Owners of Small to Medium sized Enterprise (SME) tend to recruit members of the family as they firmly believe that they will work hard, according to a report by Hiscox.
Hiscox conducted a survey of 1,000 SME businesses owner, and found that 94% of those who took part took the view that hiring a family member is a positive move.
A manufacturer of steel pipework has been fined for failing to purchase compulsory insurance to protect its employees. Essex firm Ductwork Environmental Services Ltd was fined £1,000 at Harlow Magistrates’ Court today and ordered to pay £750 in costs.
Employers will already be struggling to take on board these changes, but the announcement of an additional public holiday, coupled with a late Easter in 2011, will mean two long weekends in quick succession with only three working days between them. This could result in a rush by employees to take an extended break by bridging the gap between the two long weekends.
Inland Revenue (HMRC) was responsible for 58 per cent of all the petitions submitted over the last year to wind-up companies compared to just 43 per cent in the previous year. Petitioning to wind-up a company is the “nuclear” option used by creditors who hope to get paid back some of the money they are owed by having a businesses’ assets liquidated and sold off.
National Money Helpline recommends that employers talk to suitably qualified Independent Financial Advisers about how the pension reform will affect them and what they can do now to avoid getting caught out in 2012, do not bury your head in the sand hoping this will go away 2012 will be here before we know it.
Taxpayers who file their self-assessment returns on a paper basis must do so by the 31st October for the 2009-10 tax year or face fines of £100.
Notably businesses with a rateable value of under £6,000 occupying a single property would be entitled to 100% relief.
In addition, the average financial strength score for businesses increased, on Experian’s scale, from 80.79 in August 2009 to 81.06 in August 2010. The biggest increase in financial strength came from the smallest businesses (with one to two employees) this is a fantastic boost for small business – from 81.32 in August 2009 to 82.22 in August 2010.
The previous Government tried to ban this practice in 2007, however the revenue estimate that nearly £200m in tax is being avoided in this way. HMRC continue to target small family businesses.
The recession has resulted in both a fall in total employment (down by a net 580,000 in the two years to spring 2010) and a shift from full-time employment (which has fallen by 910,000) to part-time employment (which has increased by 330,000).
