Small Business costs rising at Twice Rate of Inflation

Small business running costs increased at twice the rate of inflation between June 2007 and June 2008, according to a report from Warwick Business School and More Than Business. The Business Inflation Guide (697k PDF) claims that UK small and medium–sized enterprises experienced a 9.9% increase during the period. This is more than double the national rate of inflation, which currently stands at 4.7%. Micro–firms – those employing fewer than ten people – were the worst hit, according to the report. It suggests they experienced a 10% increase in costs between the second quarter of 2007 and the second quarter of 2008. The report’s authors attribute the dramatic increase to an exceptional simultaneous price rise on two fronts: as energy and fuel costs have risen, ... »

Remember: Today the National Minimum Wage Increases

UK Small Business owners should be aware that the National Minimum Wage increases with effect from today. In addition to your full-time staff you need to include home-workers, part-timers, casual workers, agency staff and employees on short-term contracts. Exceptions to the wage include apprentices, the self-employed, voluntary and Job Centre Plus Work Trial workers. The national minimum wage, previously set at £5.52 an hour, is now £5.73 an hour. This is the main adult rate, for workers aged 22 and over. The development rate of the minimum wage for 18-21 year olds, has increased from £4.60 an hour to £4.77 an hour. The development rate for 16-17 year olds is up from £3.40 an hour to £3.53 an hour. The accomodation offset rises to £31.22 a week (or... »