HSBC is starting a new restructuring plan due to a big drop in trading volumes caused by both the eurozone crisis and the American debt stand- off. The plan will result in 10,000 job cuts to start and some analysts believe there will eventually be as many as 30,000 redundancies. Even though HSBC has made profits of £6.6Bn this year, the new plan is said to be part of chief executive Stuart Gulliver’s overhaul of operations. (more…)
The slump in the property market continues
Figures released by HMRC have depicted that the number of house sales show no signs of increasing.
Although the number of sales rose in June, the statistics show that there has been far fewer houses sold than in the first six months of 2010.
In June this year 73,000 houses were sold which seems promising compared to the 68,000 sold in May. However, June 2010 saw the sale of 85,000 houses. These figures illustrate the ongoing repressed state of the UK’s property market. (more…)
Second Bailout for Greece
The Eurozone leaders have decided to provide a second bailout for Greece worth an estimated £100Bn over the next three decades. In addition, the restructured debt gives Greece a much lower interest rate of 3.5% and more time to pay it back. (more…)
A decision on European debt crisis needs to be made
A statement today from President Nicola Sarkozy’s office has revealed that the French President and the German Chancellor, Angela Merkel, have taken a united position on Europe’s debt crisis ahead of today’s summit, after seven hours of talks in Berlin.
Although full details of the agreement have not been disclosed, it appears that the notion of a new tax on Europe’s banks in order to help finance a new bail out is not a predominant factor. This speculation comes after the head of the Eurozone’s finance ministers, Jean- Claude Juncker stated “I do not think there will be an agreement on that subject” when asked about the possibility. (more…)
Businesses advised to plan for April bank holidays
April could be a challenging month for many businesses, especially if they are experiencing financial difficulties or are still a small business. As Easter and the Royal wedding fall so close to each other, many (more…)
Plan ahead for capital expenditure
The next year may be a time of financial planning, as HM Revenue & Customs have announced changes to the rates and maximum capital allowances which can be claimed each year. All businesses, whether sole traders, small businesses or limited companies, which purchase plant and machinery will be affected by the changes. For any business which doesn’t have an accountant, this may be the time to consider a small business accountancy that can maximise your investments. (more…)
Businesses unaware of tax break
Official statistics have revealed that only 1,500 businesses have signed up for the National Insurance Holiday scheme which was announced in the Budget in June 2010. The scheme allows businesses to claim exemption from paying National Insurance Contributions on behalf of the first ten employees employed during the first year. A full year of NIC payments are allowed as long as the year falls within the eligibility dates of September 2010 to September 2013. (more…)
Small businesses at risk with no Business Continuity Plans
Research carried out by Aviva reveals that 50 percent of Small and Medium Enterprises are putting their company at risk as they don’t have Business Continuity Plans. By not taking the time to put a recovery plan in place, the businesses are risking complete failure in the event of a major incident.
The research also revealed that 16 percent of small businesses didn’t think that a BCP was necessary, with only 28 percent of the business owners who took part in the research, having a plan in place. The Federation of Small Business advise companies to have a BCP in place, as 80 percent of businesses close down inside 18 months following a major incident.
Outsourcing administration to a small business accountants will ensure that (more…)
Planning your Christmas entertainment
This is the time of year when many companies hold their annual Christmas celebrations for employees. However, it is advisable to seek advice before entertaining to ensure that your hospitality is tax allowable. There is provision for a company to hold an annual celebration for employees which is free of charge as long as there are no customers at the event. If the celebrations are only once a year and are classed as an ‘annual event’ then the celebrations will not have to be included on the (more…)
Small business owners save money with straight talking
A survey carried out by T-Mobile of 2,000 small business owners revealed that 35 percent of all businesses in the United Kingdom spend 45 minutes each day speaking to colleagues, business partners and customers, who don’t get straight to the point. This costs more than £36 million if worked out using the average hourly wage. T-Mobile carried out the survey to try and determine the methods of communication preferred in business and understand the pressures of time for many businesses.
Over 90 percent of business owners view themselves as (more…)
