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Emergency Budget – ‘Tough but fair’

June 23, 2010 in Budget News, Finance, SME to SME

A ‘tough but fair’ budget was delivered by Chancellor George Osborne on Tuesday 22 June 2010. He described the spending cuts and tax increases as being ‘unavoidable’ due to ‘the years of debt and spending’ by the previous Labour government.

The Chancellor tried to reassure us that he was being ‘fair’ and that ‘everyone will pay something but the people at the bottom of the income scale will pay proportionately less than those at the top’.

The key announcements included:

  • VAT Rate rise – As anticipated the VAT rate will increase from 17.5% to 20% with effect from 4 January 2011.
  • Personal Allowance increase – The personal income tax allowance is to increase by £1,000 in April 2011 to £7,475. This is worth £200 a year to a basic rate taxpayer.
  • Capital Gains Tax increase – The Capital Gains Tax rate for higher rate taxpayers will increase from 18% to 28% from midnight tonight. It remains at 18% for basic rate tax payers.
  • Entrepreneurs Relief extended – Entrepreneurs relief has been extended to a rate of 10% on the first £5m of gains as opposed to the first £2m.
  • Corporation Tax Rate cut – The Corporation Tax rate will be cut by 1% each year over the next four years until it reaches 24%. The Small Companies rate is to be cut to 20%.
  • National Insurance rise to stay – The National Insurance rate increases announced by labour remained intact and will still take place however the threshold at which employers start to pay will rise.
  • No change to Cigarettes, Alcohol and Fuel – No changes were made to duty on cigarettes, alcohol or fuel and the plan to increase the duty on cider from July was scrapped.
  • Freeze on Child Benefits – Child benefit is to be frozen for the next three years.
  • Changes to Tax Credits – Tax credits will reduce for families earning over £40,000 next year but for low income families they will receive more Child Tax Credit with the amount per child increasing by £150 above the rate of inflation.
  • State Pensions – The state pension is to be linked to earnings from April 2011 and is guaranteed to rise in line with earnings or 2.5% whichever is greater. The increase in the state pension age to 66 is to be accelerated.

For further details on the key announcements visit our website www.georgehay.co.uk where you can download a copy of our budget summary.

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DON’T COUNT YOUR CHICKENS!

February 14, 2010 in Basic Skills, Development, Startup 

 Robert Ashton, is an entrepreneur, and challenging
 business author.  His books including 'How to Sell'
 are published by Hamlyn.  Visit www.robertashton.co.uk
 to find out more.

 Robert kindly agreed to contribute a regular column
 to ‘Wising UP!’ so this was the  first of of our
 “Ten Ways...” series from the first issue of Wising
 UP in 2003! - as useful now as when first published.

It’s all too easy to assume that everything’s going to turn out just fine. But the wily entrepreneur makes sure he’s chosen the right eggs to sit on. Here are ten ways you can be  sure you’re hatching winners!

  1. RESEARCH YOUR MARKET There are very few truly original ideas. Someone, somewhere will be already doing what you’re planning. Make sure your idea looks different and stays different.
  2. ASK A FRIEND Bounce your business ideas off someone who’ll tell you straight if they think the idea’s a runner or not. Some advisors tell you what you want to hear. Seek honest feedback.
  3. STOCK THE FRIDGE Investing in a new business, product or service always takes longer than you think. Make sure you can afford to eat as you wait for the payback.
  4. SHARE THE WORK Cuckoos lay their eggs in others’ nests and let them do the work. Who could help you incubate your new idea? Ask Business Link for ideas.
  5. USE A RULER Benchmark your progress against that of others chasing the same market. You could be doing well, but still be underperforming against your rivals and therefore capable of achieving more.
  6. ROTTEN EGGS SMELL BAD Some ideas won’t hatch. Accept this, carefully and quickly ditch the losers and focus on your winners. Losers are like bad eggs, the longer you keep them, the worse they get!
  7. BE FLEXIBLE Customers occasionally use your product or service in ways you never envisaged. Celebrate their innovation and use it to win business elsewhere
  8. RIDE THE STORMS At times, incubating your new idea will be very uncomfortable. If you’re sure it’s a winner, sit tight and wait for the sunshine.
  9. FEED YOUR CHICKS Once hatched, new business ideas can devour resources at an alarming rate before becoming profitable. Another reason to focus on winners.
  10. EMPTY THE NEST Could you do better if you started all over again? Never rule out selling your venture to free up the time and capital to do it a second time. Always know what your business is worth.

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£6 tax for broadband ‘will be law’

September 24, 2009 in Finance, The Law

Moves to push a 50p a month broadband tax through Parliament before the general election sparked fury last night.

Stephen Timms, Treasury minister in charge of the Digital Britain plan, yesterday revealed he will introduce the law in the next Finance Bill.

Mr Timms said: “It is vital for jobs and growth that Britain has a world-class digital infrastructure.”

The £6-a-year levy on fixed phone lines – generating up to £175million annually – will subsidise next generation broadband networks in areas where they would not otherwise be viable.

But Jeremy Hunt, shadow culture secretary, said: “Slapping on a broadband tax is an old economy solution to a new economy problem.”

And Steve Weller, from uSwitch.com, said: “We are dismayed. If the Government truly intends to tax home phone users to fund the universal roll-out of broadband, this is a classic case of robbing Peter to pay Paul.”

Article from Daily Mirror – By Allison Martin 24/09/2009

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What Is New In My Business?

July 25, 2009 in Development, SME to SME

spotlightWhat Is New In My Business?

…A Complete Change Of Emphasis

That’s What !

“I have the ability not only to show the way to saving hundreds of pounds per year (per household) on the price of gas, electricity, telephone, broadband and most shopping bills, but also to offer the opportunity to join me in a highly profitable business with escalating residual income.” I have reviewed what I have to offer and the penny has dropped. Offer people what they want regardless of how well you can do anything else. Don’t ask me why it took so long to see the obvious.
 
For nearly nine years I have concentrated primarily on offering legal services, in the form of writing Wills for which I am well suited by both qualification and experience, and I continue to do that.

However, more recently I joined a business offering the opportunity either to save money or to make money, in the area of telephony and power utilities. It has been simmering on the back burner while I gently announced it to my Will and Probate clients and others as an option they might like to consider.

Well no more! Of late I have had far more interest in Utility Warehouse Discount Club than in Will Writing etc. and it is becoming quite exciting. So I will go with the flow and announce to the world at every opportunity

Utility Warehouse Discount club is not just a club, it is an 11 year old company that has come of age. Without having a professional sales force, or an advertising budget, and refusing as it does to give any kickbacks to the like of U-switch, it has caught the attention of Which magazine in 6 separate editions this year, and they rate the company as just about the best for customer service, customer satisfaction, value for money, and billing; and now we also offer cash back on everyday shopping too.

Please take a look at my website www.bjutilities and give me call.

What other company would actually give you a triple value guarantee to be cheaper than B.T. and British Gas, and the 6 Regional Electricity Companies, AND invite you to try its services without any attempt to tie you in for a fixed period contract.

250,000 satisfied customers cannot be wrong can they?

P.S. Our services are not restricted to domestic customers either. We do good things for businesses’ bottom lines too.

B J U Utilities

Brian Williamson
For Wills. Inheritance Tax, and Estate Planning Or To Reduce All Your Utility Bills in One Go.
Brian@bjwills.co.uk
www.telecomplus.org.uk/savewithbj
37 Beaumaris Road
Sawtry
Huntingdon, Cambs. PE28 5SF
brian@bjwills.co.uk
www.bjwills.co.uk: www.telecomplus.org.uk/savewithbj
tel: 01487 831853; 0800 90 20 429
mobile: 07929 942507

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TEN STEPS to Recession Survival

July 25, 2009 in Development

steps_tie1In response to suggestions that the UK is already in a recession, Business Link has issued its top ten steps to help local businesses prepare to survive the economic slowdown.

Following its announcement of a free business ‘health check’, the Government funded support organisation has reported that enquiries received from trading businesses into its Information Centre in October are up 100% on the same point last year. Also on the increase are requests for information on redundancy and liquidation, with 10% of callers seeking information on these areas compared to a negligible number in previous months.

Pat Smith, chief executive of Business Link in the East of England said:

“On the basis that we are seeing an increase in customers coming to us who are already feeling the pinch, there will be many more out there who are either trying to weather the storm alone or who do not realise that by taking action now, they could avoid problems further down the line.

“These steps are really just a starting point for anyone who is worried about the future of their business. The next stage is our ‘health check’, which takes stock of where a business is currently and looks at what needs to be done to move ahead. We know that businesses who take advice from Business Link have better survival rates, so our message is simple: call us now on 08457 17 16 15.”

