Financial markets can be a fickle beast. The success or otherwise of a company, sector, country or region relies a lot on confidence – a factor that is hard to win, tough to maintain and easy to lose. Many factors contribute to a feeling of confidence but one factor that you shouldn’t lose sight of – especially as an international business – is the impact that political events can have on the economy.
UK
When running a small business, saving money and cutting costs where you can should always be a priority. By being smart when dealing with taxes it can actually save you a considerable amount of money. If you are effectively dealing with your taxes, it could be the difference between a steady profitable business to one that’s just barely getting by.
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Here are the main tax rates and allowances for 2017/18, that are most relevant to small businesses.
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In the second Hiscox Cyber Readiness Report, conducted by Forrester Consulting, it was found that nearly three quarters of the 4,103 organisations surveyed, lack strategy when it comes to cyber security. 73% of organisations are deemed cyber novices, with the three categories being ‘cyber novice’, ‘cyber intermediate’ and ‘cyber expert’, and only 11% of organisations that participated in the study were deemed cyber experts.
In a recent survey conducted by the BCC (British Chamber of Commerce), it was found that one of the biggest issues that small businesses are facing is employing workers with the right skills. The small business workforce seems to lack certain skills which can hinder their chances of business growth. One of the factors that affected the confidence of small businesses during the early Brexit negotiations was the worries over the lack of skilled workers. Therefore, business owners together with the government need to create initiatives to upskill the British workforce.
With the year coming to a close, it’s time to look back and reflect, as well as looking ahead. 2017 has been a great year for small businesses which have thrived and stood strong despite uncertainty bought on by Brexit. From the Autumn Budget being small business friendly, to the huge success of Small Business Saturday, small businesses can allow themselves to be optimistic about the upcoming year.
It’s difficult for small business owners to switch off, being a business owner means a huge work load that sometimes may seem never ending. Therefore, having a work/life balance is something that small business owners only aspire to have. It has become a culture in the UK to constantly be ‘on’, hence its not surprising that the UK’s workforce is crumbling under a digital overload, because they don’t get a chance to switch off.
Once again, Contractors sat yesterday with baited breath to see how the secrets of Philip Hammond’s red box and the Autumn Budget 2017 would affect them. In his first Budget since the government lost their majority in the general election, it was good to hear the Chancellor affirm his commitment to small businesses, recognising them as the backbone of our economy and praising them for their “vibrancy and resilience”.
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The first ever Autumn Budget 2017 was revealed by the Chancellor Philip Hammond at the houses of Parliament yesterday. The Budget focused on the finances of the country, and how it will affect the citizens of the country, from small business owners to millennials. The budget has mostly had a positive response, especially from the small business community.
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With the lead up to Christmas and the New Year, business owners are likely to be busy dealing with getting the customers in and operating the business. However, small business owners need to ensure that they plan ahead when it comes to making payments and payment processing. Making payments on time is vital to ensure that everyone has a Merry Christmas and are able to enjoy the festive period.
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Working out the Value Added Tax (VAT) and making sure that your business is complying with the VAT laws is time consuming for small business owners. In research conducted by the Federation of Small Businesses (FSB) it was found that small business owners spend a whole working week every year trying to comply with the obligations that come with VAT.
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Theresa May made a speech at the Conservative party conference, which some have labelled as ‘disastrous’, however she did manage to address the contribution of small businesses to the UK economy briefly.
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GDPR is the new regulation that all business owners need to be aware of. So what exactly is GDPR and how will it effect business owners, from small businesses to bigger organisations? This introductory article on GDPR will prepare you for the upcoming regulation.
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