Both the FT and the Telegraph report that The Chancellor has stated that only pubs will receive tax relief from the Government’s recent business rates U-turn. This leaves other hospitality businesses without the support they need. She was speaking at the World Economic Forum in Davos. She went on to say “The situation the pubs face is different from others in the hospitality sector.” Not surprisingly this decision has drawn criticism from industry leaders. They point out that the circumstances pubs face are not unique. The challenges, including economic and tax cost pressures, all of those are common across the whole hospitality sector. Kate Nicholls, the chairman of UKHospitality points out that that the specific issues on business rates that pubs face are also shared by hotels, “A whole hospitality problem needs a whole solution. The package needs to be substantive, and it needs to be sector-wide, otherwise it risks being too little, too late. More businesses are going to be closing.”
iBOSS Comment:
Ms Nicholls is basically right in that support is needed across the board for many hospitality businesses. Whilst it has recently been reported that on average one pub is closing each day in the UK, hospitality in general is suffering. Looking forward it is questionable whether this situation will improve soon with the present economic uncertainties. If you have a hospitality-oriented business and are struggling to survive, let alone grow, then contact us at iBOSS and request one of our free consultations on how we may be able to help. We have considerable experience in the hospitality industry. Simply call phil on 07876 503830 or e-mail him at phil@theiboss.co.uk.
The Times reports that businesses are reconsidering their vehicle choices. This is due to new tax rules introduced by Chancellor Rachel Reeves. The problem is that the changes classify double-cab pick-up trucks as cars for tax purposes. This potentially doubles the tax bill for employees. Simon Down from Deloitte said: “Taking these vehicles under the revised tax treatment will lead to significant cost increases.”
iBOSS Comment:
Another oversight by a struggling Chancellor. Having said that, if you are considering buying new fleet vehicles then give us a call at iBOSS on 01327 349779 to learn how we can help. Unfortunately we cannot guarantee to make the Chancellor change her mind about this change in the Tax situation. We can only hope that others make her see sense!
Research by Vodafone Business claims that 10% of British firms could face closure as a result of cyber-attacks. According to the study a combination of poor crisis planning, weak password practices, and employee susceptibility to phishing scams are the likely sources of vulnerability. It is reported that, on average, employees use their work passwords for 12 personal accounts. Nearly 75% of business leaders believe at least one staff member would fall for a convincing phishing email. Nick Gliddon from Vodafone said: “These findings are truly alarming,” emphasising the significant risk faced by UK businesses.
iBOSS Comment:
Whilst this research will be of particular concern to larger businesses with more employees and greater turnover, it none-the-less applies also to SMEs. A warning not to be ignored! If you have ‘IT conversant’ staff then ensure they monitor internal systems security and change passwords on a regular basis. If not then we strongly recommend using a reliable outside agency on a regular basis. If in doubt as to who to speak to, give us a call at iBOSS on 07876 503830 or e-mail phil@theiboss.co.uk .
According to City AM more young UK adults are considering embarking on entrepreneurship. This is based on a report by financial services firm Block. It reveals that 67% of 18–34-year-olds interviewed are interested in starting a business. This appears to be contrary to many recent reports of a decline in business confidence and rising job losses among UK SMEs. According to the Block report one in ten young people plan to launch a venture within the next year. There is, however, the usual major obstacle. That is the difficulty of raising traditional finance that is hindering their ambitions. It is claimed that, with 50,000 small firms denied loans annually, this has resulted in a £4bn economic loss.
iBOSS Comment:
The ambition to start and grow businesses is there, but many entrepreneurs still find the financial system stacked against them. Unfortunately this is a well-known problem that has existed for many years in the UK, made worse by the increasing tendency of the Main Banks to withdraw from Funding the start-up market. If you are one of these people considering entrepreneurship but would appreciate some professional advice then look no further than the Team at iBOSS. Call Phil on 07876 503830 or e-mail him at Phil@theiboss.co.uk and request one of our free, no-strings consultations or look around our web site www.theiboss.co.uk .