Ed Molyneux

Small Businesses Ignorant but Blissful About Making Tax Digital

Small Businesses Ignorant but Blissful About Making Tax Digital

Small business owners remain optimistic about the new government initiative Making Tax Digital, despite not really understanding what’s going to happen, according to a report from FreeAgent. The survey of 513 freelancers and micro business owners revealed that 45% of respondents believe the digitisation of tax will make their life easier in contrast to just 20% who think it won’t and 8% who believe its effects will be wholly negative. However, the positive outlook appears to have little basis in actual reality as a whopping 86% of those surveyed admit they haven’t received enough information about the changes, with 43% admitting they don’t even know what digital tax is. Ed Molyneux, CEO and co-founder of FreeAgent, said: “Making Tax Digital will be one of the biggest changes made to the UK... »

Majority of Micro-Businesses To Vote Remain Tomorrow

Majority of Micro-Businesses To Vote Remain Tomorrow

The majority of micro-business owners and freelancers will vote for the UK to remain a member of the European Union (EU) in the referendum tomorrow, according to research from FreeAgent. In a survey of 346 micro-business owners (employing fewer than 10 staff) and freelancers, 73% of respondents said that they were not in favour of a “Brexit” and 72% said they felt leaving the EU would negatively impact the UK’s economy. Just 5% of the business owners surveyed said leaving the EU would positively affect their business, in stark contrast to the 49% who believed a Brexit would be harmful to their business. Many businesses seem ambivalent to the final outcome of the referendum; 32% of business owners were adamant that neither result would make a difference to the performance of their firm. Ed ... »

‘Unclaimed Expenses’ Cost UK Small Businesses £238m Every Year

‘Unclaimed Expenses’ Cost UK Small Businesses £238m Every Year

£238m is being lost by UK small businesses every year due to ‘unclaimed expenses’, according to a report by FreeAgent. The survey found that, on average, UK small enterprises have around £216 worth of expenses worth under £10 every year. Incredibly, a significant proportion of these expenses are likely to be unclaimed as they are perceived by employees to be too ‘small’. Ed Molyneux, CEO and co-founder of FreeAgent, said: “Whether it’s £5 or £500, that’s all money which you can claim tax relief on, and in the case of the smaller expenses, it’s also money that quickly adds up. “Even for a freelance business or small agency, those little expenses can end up being worth hundreds, or thousands, of pounds when they’re all combined – so it’s strange that people seem to think it’s too much ... »