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.
However, from the 1st of March, its powers will extend to include regulating commercial websites and businesses who promote their products using social networking platforms such as Facebook, Twitter and Linkedin.
OFT chief executive, said the regulator was keeping a close eye on price promotions and would take action against practices that were “serious breaches of the law”
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.
Following the release of an independent review into the implementation of pension auto enrolment, the government has agreed that all employers must provide pension schemes or enrol staff in to the new National Employment Savings Trust (NEST) from 2012.
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.
High street banks have pledged to set up a £1.5 billion fund to provide investment for small businesses despite warnings that nearly 125,000 businesses are in financial distress
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.
