The International Accounting Standards Board (IASB) has begun a consultation process by publishing a draft of its International Financial Reporting Standard for Small and Medium-sized Entities ( IFRS for SMEs ). It is hoped that the new standards will create a simpler and more efficient set of accounting principles that are specially tailored for SMEs.The […]
Posted on 15th February 2007 in City News.
Small businesses are demanding the government acts to close a VAT loophole which is given larger retailers an unfair advantage and losing the UK government millions in tax revenue.The Forum of Private Businesses (FPB) has welcomed the decision to investigate possible exploitation of the Low Value Consignment Relief (LVCR) by larger retailers.Under the terms of […]
Posted on 15th February 2007 in Open to Export.
HM Revenue & Customs has launched a new online guide which should help individuals and small companies who trade products online work out if they should pay tax.The guidelines are intended to make the rules for e-traders on websites such as eBay clearer.From now on, any person or company who resells goods they brought with […]
Posted on 14th February 2007 .
SMEs are risking their data and productivity by not keeping their computer systems up-to-date, according to new research.BizHelp24, a company which specialises in IT solutions, has published a report which says that nearly half (49 per cent) of SMEs use old technology to manage their company.Overall, a quarter (24.9 per cent) off all SMEs said […]
Posted on 14th February 2007 in Tech.
Recycling initiatives at businesses, including SMEs, could be giving opportunities to criminals, according to an industry expert.David Macken, the managing director of System Associates, a company which provides security services, has warned that many organisations are not thinking through the security implications of improved recycling measures.According to Mr Macken, just one visit to a typical […]
Posted on 13th February 2007 in Tech.
Overseas demand has driven significant growth in the manufacturing output of many SMEs, says a new report.In the latest Confederation of British Industry’s (CBI) quarterly SME trends survey, the data shows that manufacturing output and total orders among smaller businesses rose by their fastest rate for over a decade.Over the three month period, 37 per […]
Posted on 13th February 2007 in General business.
Many small-scale manufacturers in the UK are missing out on tax relief on their R&D projects because they do not know they are eligible for the scheme, a new report claims.In a recent survey, Deloitte found that over half (55 per cent) of the SMEs which were eligible for the tax relief were not claiming […]
Posted on 13th February 2007 in City News.
Female entrepreneurs are not receiving the same levels of support when they try to set up new SMEs as men do, a new task force has said.The Women’s Enterprise Task Force will meet for the first time this week and is charged with trying to encourage more women to start their own businesses.According to research […]
Posted on 12th February 2007 in General business.
New changes to the VAT rules will help SMEs manage their cashflow efficiently, a government minister has announced.Speaking at the Yorkshire Forward Conference in Bradford, the Treasury’s financial secretary, John Healey, announced that the threshold for companies to qualify for the Cash Accounting Scheme (CAS) would be increased from £660,000 to £1.35 million.Under the CAS, […]
Posted on 10th February 2007 in Open to Export.
The heavy snowfalls that have affected southern England and the Midlands will have an equally severe cost to UK businesses, according to experts.Earlier today, heavy snow caused disruption throughout the UK’s transport system. Runways at Stansted, Luton, Birmingham, Bristol, Cardiff and London City airports were all shut for a time, causing disruption to businesses that […]
Posted on 9th February 2007 in General business.
The government has called on all employers, including SMEs, to sign up to its new ‘skills pledge’ which aims to improve the qualification of UK workers.Under the new plan, which was launched by Gordon Brown and education secretary Alan Johnson, the state, employers and employees will all share responsibility for improving the skills of the […]
Posted on 9th February 2007 in Regional News.
Small businesses are being urged by business groups to watch out for prospective employees who make fraudulent claims on their CVs.The Federation of Private Businesses (FPB) warns that overall, employee fraud costs UK businesses £40 million annually. It also said that the number of people trying to get jobs by lying on their CV had […]
Posted on 9th February 2007 in Regional News.