Archives for Finance

State pension reform

The government have announced proposals for a new single tier pension. The single tier reforms will restructure the State Pension into a simple flat rate amount from 2017 at the earliest. Those over State Pension age when the reforms are implemented will continue to receive it in line with existing rules. The single tier pension will: be set above the basic level of means tested support. The amount will be set nearer implementation; replace the State Second Pension, contracting out and out-dated additions, such as the Category D pension and the Age Addition. The Savings Credit element of Pension Credit
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Time to ‘Phone a Friend

Over the last four months you might – or you might not have – realised that Business Link, the support service for businesses, disappeared – the victim of the government’s public sector cuts. No longer can growing businesses go to Business Link for advice or one-to-one consultations. Now, all you can access is a Business Link website. Not much help if you’re looking for someone to talk to.  So, now that one less option is available to businesses looking for support, where do business owners go for that essential piece of personal advice? Participants of the UK Business Barometer (UKBB)
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Brisk Prisk issues payment warning

More and more we hear nowadays that SMEs are stymied in their growth plans by late payment. In serious cases late payment can result in job losses and even liquidation of the company. Obviously, in some fragile economic times, the last thing small businesses need is to be waiting months on end for cash for services rendered. But help could be at hand. Mark Prisk the Business and Enterprise Minister, is throwing his weight behind a drive to make sure SMEs get paid on time. Prisk has announced a new working group of business representatives would examine issues behind late
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National Loan Guarantee Scheme

The Chancellor George Osborne has launched the National Loan Guarantee Scheme (NLGS), which is designed to help ‘smaller businesses’ across the UK access cheaper finance. The loans will be available to businesses with an annual group turnover of up to £50 million.  Businesses that take out an NLGS loan will receive a discount of 1% compared to the interest rate that they would otherwise have received from that bank outside the scheme.
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Pay up on time!

A new guide ‘Get Paid!’ has been published. The guide which is aimed at smaller businesses contains tips and advice from both suppliers and customers. The guide covers advice on invoicing and developing a robust credit policy.  The government is asking businesses and public organisations to pay suppliers on time and for small businesses to pursue those who put them at risk by delaying payment.  Prompt payment is vital for SMEs, with many businesses not able to survive the cashflow problems that late payments create.  The government is encouraging SMEs to:  proactively agree payment terms before delivering orders. sign up
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Small firms told: ‘Do whatever it takes’ to secure finance

Small business owners operating in the UK have been offered some advice on how to go about securing finance. Alex Pratt, entrepreneur, business expert and founder of Serious Brands, has said that persistence is vital, urging businesses to exhaust all options. “The banks keep telling us that they have got lots of money so don’t give up. Don’t just try one, go to them all. Learn from the first experience, re-jig your proposition and get to another bank. Keep going until you get success,” he said. “If you can’t get success that way, then think of another way. Go to
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