Minimum Wage and National Living Wage increases The national living wage and the minimum wage will rise from April 2019. Over two million workers will see their pay increase next April, as the National Living Wage increases to £8.21 an hour. This is the hourly rate for those aged 25 or over and working in Britain The minimum wage for those aged 16-24 also will also increase, whilst the pay for apprentices will increase by 20p an hour.v

Delivered by Chancellor Philip Hammond on Monday, the 2018 Budget had some important announcements for small businesses, contractors and freelancers.

The statement was welcomed by some business figureheads, but criticised by others. In this blog post, we unpack some of the key announcements and explain how they may affect your business finances.

Small business tax probes too intensive

The taxman has come under fire after it was revealed that more than half of small and medium sized enterprises (SMEs) think that HMRC’s tax investigations are too intensive.

Commissioned by the exchequer, the research showed that 52% of small businesses find HMRC tax investigations too intensive and 56% said they don’t think HMRC tries to minimise disruptions caused by the cost, time and effort of inquiries.

Experts have claimed that the first revaluation of business rates since 2010 will benefit online retailers and high street chains, to the detriment of offline businesses and independent retailers.

Due in April, the controversial revaluation was initially welcomed by ministers.

Small businesses set to welcome better WiFi

Wireless internet is the lifeblood of many independent businesses and freelancers in the UK.
A growing number of businesses can be set up with little more than a computer and a high speed internet connection. And faster internet can boost productivity and increase output. So entrepreneurs will surely welcome proposals that will see much faster mobile internet in the UK.
Ofcom, the telecoms regulator, plans to open up more airwaves for WiFi signals in a move that it believes will significantly increase download speeds for mobile devices like laptops and smartphones.

Should I use FRS 105 for my small business?
Editor | 18 September 2018
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Financial Reporting Standards (FRS) 105 is a format that micro-entities can use to set out their financial statements.

It was introduced as an optional alternative for some of the smallest businesses that have no reason to use special accounting practices. But the simplified standards may not be suitable for all businesses.

Calls to tackle late payments after Carillion crisis

The collapse of the UK’s second largest construction company has, once again, brought late payments to the top of the national news schedule.

In the wake of Carillion’s liquidation, many small firms have been left in an uncertain position – unsure if they will be paid what they are owed.

For some firms, the problem has been compounded by the Carillion group’s punishing 120-day maximum payment terms.

Real Time Cloud Accounting means starting a new business is a lot less risky than it used to be

FreeAgent have conducted research which reveals that as many as 3.2 million people intend to start their own UK business in 2017.

The numbers have been arrived at from a poll of 1,000 British Workers which showed that 1 in 10 of the current 31.76 million UK workforce.

25% of those polled are looking to become self-employed over the next few years which rises to 30% for those who are looking to start a business in the future but don’t have any firm plans in place as yet.

Xero Improve your Cashflow with Invoice Reminders
Editor | 13 November 2015
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A new feature from Xero Accounting Software has been released to help small businesses manage and improve their cashflow.
One of the most important aspects of running your own business and maximising your cash position is to collect money owed from your sales invoices as soon as you can. To help this process Xero has launched “Invoice Reminders”.