Tax Admin Costs £25bn Annually

Collectively, small businesses are losing £25 billion a year to tax compliance, and this figure does not include the 300 million working hours spent on preparing and filing records.  This is according to a new report by the Federation of Small Businesses, FSB. They say that small firms are each spending an average of £4,100 and […]

Reforms to Prompt Payment Code Should Mean Freelancers Get Paid Quicker

An overhaul of the Prompt Payment Code (PPC) to crack down on delayed invoices owed to small businesses has been announced by the government.  Under new reforms, companies that have signed up to the Prompt Payment Code will be obliged to pay small businesses within 30 days – half the time outlined in the current […]

At least 250,000 of the UK’s small businesses set to fold

The Federation of Small Businesses has published the findings from its latest Small Business Index study which surveyed 1,401 small firms.  Conclusions include: Confidence is at the second lowest ebb in the report’s 10 year history One in five firms reduced headcount in three months to December 2020 An all-time high number of respondence expect […]