Calls for VAT threshold increase
A report by FSB calls for the Government to consider raising the VAT threshold from £85,000 to £100,000. They argue that this will remove a barrier to growth. The current freeze on the threshold has been in place since 2017, This means that more companies are being brought into the VAT system due to inflation.…
HMRC criticised over service delays
The Daily Mail reports that taxpayers have voiced concern over the service being offered by HMRC. The claim is that callers are facing hour-long waiting times to get through and letters are going unanswered. Some taxpayers are waiting up to nine months to receive acknowledgement of their correspondence. With taxpayers trying to contact HMRC ahead…
Comprehensive Business Services
+ Business Finance Services Ltd.(BFS) are pleased to announce a new business co-operation. This is with our associate company the Independent Business Owners Support Services Ltd. (iBOSS). The arrangement will allow us to offer an even more comprehensive range of business services to both new and existing SMEs. Why do we claim this? The answer…
Growth in asset finance and re-finance
According to a survey by Allica Bank, there has been an increasing number of businesses are seeking asset finance to drive business growth, an encouraging trend! Nearly 50% of asset finance brokers reported an increase in demand, with a third seeing at least a 10% rise in applications. The demand is coming mainly from businesses…
SME lending falls by 20% in Q3
There has been a 20% drop in lending to SMEs over the last year. This is according to a review by UK Finance. Gross lending to SMEs was £3.5bn in the third quarter of 2023. This compares with £4.4bn in the same period last year. The report attributes the decline to “demand uncertainty, higher interest…
Advice on Cyber Security
As we are all aware, cyber security protection for our IT systems is increasingly important. This is true for all businesses and individuals. We all know of stories of people being tricked into having their accounts hacked. Holding businesses, many large corporations, to ransom is also becoming increasingly common. Avoiding the danger Our advice to…
Excessively ‘Bashing’ the UK high earners could backfire on the economy.
The UK’s top 100,000 taxpayers paid some 24% of all income and capital gains tax in 2021/22. This is according to The Wealth Club (a retail investment firm). The average bill was in the region of £559,000. This was up 18% compared with the previous year. The top 100 earners paid an average £46m each.…
Labour vows to boost small firms – but can they?
Labour claim they will introduce legislation, if elected, to ensure invoices are paid on time. The party’s plan also includes measures to protect small businesses by scrapping business rates. They will boost exports, and provide capital assistance for technology-intensive businesses. Shadow Business Secretary Jonathan Reynolds said that small businesses are the beating heart of the…
Businesses welcome full-expensing tax relief being permanently extended.
The Chancellor’s Autumn statement confirming that he is making the ‘full expensing’ tax break permanent has come as a welcome move to most businesses considering future capital investment. This goes some way to counteracting the increase in corporation tax and the end of the super-deduction relief that came into effect in March ’23. BFS Comment:…
Plans to crackdown on companies with poor customer service.
Companies with a poor customer service record will face fines under plans being considered by the Government. The proposals, developed by Commons Leader Penny Mordaunt, will give regulators more power to address bad customer service. They include measures to tackle “drip pricing” and will make it easier for consumers to change and cancel contracts. MP…
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