sme Archives - WRLO Accountants

HMRC’s services having a negative impact on SME productivity

WRLO Accountants — Sat, 06 Apr 2024 09:24:06 +0000

The productivity and efficiency of SMEs is suffering as a result of poor HMRC services, according to members of the Association of Chartered Certified Accountants (ACCA). In a survey of ACCA members, 66% said that poor HMRC services were having a negative impact on their clients, with small businesses ‘bearing the brunt’ of this issue. This is a 14% increase in negative sentiment from the previous ACCA survey in October 2023, demonstrating that SMEs are ‘reaching breaking point with the service’. Glenn Collins, Head of Strategic and Technical Engagement, ACCA UK, said: ‘Our members have repeatedly raised that dealing with HMRC is the number one issue they face in their daily work. ‘Repeatedly we hear from our members of delays around basic requests such as VAT registration numbers, and a severe lack of skilled staff to handle more complex enquiries. This most recent survey reiterates our previous feedback to the Chancellor and HMRC and shows that in the space of six months service levels have declined even more. ‘ACCA will continue to call for the Chancellor to properly fund HMRC, raise the levels of service standards, and to lean on accredited finance professionals wherever possible to ensure accuracy across the […]

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Firms looking to Autumn Statement for help with rising operating costs

WRLO Accountants — Mon, 09 Oct 2023 15:27:54 +0000

Small firms will look to the upcoming Autumn Statement for signs that the government understands their operating concerns, says the Federation of Small Businesses (FSB). The business group said that UK businesses need urgent action to help stem the issue of late payment. It says that large corporates use late payments to offset interest rate rises by ‘demanding, in practice, free credit from their supply chains‘. The FSB is also urging Chancellor Jeremy Hunt to overhaul the business rates system and has called for an extension of the 75% business rates discount for small and medium-sized enterprises (SMEs) in the retail, hospitality and leisure sectors, as this discount is set to expire in April 2024. It said that these sectors have been‘acutely affected’ by falling confidence levels and economic headwinds. Martin McTague, National Chair of the FSB, said that the recent decision by the Bank of England not to raise interest rates will ‘give firms breathing space’. He continued: ‘[The] unexpectedly large drop in GDP is a sign that the painful interest rate rises we have endured are acting as predicted, and we urge the Bank to allow time for the lag between rate hikes and the full effect on […]

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February 2023

WRLO Accountants — Fri, 03 Feb 2023 12:20:11 +0000

In this month’s Enews we look at changes to the government’s energy support schemes and the latest analysis of inflation. We also update you on reforms to Research and Development (R&D) reliefs and the results of the ICAEW’s Business Confidence Monitor. With news on SME exports and the skills shortage, there is a lot to update you on. Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13-year low Small firms ‘facing challenges when applying for financing’ BCC warns SME exporters ‘under tightening pressure’ Pensioners outnumber young people for filing self assessment tax returns Energy bill support for firms to be reduced from April Businesses will receive reduced support for their energy bills from April as the UK government attempts to cut the cost of compensating for soaring gas and electricity prices, the Treasury has confirmed. The Treasury said that the government will cap support at £5.5 billion for businesses over 12 months from 1 April 2023. Bills will automatically be discounted by up to £6.97 per megawatt hour (MWh) for gas […]

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