In his 2010 Budget, George Osborne announced a tax break plan designed to give up to 400,000 small businesses outside the Greater South East relief of up to £5,000 on the national insurance payments for their first 10 staff.

But reports this month suggest fewer than 10,000 businesses have benefited from the initiative.

Speaking to the Press Association, a Treasury spokesman said:

“Over 10,000 businesses have already been helped by the scheme, with these employers benefiting by an estimated £6m. But more businesses could benefit and HMRC has been working to increase this number.”

Are you missing out? Speak to your accountant today, or call us on 01327 … Continue Reading

Following the collapse of the banking system and a period of economic uncertainty, the UK is in serious debt, some of which small businesses will be called upon to help pay back. An increase in National Insurance is one the way…

The British Chamber of Commerce (BCC) has revealed today (15 February) that small firms in the UK believe that the planned National Insurance increase should be scrapped and replaced by a less damaging alternative.

In the BCC’s latest Monthly Business Survey, companies were asked what they thought were the Government’s most pressing issues. A considerable 41% answered that reducing the budget … Continue Reading

Welcome…There was good news and bad news for small businesses in this Pre Budget Report.

The good news is the freezing of the corporation and income tax rates, although personal allowances are also frozen at the 2009/10 levels. The promised 50% rate of income tax will be introduced for income over £150,000 and there are further anti-avoidance rules to prevent those high earners from gaining top level tax relief on pension contributions.

The bad news will come from April 2011 when NI rates are set to surge upwards. Corporation tax may also increase in this month. Businesses with empty commercial properties may … Continue Reading

A leading business group has warned that small businesses will suffer if the Chancellor raises taxes on small businesses in the Pre Budget Report.

Raising taxes for small businesses would ultimately cost the UK billions of pounds and hundreds of thousands of jobs, according to a new independent report for the Federation of Small Businesses (FSB). The report, by the Centre for Economics and Business Research (CEBR), argues that increasing the burden of taxation on the country’s small businesses – which make up 99 per cent of all UK businesses – would plunge the economy further into debt and take its … 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