FreeAgent: Cost of living crisis putting off potential entrepreneurs

New research from cloud accounting software company FreeAgent shows that 70% of working Brits are reluctant to start their own company because of the current cost of living crisis.

While more than half of survey respondents (55%) said they wanted to set up their own business one day, just 8% said they planned to do so in the next years, with 16% saying they planned to start a business in the next few years.

Are female entrepreneurs getting the cold shoulder from investors

Figures show that record numbers of women are taking the leap and starting their own businesses. The proportion of companies started by young women is growing faster than any other age group.

Unfortunately, despite a growing number of female founders, female founders are still being snubbed by investors.

New figures show progress towards investment equality between male and female entrepreneurs, but there’s still a way to go.

Online sales tax ‘morally bankrupt’ says M&S boss

The Chief Executive of Marks & Spencer has called proposals for an online sales tax ‘morally bankrupt’ saying that it would harm customers already struggling with rising costs.

In a comment piece for The Mail on Sunday, Steve Rowe admitted the tax system did need to change, but added “you can’t tax people back to shops”.

A Treasury consultation on the online sales tax has just closed.

Four ways an accountant can help with rising business costs

Operating costs have increased for 90% of businesses according to a new survey from the Federation of Small Businesses.

Almost half of the British companies surveyed said that rising costs would stall growth this year.

Rising food and fuel costs pushed inflation to a 30 year peak in February this year. A study from Cornwall Insight, meanwhile, showed that business gas prices increased 250% in the first quarter of 2022, compared to the same period last year.

Everything you need to know about paying and receiving international currencies

The boom in connectivity over the past 20 years has a huge impact on how and where we do business.

International trade is a vital part of the UK economy, with exports of goods and services reaching over £600 billion annually.

Your international clients will undoubtedly prefer to use their own currency when interacting with your business. Being able to accommodate them and complete transactions smoothly, will benefit your business relationship.

It truly is a global marketplace, and this article will explain what you need to know about dealing with international currencies.

FCA: Banks must treat small firms fairly
Editor | 29 July 2022
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The UK Financial Conduct Authority (FCA) has told lenders that they must improve their treatment of small and medium sized firms during the cost of living crisis.

The independent financial services regulator issued the warning after finding ‘repeated instances’ of poor practice among banks.

In a letter to banks, FCA Executive Director for Consumers and Competition Sheldon Mills said: “We were disappointed to find repeated instances of these customers not being treated fairly by banks when they’re struggling.”

Managing cashflow when times are tough

Inflation is one of the biggest challenges facing business at the moment and small business owners are among the worst affected by rising material and energy costs.

Being able to manage cashflow effectively is key to survival when times are tough.

One of the best ways to manage company money is using cloud-based accountancy software like FreeAgent or Xero, along with support from a specialist accountancy practice.

Here are some tips to help you manage your company’s money more effectively.

Businesses need ‘emergency’ budget to cope with rising costs

The British Chambers of Commerce (BCC) has called on Rishi Sunak to introduce an ‘emergency’ budget to help small businesses cope with rising costs.
The business group called on the Chancellor to postpone the recent National Insurance rise, cut VAT on energy bills to 5 percent and to reintroduce free Covid tests for companies to help them combat high absence rates.

What is changing in the new tax year 2022/23?

With the new tax year around the corner, we want to remind you of the upcoming changes HMRC has in store. The tax year runs April 6th-April 5th every year. Read on to lean about some of the upcoming changes.

How an accountant will benefit your business

Unsure about whether your business is ready to hire an accountant?
Read on to understand the benefits of hiring a professional when it comes to your business filings.