Those who listened to the Summer Budget on 8th July for news affecting small businesses will no doubt have been glad to see corporation tax slashed and the employment allowance increased, but an article recently published by KPMG asked, did the Summer Budget go far enough in announcing measures to help small businesses grow?
More than half of FTSE 100 companies now disclose information about their approach to tax, a PricewaterhouseCoopers (PwC) June 2015 report shows. The analysis of annual reports, corporate websites and other social responsibility reports, reveals a steady increase in tax transparency across big business. In 2012, just 32 firms in the FTSE 100 provided information on issues such as their attitude to tax planning and relationships with tax authorities. The number jumped to 49 in 2013, and has now risen to 56, according to the most recent 2014 data.
CEOs worldwide appear to be more concerned about the impact of a skills shortage on their business than at any point in the last six years, according to research by PwC, published in June 2015. CEOs are now finding it so difficult to find people with the skills they need to grow their business that three quarters of the 1,322 CEOs across 77 countries interviewed by PwC, rank skills shortage as the biggest threat to their business. This represents a 10 percentage point jump from 2014 and is up from less than half (46%) six years ago.
The government’s new Diverted Profits Tax (DPT), commonly known as the ‘Google tax’, formally came into force on 1st April. Detailed initially during the 2014 Autumn Statement, the tax is an attempt by the government to stop large firms from paying comparatively small amounts of tax in the UK by ‘diverting’ their profits to be reported overseas.
Selling your business is a challenge in itself but making sure you sell to the right buyer, at the best price, is even more of a challenge. Here are our seven tips for ensuring you sell to the right people:
According to the Department for Business, Innovation and Skills (BIS), the Focus on Enforcement review programme, which asks firms to identify poor enforcement practices that hold them back, has benefitted around one million businesses and boosted growth in 9 vital sectors of the economy. The BIS states that this builds on government action to scrap or reform regulatory rules which has saved firms some £10 billion over this Parliament.
Most business owners go into business planning to make profits and to maximise the value of the business ready for selling when they exit. Then many fail to either maximise or extract their business’ value, because they don’t have the strategy to do so. This should include a plan to ensure that the business is attractive and valuable and a plan for marketing and selling the business. Here are eight tips to focus on to help with your business exit: