Business News - Moore Thompson
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From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Strike-offs are being accelerated by Companies House - April 18, 2016
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Directors have been told that they now have only four months to save their company from being struck-off from the Companies House Register if they do not reply to formal letters from registrars. In a warning to directors, Companies House has said that those who are late in filing their company accounts, and don’t reply … Continue reading Strike-offs are being accelerated by Companies House


1.7 million self-employed to miss out on National Living Wage - April 18, 2016
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It has been estimated that more than 1.7 million self-employed workers now earn below the new National Living Wage. According to the Social Market Foundation’s (SMF) research this number will eventually rise to 1.9 million by 2020, affecting the 14 per cent of the UK workforce who are self-employed. The SMF’s annual Family Resources Survey … Continue reading 1.7 million self-employed to miss out on National Living Wage


Study reveals UK SME success - April 18, 2016
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A new report published by insurance and pension provider Standard Life has revealed the key drivers of success for UK SMEs over the next five years. Having polled both SME leaders and employees, the report highlights the fundamental trends of collaboration, empowerment and adaptability as central to growth. SME leaders said the number one priority … Continue reading Study reveals UK SME success


Budget Statement 2016 - March 16, 2016
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Introduction On 16th March 2016, the Chancellor George Osborne stepped up to the despatch box to deliver his eighth Budget. This was arguably one of the most challenging speeches he has had to deliver since he took charge of the Treasury almost six years ago, made in the shadow of economic uncertainty and an imminent … Continue reading Budget Statement 2016


Companies must record PSCs - March 8, 2016
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From 6 April 2016, the Small Business, Enterprise & Employment Act 2015 is introducing new rules on identifying and recording who owns and controls UK companies and LLPs. These entities will have to collect and keep information about people with significant control over them (PSCs). This includes those who own or control – either directly … Continue reading Companies must record PSCs


SMEs face lean cashflow months - March 8, 2016
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A study by Hitachi Capital Finance has revealed that the UK’s small businesses can expect three tough periods in 2016 when cashflow will be restricted. According to their report, which has been put together using data from its small business customers, April, July and October are likely to be lean months where cash reserves are … Continue reading SMEs face lean cashflow months


Lending to SMEs grows for the first time since the recession - March 8, 2016
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A comprehensive survey conducted by the British Business Bank has revealed that lending to small and medium-sized businesses in the UK is growing for the first time since the financial crisis began. The Government-backed lender welcomed the renewed availability of bank debt in its Small Business Finance Markets Report, which increased for four consecutive quarters … Continue reading Lending to SMEs grows for the first time since the recession


Small firms struggle with workplace pensions - February 12, 2016
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A survey by the Federation of Small Businesses (FSB) has found that nearly half of the employers who must set up a workplace pension scheme for their staff in the next two years are confused about their responsibilities. The FSB’s survey revealed that 45 per cent of those asked were unclear on the rules relating … Continue reading Small firms struggle with workplace pensions


Employment Allowance set to rise - February 12, 2016
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The Employment Allowance that enables employers to reduce their NI bill by £2,000 is being extended from 6 April 2016 to £3,000. However, HM Revenue & Customs (HMRC) has advised that single-director companies will be excluded. The news follows a technical consultation that closed on 3 January 2016. An extract, indicating the adjustment, was published on … Continue reading Employment Allowance set to rise


Audit exemption for small companies - February 12, 2016
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The Government has considered responses to questions posed on the audit exemption threshold in its discussion paper on the implementation of the Audit Directive (2014/56/EU) and the Audit Regulation (Regulation 537/2014) and raised the audit exemption threshold. This means that companies with a turnover up to £10.2 million, a balance sheet total of up to … Continue reading Audit exemption for small companies


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