Following news that the average loan rejection rate for SMEs has more than trebled since 2008, what other funding options are available to small limited companies, including freelancers?
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Small Business News
The BBC has published a report into how it currently engages freelance contractors, and will introduce changes from April 2013 which are likely to reduce the number of freelancers hired via their own personal limited companies.
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With the deadline for submitting paper tax returns having just expired, limited company owners have until 31st January 2013 to submit their self assessment returns for the 2011/12 tax year, together with any taxes they owe.
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A major new study published by a leading accountancy firm shows that the vast majority of start-up companies use their personal resources to get their businesses off the ground, and will only seek bank lending as a last resort.
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From January 2013, new rules come into force which will make Child Benefit means-tested for the first time. The controversial changes mean than a couple earning £50,000 each could keep the benefit, but a couple with one single earner on £60,000 would lose the benefit entirely.
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The latest in series of Government initiatives aimed at boosting small firms will enable banks to advance the value of outstanding invoices owed by larger firms – in a type of ‘invoice finance’ arrangement.
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A new report, published by the Adam Smith Institute (ASI), calls on the Government to scrap Employers’ National Insurance contributions entirely.
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The Treasury’s much-hyped clampdown on ‘tax avoidance’ might not end up being as effective as officials originally planned, with so many experienced HMRC investigators likely to retire over the next five years.
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The latest private sector business statistics have been released by the Department of BIS. There are a record 4.8m private enterprises operating in the UK, of which around 27% are private limited companies.
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A new report into ‘independent professionals’ (I-Pros) working in Europe shows that the number of European freelancers has grown by over 80% since 2000.
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Alastair Campbell has been announced as the keynote speaker at the upcoming National Freelancers Day event, to be held in Central London on 21st November.
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The Registrar of Companies has launched a new mobile app to allow users to search its database of over 2.7 million live companies, and view historical formations data.
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The Public Accounts Committee has released a report into the use of ‘off payroll’ payment procedures in the public sector organisations, and criticises both the Government and HMRC over the widespread use of personal limited companies by public sector workers.
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Data obtained via a Freedom of Information request shows that the number of IR35 investigations has risen markedly over the past two years, as HMRC steps up its anti tax-avoidance activity.
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Following the implementation of new ‘off payroll’ remuneration rules by public sector bodies, a leading provider of IR35 solutions (Qdos) has created a public sector contractor package which includes contract reviews and a certification pack to demonstrate compliance with the new requirements.
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An innovative finance company has launched a new service which allows contractors and freelancers to free up the value of their outstanding invoices – offering an alternative to traditional bank lending.
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The business secretary has laid out the Government’s plans to create a small business bank to provide longer term finance to UK companies which is currently hard to access from the risk-adverse high street banks.
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The Chancellor will deliver his ‘Autumn Statement’ (previously known as the ‘Pre-Budget Report’) on 5th December 2012.
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If you operate a PAYE (Pay-as-you-earn) scheme via your limited company, you should be aware of upcoming changes to the way your communicate payroll data to HMRC from April 2013.
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In a speech delivered to an audience at Imperial College this week, Vince Cable outlined his plans to create a Government-backed business bank. However, many commentators appear to be underwhelmed by the proposals.
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