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Many small businesses looking to expand can hit a brick wall when it comes to trying to raise business finance from traditional lenders like the high street banks. The government’s new initiative to address this problem recently reported a promising beginning.
The government’s new matchmaking scheme to help small businesses access finance – the bank referral scheme – was introduced in November 2016. Briefly, it requires the UK’s largest banks to suggest a next move to the small businesses they turn down.
The idea is that the details of these businesses are circulated to four finance platforms, who can put them in touch with alternative finance providers. Figures recently released by the Treasury suggest that the scheme has proved good news for some 230 small businesses.
‘Over the past 9 months, 230 small businesses from beauticians to forklift truck training companies, which were rejected for loans by some of the UK’s biggest banks, have gained £3.8 million from alternative lenders,’ the Treasury reports.
The British Bankers’ Association publishes a useful factsheet ‘Understanding Bank Lending Referrals to Finance Platforms’ which sets out eligibility criteria and the process involved - goo.gl/DUQuHw
You may not think of yourself as a landlord - but do HMRC?
The Pensions Regulator (TPR) reports that in the first part of 2017 alone, 136,000 small and micro employers began complying with their new responsibilities under the pensions auto-enrolment regime. That’s an average of one every 57 seconds. But with change ahead, it’s important to keep up to date with developments.
A lot has happened in CK over the past couple of months…
You may have heard that HMRC computer systems have had major problems correctly processing some 2016/17 self assessment tax returns. Essentially, there have been so many changes to personal tax legislation that HMRC software has struggled to cope.
Earlier this year, the government announced that businesses operating above the VAT-registration threshold, (currently £85,000), would be the first to enter the new Making Tax Digital (MTD) regime.
Falling foul of the National Minimum Wage rules can be expensive – as well as having serious implications for employer reputation. Many firms have been named and shamed for getting it wrong - are you compliant?
HMRC have recently set up a new online forum and webchat facility to provide help for small businesses and the self employed.
Research suggests that one in ten employees is likely to be affected by bereavement at any given time. This can have many knock-on consequences in the workplace. Staff may need to take time off unexpectedly, find that their performance is affected, or be temporarily unable to carry out some roles. The law in this area is changing. What do you need to know?
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The online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant is now open for claims.
The Recovery Loan Scheme has been introduced to replace the government's coronavirus lending schemes.
The Association of Independent Professionals and the Self-Employed has stated that the recent changes to the rules relating to off-payroll workers, commonly known as IR35, 'undermine the self-employed at the worst possible time'.