Throughout the recession it’s been harder than ever to get credit. For small businesses this has been incredibly stifling, with extra funds often crucial to allowing for expansion.

There is some good news however. According to the British Bankers’ Association (BBA), SME owners in the UK could be among the first group encouraged by an increase in lending. The BBA has stated that four out of every five business loan applications is currently being approved, going against the perception that banks are facing a ‘credit squeeze.’

In addition to improved lending, small businesses looking for loan and overdraft facilities in the current … Continue Reading

As election-day draws ever closer and the ‘Clegg effect’ continues to gather momentum, a hung parliament seems an increasingly likely outcome.

But what will this mean for SMEs? According to the British Chambers of Commerce (BCC), nearly two-thirds of businesses say they are ‘concerned’ or ‘very concerned’ about the potential impact of this outcome.

David Frost, director general of the BCC, says: “Businesses are right to be wary about the prospect of a hung parliament. Instinctively, companies prefer a clear mandate to lead and govern.

“With our economy still fragile and the public finances in a dire state, the overwhelming concern … Continue Reading

The volcanic ash crisis is dominating the news at the moment, with 2.5 million people unable to fly in or out of Britain over the last five days.

As the airports start to get up and running again, it’s not just holiday makers who have been affected. According to The Telegraph, the wider economy is also estimated to have suffered £500 million in lost business and disruption.

Consumers and businesses, as well as the airlines – which have lost approximately £1.3 billion so far – could now launch demanding compensation claims.

It may seem a little unfair to sue when the disaster … Continue Reading

Research published by the Open University Business School has revealed that only one in nine small firms are implementing post-recession recovery plans.

There are a variety of reasons, flagged up by the research, as to why firms are not planning for the recovery. 30% of firms asked felt that the effects of the recession have not been significant for their business, while 18% report that they are not planning, because, to date, recessionary effects on their actual and potential customers is still too uncertain.

The smallest of firms are the ones suffering most from a lack of plans. 24% of those … Continue Reading

In my blog last month I announced the end of the cheque when it came to filing tax returns. Since then, it has come to light that companies with fewer than five employees will be given a years exemption for annual employers’ returns.

While this may seem like a welcome period of grace for very small SMEs, HMRC has been criticised for keeping this information under wraps.

According to the Telegraph, the taxman stands accused of “keeping small businesses in the dark.” The HMRC’s recent announcement regarding tax filing stated that all businesses must use the electronic system from this month, with … Continue Reading

The Equality Bill, which will receive Royal Assent this month, is the biggest overhaul of anti-discrimination law for 35 years. The new Bill has been designed to simplify existing (confusing) anti-discrimination measures.

Key provisions will come into force in October this year, but what will it mean for small business owners?

All employers will be affected because while simplifying the law, it will also be much easier for individuals to bring complaints of discrimination if they feel unfairly treated. To avoid complaints, for some employers, the changes will mean a radical overhaul of processes – the way staff are recruited, for … Continue Reading

For some parts of the country it finally feels like spring has sprung. The gardens growing, the evenings are longer and the sun occasionally seems to shine. For others, winter still prevails, with snow a feature only last week in more northerly locations.

Following one of the worst winters on record, SMEs shouldn’t be too quick to forget the damage caused by the recent Arctic conditions. According to Lloyds TSB Commercial, heavy snow in December and January cost small businesses more than £7 billion, affecting thousands of firms throughout the UK.

In addition to snow, wind and rain, companies should also prepare … Continue Reading