The UK exported a record volume of food and drink products in the first three months of 2017, a study has revealed. Read more
New research suggests that 94 per cent of small and medium-sized enterprises (SMEs) regularly gift rewards to their employees, while 34 per cent believe that they enjoy enhanced employee retention rates as a direct result of this. Read more
The Office for National Statistics’ (ONS) first quarter figures showed that GDP rose by just 0.2 per cent – 0.1 per cent less than predicted. Read more
Almost half (47 per cent) of business leaders and budding entrepreneurs believe that having a clearly-defined business strategy in place is crucial to developing and maintaining a successful business. Read more
Almost three-quarters of business managers think a Brexit deal that secures access to the single market would be the best outcome of the upcoming negotiations, a study has revealed. Read more
A new study suggests that small and medium-sized enterprises (SMEs) that do not accept electronic payments are missing out on more than £1bn in potential sales. Read more
The Labour Party’s manifesto claims that, if elected, the Party would ensure that small businesses with a turnover of £85,000 or less are exempt from quarterly digital reporting requirements under Making Tax Digital (MTD) plans. Read more
Sole traders and micro businesses spend 19 million hours every week managing their finances, according to new research from accountancy software KashFlow. Read more
A new study suggests that an increasing number of small and medium-sized enterprises (SMEs) are now reliant on so-called ‘gig economy’ workers. Read more
eBay traders will be forced to pay VAT on all purchases under new corporate structure rules to be launched later this year.
Prompting the move, the online marketplace has been under attack from the Government after it emerged that the UK is losing up to £1 billion a year because of fraud or errors by online traders.
It will largely affect businesses that use eBay but are not VAT registered.
“You’ll begin paying 20 per cent UK VAT to eBay (UK) Limited on taxable fees and won’t be able to reclaim VAT paid unless you register for VAT with HMRC,” said eBay in a message to customers earlier this week.
It means that thousands of businesses will be unable to reclaim the 20 per cent VAT charge unless they register for VAT.
The current VAT threshold – the revenue at which businesses must legally be VAT registered – is £85,000, but businesses can opt in before exceeding the threshold.
In a statement, eBay said: “We will continue to work closely with HMRC to ensure that all sellers on our platform comply with the law.
“In 2016, we began the process of realigning our legal structure, following the spin-off of PayPal, to better reflect how we manage and operate our platforms. Now, in 2017, we are changing the contracting entity for eBay users located in the UK.”
“eBay’s net prices will not change as a result of this contracting party change. There will be no change to our service as a result of this change, and sellers will not need to make any updates to listings.”
Businesses who are VAT registered will be able to claim a tax credit that will offset the VAT they paid, unless they are using the simplified “flat rate” VAT scheme.
The Labour Party is set to unveil ambitious Income Tax plans which would see almost one million more British workers pulled into a higher tax bracket. Read more
Small and medium-sized enterprises (SMEs) should be “front of mind” during all trade negotiations with the European Union (EU), the Federation of Small Businesses (FSB) has said.
The comments follow worrying data published in recent weeks regarding Britain’s ‘widening’ trade deficit during the first quarter (Q1) of 2017.
According to the Office for National Statistics (ONS), UK exports continued to take a hit from weak values of sterling.
The ONS’ data also reveals that the UK’s industrial output fell by 0.5 per cent in March 2017 – much sharper than the 0.3 per cent fall previously estimated.
Furthermore, a separate report published by money transfer firm World First has revealed a ‘significant slowdown’ in international trading between Q4 of 2016 and Q1 of 2017.
Following the troubling research, FSB chairman Mike Cherry has called on the next Government to offer greater support to Britain’s SMEs, ensuring that small businesses are “put at the heart of EU trade talks.”
He said: “As the next Government embarks on a post-Brexit global trade drive, small businesses should be front of mind.
“Securing bold and ambitious free trade agreements with the EU and other priority countries will be critical to boosting UK exports, and we want to see a small business chapter in all future trade deals, dedicated to small business needs.”
He added: “Our research has revealed huge potential to double the number of SMEs exporting, if only the right practical advice and support is put in place. We’d like to see the Government explore financial incentives, like export vouchers or export tax credits”.
Almost three-quarters of firms report “patchy” or no mobile internet coverage in their local area, a study has revealed. Read more
More than a fifth of UK small and medium-sized enterprises (SMEs) are anticipating strong performance and business growth over the next 12 months, despite uncertainties surrounding Brexit and the upcoming General Election. Read more
The Labour party will increase the rate of corporation tax to boost funding for schools, it has been announced. Read more