There has been a gradual decline in the numbers of people releasing cash from their pension pots early, a year after rule changes allowed them to do so, according to a report published by the Financial Conduct Authority (FCA). Since 6 April last year, savers have been able to release cash from their pension pot,
In the Labour party’s latest pitch to British business, John McDonnell has announced plans to expand a programme offering help to budding startup founders that Labour says will result in the creation of 20,000 new entrepreneurs a year. In a speech on 8 April, the shadow chancellor supported the rolling out of strategic entrepreneurial hubs
It can be revealed that the majority of British councils are not monitoring the proportion of procurement contracts awarded to smaller businesses. Since February 2015, when legislation on new public contracts came into effect, contracting authorities have been obliged to publish details of awarded contracts valued at more than £25,000. For contracts with a greater value
A number of key changes to tax legislation have now come into effect, following the start of the new 2016/17 tax year. The changes include reforms to the rules on national insurance, with employers no longer required to pay Class 1 secondary (employer) national insurance contributions (NICs) on earnings paid to qualifying apprentices under the
In an attempt to tackle abuse of corporate structures and create an environment of trust and accountability around British business, the government requirement that companies must hold a register of people with significant control (PSC) came into force on 6 April. From 30 June 2016, unlisted UK companies of any size as well as limited liability
Chairman of the Small Business Charter and CEO at supply chain management startup ByBox, Stuart Miller, takes a close look at what’s currently making the UK a particularly attractive place to be an entrepreneur. I learnt a new word recently: “wantrepreneur”. People who want to launch a world-beating company but just need to finish
Lending to small business via the government’s Enterprise Finance Guarantee (EFG) scheme has continued to fall in the last 12 months, according to recent figures. Compared to an all time peak of 2,030 loans in the second quarter of 2009, just 1,835 small businesses in the UK were granted EFG loans throughout 2015. Commentators have
From 1 April 2016 workers aged 25 and over will be entitled to a new minimum pay rate of £7.20 per hour, called the National Living Wage (NLW). Employers need to find out about the changes and what needs to be done before 1 April 2016 to avoid penalties. Don’t delay, sign up now for a
Class 2 National Insurance (NI) contributions are to be abolished from April 2018 – benefitting self-employed individuals to the tune of £130 each year. The move – which was promised in the 2015 Conservative manifesto – was announced by chancellor George Osborne in his 2016 Budget speech. These changes mean that freelancers and contractors earning
Chancellor George Osborne has unveiled a permanent increase in the business rate threshold to £15,000 – a move which will save small firms £6,000 each year. Some 600,000 small businesses will benefit from this change by paying no business rates at all, the chancellor revealed in his 2016 Budget speech – while a further £250,000
