Posts Tagged Small Business

Bizpro welcomes new franchisees!

September 28, 2009

Posted by: Kerry

Categories: Bizpro news

Tags: , , , , , , , ,

Bizpro welcomes new franchisees!

Wow, what a great week! Bizpro completed our first franchise training course and can now really welcome our new franchisees to their own Bizpro businesses. We had great fun over the four days and had fantastic feedback from the newest members of the Bizpro team…

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Virtual Assistants Improve your Business Image.

One of the biggest things that separate big companies from their small competitors is the level of support enjoyed. Large companies are typically better staffed, which means they have the personnel necessary to perform a number of services that simply make big corporations look more professional to clients. Small business owners typically have to do all the work themselves or most of it. This leaves them scrambling and often looking less professional than they could. When it’s time to gain a big business advantage, even a company staffed by one can enjoy an edge if a virtual assistant is relied upon for help.

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The Budget – How will it affect small businesses?

There seems to be one word on everyone’s lips at the moment; Budget. It’s something that affects us all, and this year we’ve been waiting with baited breath amid all the speculation, so here’s what BizBlog’s guest blogger, Phil Hendy of Moore Stephens Chartered Accountants based in Malmesbury has to say about it:

Chancellor Alistair Darling presented his Pre-Budget report on Monday 24 November 2008.
 
As anticipated there was a concentrated effort to introduce measures to protect and support businesses through the difficult and challenging economic climate. The measures are also intended to help individuals and those on lower incomes.
So, what are the main changes that affect small business in the short term?
  • Reduction in the rate of VAT from 17.5% to 15%. This is effective from 1 December 2008 and will revert on 1 January 2010.
  • Personal tax allowance to increase to £6,475 for the 2009/10 year.
  • Deferral of increase in lower rate of Corporation tax. Therefore the rate will remain at 21%.
  • Trading losses will now be able to carry back losses of up to £50k for three years.
  • The capital allowance regime on cars costing over £12k will be based on CO2 emissions from April 2009.
There are longer term affects, most notably the increase to national insurance, which will increase by 0.5% from April 2011.
 
In addition individuals earning in excess of £100k will start to find their tax burdens a lot more complex and expensive from April 2011.
 
The VAT issue is the one that will affect most businesses, not only from a cost position but from an administrative change. One area to be wary of are businesses using cash accounting. It is important that the rate at the date of supply is used, not the date of payment. This could make Vat returns, particularly for the first quarter of this a little more complex.
 
Anyone using manual or computerised book-keeping systems should ensure that they are updating at the appropriate rates. Sage have already issued guidance notes on how to amend their systems.
 
Loss making businesses should ensure that accounts are finalised and tax computations submitted as soon as possible after the year end to obtain repayments. In addition it would be worth considering a change in accounting date to increase the relief available.
 
Finally, an area that has been overlooked by some is the introduction of a Business Payment Support Service. This is intended to give help to businesses that are struggling to meet their liabilities in respect of all taxes. This will certainly be of benefit to most businesses in the current climate as it could help cash flow and budgeting.
 
Our detailed release, as well as other useful information, can be found here.
For further information or if you wish to discuss this further feel free to call me on   01666 823201   or email Phil@msmalmesbury.com .

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