Small businesses used to plug tax gap

HM Revenue & Customs (HMRC) has been accused of using small and medium-sized businesses to plug the UK’s tax gap, following a report which showed an additional £468 million was generated in tax revenue by SMEs in 2016. The figure, obtained via a Freedom of Information Request, follows on from HMRC’s announcement at the end of 2015 that small firms accounted for over half of Read more…

Small firms to be helped with bank switching

The UK’s large army of small businesses will soon be able to switch their accounts between banks more easily, following changes to bank competition rules. The Bacs Payment Scheme, the organisation responsible for the majority of the UK’s automated payments, has agreed to implement a number of improvements to make the retail banking market more competitive for businesses following a 2016 Competition Market Authority (CMA) Read more…

SMEs warned to take care when choosing lenders

The National Association of Commercial Finance Brokers (NACFB) is advising SMEs to read the fine print when seeking finance after its number of rejected lenders skyrocketed in the last two years. A growing number of so-called ‘bandwagon’ lenders and ‘flatpack’ finance providers have entered the commercial finance market and are posing a significant threat to SMEs who are seeking investment for growth, according to the Read more…

Lending to SMEs grows for the first time since the recession

A comprehensive survey conducted by the British Business Bank has revealed that lending to small and medium-sized businesses in the UK is growing for the first time since the financial crisis began. The Government-backed lender welcomed the renewed availability of bank debt in its Small Business Finance Markets Report, which increased for four consecutive quarters in the year to October 2015 for the first time Read more…

Late payment terms remain miserable for small businesses

Efforts to eliminate the problem of late payments in the small to medium-sized enterprise (SME) sector is not working, according to a new study by invoice specialists Tungsten Network. The Prompt Payment Code Advisory board was set up to support and advise the Government on strengthening the Prompt Payment Code, which encourages businesses to pay their suppliers within 60 days, and move towards 30 days Read more…