Smith & Williamson

Remember, Remember 5th OCTOBER: Self-Assessment Deadline Day Draws Near

Remember, Remember 5th OCTOBER: Self-Assessment Deadline Day Draws Near

HM Revenue and Customs (HMRC) has reminded UK small business owners that they must register for self-assessment, by Wednesday 5th October ,in order to receive their tax return. Businesses owners and the self-employed require a tax return to obtain all necessary information to be able to pay their taxes by 31 January. Those who fail to pay in time can be fined upwards of 30% of their due tax, while there is a deadline of 31 October for those who still use paper forms. Self-assessment is the system used by HMRC to collect tax from self-employed people and businesses, or those who have received an income besides their regular salary. Over 10m people filed a self-assessment tax return for 2014/15 with this number expecting to increase. Currently, one in seven people are now self-employed in so... »

Small Business Owners ‘Increasingly Wary’ of Potential Brexit

Small Business Owners ‘Increasingly Wary’ of Potential Brexit

UK business owners are becoming ‘increasingly wary’ of the impact Britain’s exit from the EU (a Brexit) could have on them, according to a report by Smith & Williamson. The survey of small business owners found that 81% of respondents felt that a Brexit would negatively impact their business, up 13% from June 2015. In a worrying trend, UK economic growth has fallen by 4% with the upcoming EU referendum and unstable global economy being cited as possible causes. Despite the negative feedback, 80% of business owners said they felt that their own prospects for the next 12 months had increased over the past quarter, up 5% from the last quarter, with 74% anticipating growth (or an acquisition) in the next 12 months. Guy Rigby, head of entrepreneurial services at Smith & Williamson... »

Small Business Confidence “Plummets” due to Economic Uncertainty

Small Business Confidence “Plummets” due to Economic Uncertainty

Small business confidence in the economy has dropped by 11 points since the last quarter. according to a report by Smith & Williamson. Concerns over the economy and two “less than friendly” statements from George Osborne regarding small enterprises are thought to have contributed to the change in attitude. In the Summer Budget, the chancellor of the exchequer announced changes to the taxation of dividends and in his Autumn Statement he put forward his plan for quarterly tax reporting by 2020. Optimism, among respondents to the survey, for their own prospects over the next 12 months has also declined by eight points to 74%. There is little support for an interest rate rise with 24% of businesses claiming confidence is being adversely affected by the Bank of England maintaining interest ... »

Small Businesses Starting to Lose Confidence in Government

Small Businesses Starting to Lose Confidence in Government

A large proportion of UK small business owners are frustrated with the lack of government support with many worried about the negative effect taxes on dividends and the new National Living Wage (NLW) could have on their business. The research by Smith & Williamson, as part of its latest quarterly Enterprise Index, found that the number of small firms that are dissatisfied with the government’s level of support has risen by 10% in the last three months to 30%. Companies stated that, while “broadly supportive” of David Cameron’s government, they were disappointed with the new mandatory NLW (which will rise to £7.20 from April 2016) and the new dividend taxes. Announced in the summer Budget, the dividend taxes will  mean that basic-rate payers have to pay tax on dividend income. This new ... »