Success of Small Business Owners

Luck does not play a big role in a firm’s success according to nearly 3 quarters of small business owners, research by software provider Sage has found.

In a survey of more than 1,000 UK small business owners, just 28% of respondents felt that luck had a bearing on their success.

Effective planning – for growth and unexpected emergencies – was seen as a top priority for business owners.

Other findings from the study include:

  • poorly-performing SMEs cited back luck as one of the top 3 causes
  • good luck did not feature in the top 5 contributing factors for businesses performing well
  • 74% of companies reported good business performance in the last year; of these, 77% reported making a profit
  • good customer service, a solid business plan and sound knowledge of the business’s finances and suppliers were cited as the most influential contributors to success.

 

Employment Allowance

From the 6 April 2014 you can get the Employment Allowance which could reduce your employer’s Class 1 National Insurance Contributions (NICs) by up to £2,000 every year.

Who is eligible?

Almost every employer who is a business or charity (including a Community Amateur Sports Club) that pays employer Class 1 NICs on their employee’s or director’s earnings will be eligible.

Autumn Statement update….

The Autumn Statement has been delayed by one day and will now take place on Thursday 5 December, the Treasury has confirmed.

The change of date ensures that the Chancellor George Osborne’s Autumn Statement speech to the House of Commons will not take place while Prime Minister David Cameron is out of the country.

Autumn Statement date confirmed

The Chancellor of the Exchequer, George Osborne has announced that he will give his annual Autumn Statement to Parliament on 4 December 2013.

The statement provides an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility.  These forecasts will be published alongside the Autumn Statement on 4 December.

Full details of the announcements will be available following the Chancellor’s statement to Parliament.

Childcare Business Grants Scheme

£2 Million Childcare Business Grants Scheme – Applications Invited (England)

Launched earlier this year, the Childcare Business Grants Scheme aims to boost the provision of childcare in England and to incentivise entrepreneurship.

The scheme has been funded for one year with a fixed budget of £2 million.  There are three types of grant available, depending on the type of childcare business that is to be set up:

    1. £250 for new childminding businesses (a childminder is someone who looks after children in their own home, either alone or with help from one or two other adults).
    2. £500 for new childminding businesses (as above) that intend to provide care for disabled children.
    3. £500 for larger childcare businesses, including nurseries and out-of-school clubs (which are usually run in a specialist building), and childcare businesses on domestic premises (in someone’s home, but with four or more adults working there).

For further information:

Childcare Business Grants Scheme
PO Box 894
Newport
NP20 9NE
Tel:  0844 2642546
Email:  childcaregrantenquiries@liberata.com

National Minimum Wage Increase

The national minimum wage increased as of 1st October 2013.

HMRC enforces the national minimum wage and will serve penalties if the amounts below are not met.

  • For workers aged 21 years or more:  £6.31 per hour
  • For workers aged 18-20 inclusive:  £5.03 per hour
  • For workers aged under 18 (but above compulsory school age):  £3.72 per hour
  • For apprentices aged under 19:  £2.68 per hour

Tax Return Catch Up

Open to individuals who are yet to complete a self assessment tax return for all years up to the 2011-12 tax year and who have already received a notice from HMRC. Those wanting to take part will have to notify HMRC, complete and submit returns by 15 October 2013, and pay any tax payment that may be due.

Under the campaigns, individuals will be able to take advantage of paying the tax they owe and benefit from lower penalties than if HMRC were to find them at a later point.

If you need any help contact dawn@therealbusinessclub.co.uk