses on providing support for young entrepreneurs, stated that the only way in which budding entrepreneurs can fully understand the challenges of running a business is to experience it first-hand rather than studying an entrepreneurship course online.Read more >>
Wales is the UK’s top spot for business growth in the finance sector, according to research from accountancy firm, Nixon Williams. The number of start-ups in the financial services sector increased by 11.2% in 2015, higher than in any other location in the UK.
Research showed that the total number of financial services businesses, including services such as banking, fund management and insurance, rose from 2,400 to 2,695 between 2014 and 2015. Scotland came in second, with an increase of 10.9% since 2014, whilst London, north east England, Yorkshire and Humberside reached third place at 9.7%.Read more >>
In what could be seen as some more good news for the UK economy, Government spending dipped in December to stand at £7.5bn, which is £4.3bn lower year-on-year.
However, the official figures show that the running total is above the £68.9bn forecast by the independent Office for Budget Responsibility (OBR) for the whole fiscal year ending April 2016.Read more >>
The Experian CorpFin league table is a respected metric for the UK accountancy and financial sectors, and this year Grant Thornton UK has come out on top for the fourth time running.
The position recognises the firm's standing as the number one financial adviser to UK companies by deal volume, having advised on 128 publicly disclosed deals last year.Read more >>
Larger private companies already experienced the changes last year, and now SMEs face major changes to their financial reporting as new and revised standards for accounting periods come into effect.Read more >>
HM Revenue & Customs (HMRC) has clarified the tax treatment of interest payments from peer-to-peer (P2P) loans by issuing interim rules on the subject.
The Treasury has decided that these payments will not be subject to income tax deductions at source until any amendments to legislation designed to address the matter are put in place.Read more >>
With many SMEs worried about proposed reforms to tax laws that could see them having to update HM Revenue and Customs (HMRC) fare more regularly than the current once a year, accounting body UK200Group has declared that this won't mean quarterly tax returns.
Andrew Jackson, senior partner at UK200Group member firm Fiander Tovell, emphasised "that the new rules that are being protested about have not yet been written."Read more >>
Suppliers and customers who entered into an insolvency procedure last year ended up owing money to more than 100,000 UK businesses.
New research from insolvency trade body R3 revealed that 6% of all UK businesses became creditors in an insolvency procedure over the last year, which means 113,000 companies were affected.Read more >>
According to a new study by accountancy firm Grant Thornton, British businesses are amongst the most optimistic in the world, being beaten in Europe only by Ireland.
The new research surveyed more than 10,000 companies across the world and found that almost three quarters of UK-based businesses were hopeful for the year ahead.Read more >>
A "more sophisticated approach" to online security is required because computer passwords are "broken," according to KPMG.
The big four accountancy firm thinks that new and more contemporary security measures should be introduced because the average person now has to remember at least 19 different passwords.Read more >>
Two international training and development programmes are being run by HM Revenue & Customs (HMRC) after the success of previous similar initiatives.
The new programmes are aimed at senior managers and tax auditors already working in the accountancy sector.Read more >>
Britain’s SMEs are expecting a rise in interest rates in the first half of next year, according to a survey conducted by accountancy firm MHA MacIntyre Hudson. The US Federal Reserve recently made the decision to increase bank base rates, whilst interest rates in the UK have remained at 0.5 per cent since 2009.
MHA MacIntyre Hudson’s poll found that over a quarter of Britain’s SMEs expect rates to rise in April next year, whilst 6 per cent expect a rise in January and 7 per cent from February. Around three quarters are expecting an initial rise within the first six months of 2016.Read more >>
Small businesses are expecting an increase in growth in 2016, according to a report conducted by Yelp. The Small Business Pulse Survey showed that small companies are predicting a 26% increase in growth next year.
Young businesses are the most optimistic about their growth, with nearly 50% expecting to expand in the next year.Read more >>
SMEs are vital for the growth of the UK economy, according to Alex Hazell of the SME-focused bank Aldermore. Hazell discussed the topic of SMEs seeking funding in a blog post, stating that they face a “plethora of challenges” when it comes to funding business growth.
Despite this, figures from the Federation of Small Businesses show that 99% of the estimated 5.4 businesses in the UK private sector are SMEs.Read more >>
The number of small businesses obtaining finance for development has risen in the past year, according to figures from Albion Ventures’ third Albion Growth report. The report showed that 44% of small businesses were approved for development finance in 2015, compared to 27% in 2014.
Out of the 1,000 small and medium-sized businesses studied for the survey, research showed that 29% were seeking finance for new equipment, 24% for the development of new products and 17% for research and development.Read more >>
Discussions aimed at working out a bilateral free trade agreement between the EU and India will start up again in January, senior EU officials have announced.
The EU's new ambassador to India, Tomasz Kozlowski, told reporters that negotiations will take place next month, and a date is being arranged for the next India-EU summit, which will be held in the first half of the year.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) has issued a warning to anyone thinking of selling their retirement income stream under the new changes to the laws governing the annuity market.
The government's newly-unveiled secondary annuity market might end up only being of benefit to a handful of people and could leave many more out of pocket, according to the accountants group.Read more >>
The Institute of Chartered Accountants in England and Wales (ICAEW) expects the UK economy to have grown by 2.4% this year before slowing to 2.1% in 2016.
The accountancy body warns that a slowdown in the wider economy could undermine Government plans for public spending and the aim to hit a budget surplus by 2020.Read more >>
According to research from Kent Reliance, there has been a surge in the number of people incorporating a new company, with the main reason being the changes to the tax treatment of buy to let landlords.
The third 'Buy To Let Britain' report from the lender claims that changes in the Budget earlier in the year had already caused more landlords to incorporate. It cites an immediate increase in applications from limited companies following the July Budget.Read more >>