Ten point plan for recession survival

1. Mind your cashflow
Understand exactly what your finances are telling you. Issue invoices promptly and chase up debtors; don’t buy more stock than you need; negotiate longer credit terms with suppliers; shorter ones for customers; fill up gaps in your forward order book; and keep in touch with your bank.

2. Cut your costs
Look for savings in every part of your business. Making your business greener isn’t just about saving the planet, it’s also about saving you money. Do you turn equipment off at night? Is every business journey necessary? Are you taking full advantage of your tax allowances?

3. Credit check new customers
It may take only one major customer to go bust to jeopardise your business. Protect yourself by conducting rigorous credit checks on new customers and agreeing clear credit terms up front.

4. Focus on retaining customers
When finances are uncertain, consumers cut their discretionary spending, so do all you can to keep your customers coming through your doors. Loyalty schemes, small discounts and regular communications are just three ways of letting your customers know you value them.

5. Provide outstanding customer service
Consumers appreciate businesses that give them more for their money, especially when times are tough. Efficient service, fast delivery, flexible payment terms, and so on, can persuade people to spend with you rather than a competitor.

6. Increase your marketing
When competing for a smaller pot of money, it becomes more important than ever to tell people why they should come to you. You don’t have to break the bank, but be sure to shout about your business.

7. Concentrate on products and services that sell
Don’t put your efforts into trying to sell things that are untried or that few people will buy; stick to profitable favourites. Don’t be tempted to slash prices either – if demand for your offer is not price sensitive, you will be giving your profits away.

8. Train your staff
Your staff are one of your greatest assets and could be the key to retaining customers and keeping your business running. Training is important to their personal development and the productivity of your business, so don’t be tempted to scrap your training plan.

9. Streamline your operation
Consider moving to smaller premises, or subletting your existing space. Sell off excess equipment and look at staffing – are your people concentrated in the right areas? Will flexible working be more cost efficient? If considering redundancies, remember that it’s bad for morale and replacements may be hard to find when business picks up.

10. Sell online
An online sales or marketing channel will expose you to a larger marketplace for minimal cost. Plan and resource online selling properly, including providing payment security, attracting visitors and meeting orders swiftly.

For further information visit www.businesslink.gov.uk/east/healthcheck

BLABOUT BUSINESS LINK
  • Business Link in the East of England provides information, practical advice and support to help people to start, run or grow their business
  • Our clients fall in to two main categories:
    - Those running or working in established small and medium sized businesses
    - Those who want to start their own business
  • Both clients groups can access independent, impartial and, in most instances, free help and support from Business Link in the form of:
    - Free one-to-one help from an experienced business adviser (for established businesses only)
    - Workshops and briefings on a range of business subjects such as business planning, sales and marketing, legislation, developing people
    - Telephone and online support through our Information and intelligence centre
  • Business Link in the East of England works with businesses and entrepreneurs in the 6 counties in the East of England: Suffolk, Norfolk, Essex, Bedfordshire, Cambridgeshire and Hertfordshire
  • Business Link is a government initiative to promote enterprise, funded in the East of England by the East of England Development Agency

Business Link understands your problems, challenges and goals and can help your business grow and become more profitable.

Contact us on 08457 17 16 15 or visit www.businesslink.gov.uk/east

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Business Link… the place to go for business support

July 25, 2009 in Development, Management, Startup

BLFor information, practical advice and support to help you run or grow your business, Business Link is the place to go.

Whether your business is established, or you are just starting out, we can provide you with independent and impartial support to help your make the most of your business.

Business Link is your gateway to:

Free one-to-one business advice with an experienced business adviser, who will

• Identify and analyse your business needs
• Develop and customise a plan of action
• Provide a summary of support services required to meet your needs
• Support you in the implementation of your plan

Answers to any business questions through our Information and Intelligence Centre, including

 

• Mailing lists selected to meet the needs of your target market
• Company information and/or more extensive company reports
• Potential sources of grants, finance and/or subsidised business services
• General business and market intelligence

Workshops and seminars covering a vast range of business topics, such as

 

• Understanding business legislation and regulations
• Starting your own business
• Winning public sector contracts
• Successful marketing for growth

Business Link understands your problems, challenges and goals and can help your business grow and become more profitable.

