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UK BUSINESS NEWS

Small businesses hit out at UK tax burden

More than two-thirds of small business owners believe that current UK tax procedures are unfair, according to a survey from the Forum of Private Business (FPB).

A massive 45% of business owners told the FPB that their tax burden was a “very serious” issue, and 13% said they would like to see the current tax system improved. When asked about what key changes need to be made, more than two-fifths responded that the system needs to be fairer.

Phil McCabe, spokesman for the FPB, indicated that many small businesses are disappointed that their size is not being taken into consideration under the current tax system. He added:

“The complexity of the British tax system is not only time-consuming and frustrating, it also puts small firms at an instant disadvantage. Big companies have the expertise and resources to understand the system and minimise their tax burden.

“For most of our members, hiring an outside tax consultant represents a significant cost few can afford, especially in the midst of a recession.”

The FPB has followed up its findings by calling on the next government to support smaller firms by creating a “bold new tax environment”.

Import duty-free and save cash

British manufacturers could save millions of pounds in import duties through an EU scheme promoted by the Department for Business, Innovation and Skills (BIS).

Companies that are unable to source the materials they need to manufacture their products from within the EU could be eligible to import those materials duty-free by applying to the EU Duty Suspensions & Tariff Quotas Scheme.

Currently, UK companies save over €30 million per year through the scheme – a figure that rose by €4.6 million in the first half of 2010. But this could rise even higher were more manufacturers aware of the scheme and how easy it is to apply.

BIS is urging UK manufacturing companies to take the opportunity to find out more ahead of the 15th March deadline for the first round of this year’s applications.

JO Sims, a UK fruit supplier, succeeded in saving money by accessing the scheme. The company’s commercial director, Kevin Matchett, said: “One of our partners felt the duty we had to pay to import cranberries was unfair and to some extent was hampering the growth of our business.

“Once we were in touch with BIS, they held our hand through the process, and having someone help us with the application made it happen much quicker. We’ve found it so useful that we’re now looking at some other products we import to see if there are unfair duty loadings on those imported goods as well.”

Companies can find out more about the EU Duty Suspensions & Tariff Quotas scheme at: http://tinyurl.com/yegw2jp.

The Business Inspector gets boost from HMRC

A new TV series The Business Inspector has been sponsored by HM Revenue & Customs (HMRC). The programme will raise awareness among small businesses that they need to keep good records.

The Business Inspector is a four-part series that will be broadcast weekly on Five at 8 p.m. from 17th March 2010.

Stephen Banyard, Business Customer Unit Director at HMRC said: “We know that most small businesses want to get their tax right. But we also know too that failure to take reasonable care costs the Exchequer over £6bn a year, with a major cause being poor record keeping. We hope this series will raise awareness of the need for good record keeping.

“We also want small businesses to realise the benefits to them – such as improved cash flow – of taking better care of their records and paperwork.”

Presenter Hilary Devey said: “Britain’s brimming with creativity but a terrifying number of businesses go bust each year and this shouldn’t be happening. I am going to teach businesses how to improve their all-round business knowledge and direction, cash flow, marketing strategy and in some cases even their enthusiasm. Invaluable lessons they will never forget.”

DATES FOR YOUR DIARY

Kent 2020 Vision Conference and Exhibition

Date: 22nd April 2010
Location: Kent Showground, Detling, Maidstone, Kent ME14 3JF
Organiser: Business Link in Kent
Cost: Free

Kent 2020 enters its fifth year and is now the largest business-to-business conference and exhibition in the South-East. Networking, making new contacts and meeting new customers are all high on the agenda at the largest gathering of Kent businesses under one roof, with 350 exhibitors and 4000 attendees. For more information visit www.kent2020.co.uk.

Business Finance Options: The Choices Simplified

Date: 15th April 2010
Location: Stanton Manor Hotel, Stanton St Quintin, Near Chippenham, Wiltshire SN14 6DQ
Organiser: Business Link
Cost: Free

Want your business to survive and thrive but don’t know how you are going to finance it? Then attend this free information seminar, delivered by Business Link’s Financial Advisory Team. This seminar will address the building blocks of business finance, help you unravel the jargon and understand some basic concepts.

By the end of the seminar, you will walk away with a greater knowledge of what lenders are looking for when it comes to agreeing finance, plus a far wider knowledge of the many options available. There will also be a free opportunity for you to have a one-to-one impartial advice session with a business adviser. This will enable you to make better informed decisions about your own business’s needs and its future growth.

To book a place on this event, please call 0845 0707 747 or email events@businesslinksw.co.uk.

Consultative Selling: The Good, the Bad and the Salesperson

Date: 25th April 2010
Location: Crown Hotel, West Street, Blandford Forum, Dorset DT11 7AJ
Organiser: Business Link
Cost: Free

The consultative salesperson possesses exceptional relationship skills coupled with great critical thinking ability – these skills are a business owner’s most powerful and effective business asset. Find out why selling needs to be brought up to date, and how you can be seen not as a salesperson but as a trusted business contact. Learn the, often counter-intuitive, approach that makes your clients choose you and not your competitors.

This is for business owners who would like to improve their sales technique in a business-to-business environment. To book your place, please telephone 0845 0707 747 or email events@businesslinksw.co.uk.