Tax specialists have warned that planned changes to schemes designed to encourage investment in small and growing businesses could deter some investors from taking advantage of the reliefs. The warning came from the Chartered Institute of Taxation (CIOT) following plans in the March 2015 Budget to reform Enterprise and Seed Enterprise Investment Schemes (EIS/SEIS) and… Read more…

Cyber insurance should become as common a purchase for UK businesses as property insurance within the next decade, says the Association of British Insurers (ABI). The ABI said that any business using the internet was vulnerable to threats, including deliberate attacks by thieves and data losses caused by human error, and that cyber cover should… Read more…

Cutting £10 billion of red tape for small businesses and freezing key tax rates are among the highlights of the new Conservative government’s legislative programme. A range of measures to reduce regulation on small businesses, making it easier for them to create jobs, was included in the Queen’s Speech, delivered on 27 May, which set… Read more…

Chancellor of the Exchequer George Osborne has announced there will be a surprise second Budget in July. Following the Conservative victory in the 7 May general election, he confirmed on 16 May that there would be a summer Budget on 8 July. Writing in the Sun newspaper, Mr Osborne said: “I am going to take… Read more…

HM Revenue & Customs (HMRC) has updated its guidance on the way it contacts customers to help them recognise “phishing” emails. Phishing involves emailing someone in order to fraudulently obtain personal or financial information such as passwords and credit card or bank account details. The emails often include a link to a bogus website encouraging… Read more…

Small business owners are running the risk of costly mistakes by failing to make use of expert advice when setting up their enterprises, according to new research. A survey of 1,507 small and medium-sized enterprises (SMEs) for insurer Aviva found that two in five (38 per cent) relied on advice from family or friends, while… Read more…

HM Revenue & Customs (HMRC) has revealed that it collected £513.5 billion in tax in the 2014-15 financial year. HMRC’s latest monthly report, published on 23 April, revealed that the total annual tax take has soared by £166 billion since 2003-04, when the figure stood at £347.5 billion. VAT made up a fifth of the… Read more…

Tax specialists have welcomed a government announcement that it is delaying legislation introducing an exemption from income tax for ‘trivial’ benefits in kind (BIKs). Trivial benefits provided by employers include gifts such as a box of chocolates at Christmas or a bouquet of flowers for an employee who has had a baby or is absent… Read more…

The British Business Bank is opening its ENABLE Guarantee programme to all banks that lend to smaller UK businesses, following completion of the first transaction under the scheme. The programme encourages participating banks to lend more to smaller businesses by reducing the capital they need to hold to support such lending. The first transaction, with… Read more…

Fraudsters are using a new scam to target small firms with established finance facilities, according to a small business finance specialist. Ashley Business Finance warned other businesses to beware after two of its clients, in Wigan and Manchester, lost more than £100,000 between them. In both cases, the fraudsters met their victims at networking groups.… Read more…