Lending to small businesses rose by £391 million in June, according to the British Banker’s Association, whilst almost 50,000 new small business banking relationships were established. In addition, deposits from small business grew by £577 million.

Commenting on the data, BBA statistics director, David Dooks, said:

“These figures provide more evidence of the high street banks’ support for small businesses. Structured term lending rose by £366 million in June, while deposits and numbers of new business relationships continued to hold up, perhaps reflecting improved business confidence in trading conditions.”

But speaking to the BBC yesterday, Chancellor Alistair Darling said, “I am extremely concerned … Continue Reading

HM Revenue & Customs has issued a warning that criminal gangs are targeting taxpayers with thousands of scam emails offering bogus tax refunds.

The HMRC states that the online attacks have peaked during July, prompting the warning.

The scams tell the recipient they are due a tax refund and asks for bank or credit card details so that the fictitious tax refund can be paid out. They often begin with phrases such as, “Following a review of your fiscal activity you are due a refund of tax of £XXX.”

Anyone receiving such an email should not respond or click on any links contained … Continue Reading

Welcome to July’s tax tips & news, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.

If you need further assistance just let us know or you can send us a question for our Question and Answer Corner.

We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary.

Please contact us for advice in your own specific circumstances. We’re here to help!
Tax Savings of Incorporation
You can still save tax by operating your business through a company rather than as a sole trader or partnership, but … Continue Reading

It’s been a busy week for business news, with several stories floating around that could affect the way you do business.

Here’s our round up:

Business confidence is rising

A report from the Lloyds TSB Commercial revealed that business confidence in Britain is on the up, with the more firms expecting an increase rather than a fall in sales and orders by the end of 2009. Read the full story here.

Small business better placed to survive recession

In the same week, a survey from The Open University Business School showed that small businesses in particular are now more optimistic about … Continue Reading

New figures released today support recent reports that business confidence is rising, albeit from rather depressed levels given the economic downturn.

The Business in Britain survey from Lloyds TSB Commercial charts the performance and views of more than 2,500 UK firms. The latest results show that firms are hopeful of an increase in sales and orders by the end of 2009 but profits will continue to fall for many as the recession makes it difficult to make price rises.

The survey’s business confidence index, which tracks firms’ expectations for sales orders and profits over the coming six months, has risen to … Continue Reading

Small businesses are now more optimistic about their immediate sales prospects, according to the latest Quarterly Survey of Small Business in Britain by The Open University Business School in association with Barclays Bank and ACCA.

The survey of 848 small business respondents was carried out by the enterprise research team at the Open University Business School, who collected questionnaires and interviews with SMEs during the second quarter of 2009.

While almost half (49%) of small firms reporting that sales were down over the year, the good news is that fewer firms are now expect to cut employment, and 62% of small … Continue Reading

As Britain continues to battle the recession, the Bank of England’s Monetary Policy Committee (MPC) today voted to maintain the official base rate at 0.5%. The rate has remained constant in recent months, following a series of six cuts between October 2008 and March 2009 which brought the rate down to its current level.

The Committee also voted to continue with its ‘quantitative easing’ programme, which involves pumping a total of £125 billion into the British economy.

In a statement, the Bank of England said:

“The Committee expects that the announced programme will take another month to complete. The Committee will review the … Continue Reading

Small businesses that reported being hit hard by the credit crunch ten months ago are now experiencing the beginnings of a tentative recovery, according to analysis by the Federation of Small Businesses (FSB).

The FSB have carried out research since September 2008 to document the ongoing impact of the economic downturn on small firms.

A comparison of that data suggests that the economic position of small businesses is now starting to improve after reaching a low point at the end of last year. Nearly a quarter (23%) of small businesses report that they are now experiencing an increase in trade, compared … Continue Reading