KPMG has confirmed plans to close its small business accounting division, leaving customers to find a new Xero-ready accountancy practice.
KPMG's Small Business Accounting (SBA) division was an exciting new offering when it launched in 2014, but heavy subscription fees made it difficult for the big four accountancy firm to gain traction in the market.
Xero, the cloud based accounting package of choice for SME’s, has secured backing from a major technology investor from the US
A $26m dollar investment has bought them a 1.3% stake in the company.
The investment is significant because it represents a growth area over in New Zealand where Xero are based which is attracting a lot of investment.
The number of small and medium sized businesses (SMEs) has skyrocketed in the UK.
The Government now estimates that there are 5.7 million private sector businesses at the start of 2017 and 99.9% of these companies were SMEs.
This represents an increase of 197,000 businesses set up since the start of 2016 and a whopping 2.2 million since 2000.
That’s an increase of 64% in 17 years.
The Chancellor’s first Autumn Statement was a mixed bag for self-employed workers and small and medium sized business owners.
Changes to the tax system will hurt some more than others, but investment in roads, railways, housing and the country’s digital infrastructure should benefit everybody.
Here are some of the most important points we have taken from the Chancellor’s statement.
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