The Great Debate UK
–Joe White is COO of Moonfruit.com. The opinions expressed are his own.–
Legislation affecting your business can seem like one of those extra things you just shouldn’t have to worry about, but it is real and does matter. Some of it is a real pain, and some of it is a good discipline with real benefits.
The main kinds of legislation that affect the running of your business are:
Employment law – the relationships between you and your employees, from payment rights to varying types of discrimination
Consumer protection – to ensure that consumers are treated fairly by businesses, such as ensuring product quality is satisfactory.
Tax and regulations – anything from payroll tax, VAT and coporation tax, to filing accounts and statutory documents.
It’s your responsibility in your business to make sure you adhere to all these things. But it doesn’t mean you have to do it yourself. My first advice would be to make sure you have an accountant who is looking out for the day to day stuff, particularly around payroll and other taxes. The Inland Revenue isn’t particularly sympathetic to people paying incorrect tax, and a competent accountant will make sure you do.
By Joe White
Delivering his second budget speech yesterday, Chancellor George Osborne revealed that he is leaving in place all of the austerity measures which will have a direct impact on the public sector. Meanwhile, there was a lot of policy aimed at supporting business and the private sector. The implicit assumption is that the private sector will take up the slack and continue to drive growth. This is the gamble, and we will have to wait and see if it works.
The government’s predictions for growth are down, and the reliance on the OBR forecasts could come back to haunt George if it starts to get worse and they continue to further revise down their independent estimates. Growth is the ultimate balancing factor for the public finances, so it is all important.
By Bobby Lane, Partner at Shelley Stock Hutter LLP. The opinions expressed are his own.
Everyone in my practice, and no doubt anyone advising the five million UK small and medium-sized enterprises (SMEs), welcomed the Prime Minister’s latest show of support for them at the recent Conservative Party conference.
-David Rankin is managing director of business advisory, tax and assurance at Vantis. The opinions expressed are his own.-
There is no doubt that the economy is one of the most contentious issues in the run up to the election. While politicians argue over who would be able to handle the economy in the best manner going forward, we thought it would be far more telling to ask smaller businesses, those at the hardest end of the coal-face, just what they thought would happen to the economy.
-Rachel Mason is public relations manager at independent financial service providers Fair Investment Company. The opinions expressed are her own. -
Investing in start-ups can be risky, but vital for a healthy economy, so in 1995, Venture Capital Trusts were introduced by the government to encourage people to invest in small, growing UK companies.
The cost of tax collection in the UK is almost 20 billion pounds per annum, according to a recent report from Britain’s Institute of Economic Affairs, a free-market lobby group.
The amount reflects the cost of compliance and administration as well as Britain’s handicap of having the longest tax code in the developed world, co-authors Francis Chittenden, Hilary Foster and Brian Sloan write in “Taxation and Red Tape”.
– Ian Wheeler is vice president of marketing and distribution at Amadeus. The opinions expressed are his own.-
In the last year, 45 million tourists (near to the population of Spain) travelled from China to the West. In fact, tourism from China grew by an average of 27 percent a year between 2002 and 2008.
from UK News:
So how was it for you?
Chancellor Alistair Darling threw the dice in his pre-budget report in an attempt to bolster Labour's chances of winning the general election in 2010.
From hitting bankers with a one-off bonus tax to lowering bingo duty, Darling played to the Labour heartlands, while hoping to win back voters who have been telling pollsters that they are done with Gordon Brown.
-Joe White is chief operating officer at Gandi, an Internet domain name registration firm. He will participate in a Reuters pre-budget live blog on Dec. 9, at 12 p.m. British time. The opinions expressed are his own.-
The pre-budget speech will primarily be about two things: reducing the size of the national deficit, and drawing the political battle lines around the economy for the general election.