Business121 Small Business Newsletter #48

   

In this week's Business121:

1. Small Business Rate Relief application to be streamlined in 2007/08
2. Thirteen tax saving tips for small businesses
3. National Insurance (NI) Guide for Small Businesses
4. Book-Keeping for Beginners
5. Flat Rate VAT Scheme - An Overview
6. Ten VAT Tips to save you time and money
7. Lack of planning holding back London's entrepreneurs
8. Struggling salespeople needed for 'Hard Sell' TV series
9. Asian entrepreneurs' wealth grows with move to high-tech sectors
10. Cash is still king for UK retailers
11. Employees in small businesses less likely to get injured at work

Small Business Rate Relief application to be streamlined in 2007/08

The Government has, at last, reacted to the chaos of the Small Business Rate Relief (SBRR) scheme and announced a 'streamlining' of the process of applying for SBRR. But don't get too excited, the streamlining won't be implemented for another two years!

We first highlighted the problems with the SBRR scheme in Issue 35 of Business121. At the time, fewer than half of the small businesses that were eligible for the reduction in their rates had applied for their rate reduction. This meant that some 400,000 small businesses were missing out on a rate reduction of up to £2,500 (if you missed it and want to know how to claim before the Sept 30 deadline the details are on this page.

Under the initial plans, every small business had to make a new application to claim the rate relief every year. Now, with some 850,000 small businesses being eligible for SBRR, it doesn't take a rocket scientist to work out that the SBRR scheme would instantly create a mountain of extra paperwork for small businesses and local councils. And, that this burden would arise every year.

Last week, after 'consultation' the Local Government minister claimed to be riding to the rescue of small businesses and announced an Order that,

"...will allow small business, whose circumstances have not changed, to apply only once for small business rate relief for a period of up to five years".

On the surface, that seems to be great news, no more unnecessary form-filling for 5 years. But oh no! This announcement DOESN'T do exactly what it says on the tin. The details of the announcement reveal the truth behind the headlines;

"Under the revised scheme, ratepayers eligible for the relief will be required to apply for small business rate relief for the financial year 2007/08 and will not be required to apply again until the next revaluation (financial year 2010/11) provided their circumstances have not changed in that period."

So, to get your reduction in business rates, you'll have to apply for this financial year (2005/06) and for the following two years, before the 'streamlining' relieves you of the burden for the three years after that.

I make that, 3 applications in 6 years, not the 1 application in 5 years the Local Government minister claims the streamlining will bring!

Is it any wonder only half of eligible small businesses have claimed the small business rate relief?

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Thirteen tax saving tips for small businesses
The Tax Faculty at the ICAEW recommends thirteen tax-saving tips to ensure your business pays less tax. Are you using all of these methods to minimise the amount of tax your business pays?

The whole area of tax, national insurance and VAT can be very time-consuming for busy small businesses (the SBRR scheme is a good example). You'll find plenty of tips and advice on dealing with these topics on our website and here are some of our most popular tax, NI and VAT pages;

National Insurance (NI) Guide for Small Businesses
National Insurance guide for self employed people and limited company directors. Includes overview of the NIC classes, and current rates.

Book-Keeping for Beginners
All businesses need to keep records of their financial transactions for several practical reasons. An excellent overview of Book-Keeping for beginners

Flat Rate VAT Scheme - An Overview
Alongside the standard VAT rules, some small businesses may be better off by operating within the flat rate VAT scheme

Ten VAT Tips to save you time and money
Ten tips to help small businesses save VAT - how to simplify your VAT accounting methods to save cash and time

Lack of planning holding back London's entrepreneurs
Figures released by Business Link for London (BL4L) reveal that 68% of budding entrepreneurs across London believe they do not require a business plan to raise funding. To help business owners to raise funding, BL4L provide some useful tips on raising finance.

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SMALL BUSINESS NEWS
===================

Struggling salespeople needed for 'Hard Sell' TV series
Diverse, the TV production company behind several popular BBC and Channel4 programmes, is looking for businesses that are struggling with sales to take part in 'Hard Sell', a new business programme to be broadcast on Sky One.

Asian entrepreneurs' wealth grows with move to high-tech sectors
The ability of Asian entrepreneurs to adapt to new business opportunities has seen the sector’s wealth grow at three times the rate of the UK economy as a whole according to a new report.

Cash is still king for UK retailers
Research reveals that good, old-fashioned, hard cash is the preferred method of payment for UK retailers.

Employees in small businesses less likely to get injured at work
New research into accidents and injuries in the work place reveals that people working in small businesses are less likely to suffer an injury at work.

** For the latest Small Business News, visit http://www.Bytestart.co.uk **

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