The main business groups have warned that 2011 could be even more of a challenge than 2010 for small businesses. Rising costs, an increased number of late payments and public spending cuts will make trading conditions difficult for businesses. The groups are approaching the government to aid the growth of small business as part of the UK’s economic recovery.
As many jobs were lost in the public sector during 2010, the private sector will be facing tough new challenges to provide jobs to replace those lost. The Forum of Private Business is looking to the tax system to be simplified with fewer changes to regulations for small businesses. The Federation of Small Businesses have carried out research which shows that many small businesses intend to reduce their workforce in the early part of 2011, although with government assistance this could be reversed. Schemes such as the NIC holiday for new companies will be a huge asset to those businesses who are legible for the scheme, but the opinion of the FSB is that the scheme should be extended across the country.
As many small businesses face changes to HM Revenue & Customs legislation and regulations, a small business accountancy will maximise the return on investment by preparing and submitting business accounts and tax returns in a timely manner. Low cost accountants can prove to be a valuable asset for any business which is facing financial uncertainty due to spending cuts and tax changes. Online accounting will leave you free to deal with other changes which have been made in 2011, working towards the success of your business.
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