Contact us on 08457 17 16 15 or visit www.businesslink.gov.uk/east

 

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Free Business “Health Checks” across the UK

July 25, 2009 in Development, Startup

  
• Our clients fall in to two main categories:

- Those running or working in established small and medium sized businesses

- Those who want to start their own business

• Both clients groups can access independent, impartial and, in most instances, free help and support from Business Link in the form of:

- Free one-to-one help from an experienced business adviser (for established businesses only)

- Workshops and briefings on a range of business subjects such as business planning, sales and marketing, legislation, developing people

- Telephone and online support through our Information and intelligence centre

• Business Link in the East of England works with businesses and entrepreneurs in the 6 counties in the East of England: Suffolk, Norfolk, Essex, Bedfordshire, Cambridgeshire and Hertfordshire • Business Link is a government initiative to promote enterprise, funded in the East of England by the East of England Development Agency
 

 

 

 BLIn response to suggestions that the UK is already in a recession, Business Link is offering a free business ‘health check’ to all small or medium sized businesses.
• Our clients fall in to two main categories:

- Those running or working in established small and medium sized businesses

- Those who want to start their own business

• Both clients groups can access independent, impartial and, in most instances, free help and support from Business Link in the form of:

- Free one-to-one help from an experienced business adviser (for established businesses only)

- Workshops and briefings on a range of business subjects such as business planning, sales and marketing, legislation, developing people

- Telephone and online support through our Information and intelligence centre

• Business Link in the East of England works with businesses and entrepreneurs in the 6 counties in the East of England: Suffolk, Norfolk, Essex, Bedfordshire, Cambridgeshire and HertfordshireIn response to suggestions that the UK is already in a recession, Business Link is offering a free business ‘health check’ to all small or medium sized businesses.

bl2Towards the end of last year, Business Link reported that enquiries received from trading businesses by its Information Centre were up 100% on the same point last year. Also on the increase were requests for information on redundancy and liquidation, with 10% of callers seeking information on these areas compared to a negligible number in previous months.

Dominic O’Sullivan of Business Link said:

“On the basis that we are seeing an increase in customers coming to us who are already feeling the pinch, there will be many more out there who are either trying to weather the storm alone or who do not realise that by taking action now, they could avoid problems further down the line.

“Contacting our information centre is just a starting point for anyone who is worried about the future of their business. The next stage is our ‘health check’, which takes stock of where a business is currently and looks at what needs to be done to move ahead. We know that businesses who take advice from Business Link have better survival rates than those who don’t, so our message is simple: call us now on 08457 17 16 15.”

In addition to the health checks, Business Link will once again be running its programme of workshops and seminars for those who are either looking to move into self-employment, or established businesses that are looking for information on tools such as marketing, PR and finance control.

All workshops are free and they take place on different dates at a variety of locations within easy reach of Huntingdon to enable business people to attend at a time that fits in with their commitments.

For further information on events visit the website www.bookevents.org or phone the events booking team on 0845 601 1000. For all other enquiries telephone 08457 17 16 15 or visit the Business Link website www.businesslink.gov.uk/east .

ABOUT BUSINESS LINK

• Business Link in the East of England provides information, practical advice and support to help people to start, run or grow their business

 • Business Link is a government initiative to promote enterprise, funded in the East of England by the East of England Development Agency

 Towards the end of last year, Business Link reported that enquiries received from trading businesses by its Information Centre were up 100% on the same point last year. Also on the increase were requests for information on redundancy and liquidation, with 10% of callers seeking information on these areas compared to a negligible number in previous months.

Dominic O’Sullivan of Business Link said:

“On the basis that we are seeing an increase in customers coming to us who are already feeling the pinch, there will be many more out there who are either trying to weather the storm alone or who do not realise that by taking action now, they could avoid problems further down the line.

“Contacting our information centre is just a starting point for anyone who is worried about the future of their business. The next stage is our ‘health check’, which takes stock of where a business is currently and looks at what needs to be done to move ahead. We know that businesses who take advice from Business Link have better survival rates than those who don’t, so our message is simple: call us now on 08457 17 16 15.”

In addition to the health checks, Business Link will once again be running its programme of workshops and seminars for those who are either looking to move into self-employment, or established businesses that are looking for information on tools such as marketing, PR and finance control.

All workshops are free and they take place on different dates at a variety of locations within easy reach of Huntingdon to enable business people to attend at a time that fits in with their commitments.

For further information on events visit the website www.bookevents.org or phone the events booking team on 0845 601 1000. For all other enquiries telephone 08457 17 16 15 or visit the Business Link website www.businesslink.gov.uk/east .

 

Contact us on 08457 17 16 15 or visit www.businesslink.gov.uk/east

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