More than 200,000 small businesses in the UK have taken advantage of the Streamlined Company Registration Service, since its launch. The strong uptake of the service shows how much it was needed, given the challenges faced by small business owners. While words used to describe UK SMEs tend towards ‘agile’, ‘disruptive’ and ‘innovative’, many small
Diversity matters in business. Organisations perform better, make more money and attract superior talent when they have a culture of inclusivity and diversity. McKinsey & Co, one of the world’s foremost consultancies says that there is a distinct financial advantage in inclusivity and diversity. And it seems that small businesses are beating larger companies on
A recent survey carried out by the Management Consultancies Association (MCA) reports that technology and digital challenges are the biggest worries for business owners in 2019. Business transformation, digital strategy and the need to understand rapidly advancing technologies are all named in the research as priorities. The survey asked 250 decision-makers across the private and
New research by Bacs Payment Schemes, part of the UK’s retail payments authority, Pay.UK, shows that late payments are causing huge problems for small businesses in the UK. Businesses are now facing an outstanding bill of £6.7 billion, just in payments they’re owed. This is up from £2.6 billion in 2017. Small businesses in the
A tax haven is any country that allows you to reduce the amount of tax you pay. Let’s state at the beginning that there is nothing wrong with using tax havens provided you are careful not to break any rules in your country of residence. Some people use tax havens to hide their money from
The Government of the Cayman Islands unveiled three legal bills that will fundamentally alter its offshore banking legislation. The move comes just weeks before the European Union’s deadline of 31 December, after which the EU will release its latest blacklist. A deadline has been implemented by the EU for all offshore financial centres to address
As part of the Autumn Budget, the Government announced that HMRC (HM Revenue & Customs) would publish a new offshore tax compliance strategy. The Government also reaffirmed its intentions of fighting offshore tax avoidance, tax evasion and general non-compliance. The new strategy is designed to build on the strengths of the current one. According to
A report concentrating on the cryptocurrency and blockchain markets in the UK has revealed many businesses are turning to offshore bank accounts. The research was carried out by Digital Capital in a report called ‘Blockchain in Action: State of the UK Market’. Findings show that companies in this sector are finding it difficult to open
Since the end of January 2018, UK authorities have been able to use Unexplained Wealth Orders (UWO) to crack down on financial fraud. Incorporated into law as part of the Criminal Finances Act 2017, it’s a specific order issued by a British court to force someone to reveal the sources of their ‘unexplained wealth’. It’s
A review of banking complaint rules has found that the Financial Conduct Authority (FCA) must be given increased powers to help SMEs. Currently small and medium sized businesses have little recourse to fight the big banks over any grievances, and this should change, according to Simon Walker. Mr Walker is the former head of the
