HMRC launch NI holiday scheme for start-up businesses A new National Insurance Contributions (NICs) holiday scheme has been launched to encourage more business start-ups. The scheme could save new employers up to £50,000 in employer NICs, which could help the 16,320 new companies which are set up each year across Yorkshire. The Regional Employer NICs Holiday for New Businesses scheme offers substantial reductions in employer NICs for new businesses. Under the three-year scheme, eligible businesses will be able to take a 'holiday' for each of the first ten employees they hire in their first year of business. Each holiday will last for the first 52 weeks the employee is in post. Call for further information. Directors' Duties - Are you acting in the twilight zone? From time-to-time, companies can experience the odd cash flow problem and this is referred to as the "twilight zone".This is where there may be a possibility that a company may not have enough money available to pay it's debts. It's usually only a temporary issue, but why must directors act carefully when they enter? A director's primary duty is to "promote the sucess of the company". But when it enters the twilight zone this shifts and they must "act in the best interests of creditors". Those that don't can be personally liable for any losses. Hold regular board meetings to discuss finances and take professional advice if in doubt. Call for further information. Interest Rate Outlook by Sir John Gieve 04.08.10 Sir John Gieve, a former member of the MPC and an ex-deputy Governor, has little doubt that the Bank will raise interest rates - and quickly. Sir John said: " I am expecting a recovery - when that is strongly established I'd expect rates to start rising faster than the market currently expects. I wouldn't be at all surprised to see interest rates at 2.5pc a year from now". Call for further information. The New Bribery Act 2010 The Bribery Act 2010 has now been passed and is expected to come into force on 1st October 2010. In addition to offering/promising a bribe, offering or accepting corporate hospitality is also a potential offence. A Gifts policy is now essential to ensure all directors' and employees activities are open to scrutiny. Call for further information. Grants available for SME's New Company Procedures The Companies Act 2006 has changed the law for companies, and affects every company operating in the UK. Passed in 2006, the Act reached the final stage of implementation on 1st October 2009. These new provisions make serveral important changes to exsisting company law and replace significant sections of the Companies Act 1985, including:
and several other changes. Call for further information. From 1st October 2010 the National Minimum Wage will increase by 13p to £5.93 an hour for adults. The new rate for 18-21 year olds will also increase from £4.83 to £4.92, while the 16-17 year old rate will rise from £3.57 to £3.64. There will be a new apprentice minimum wage of £2.50 per hour, which will apply to: Apprentices under 19 Apprentices aged 19 and over, but in the first year of their apprenticeship. Call for further information. Mortgages For Director Top Ten Tips for Marketing Your Business in a Recession 1. Getting Your Name Out There - Add your company details to the many free online directories that are available. YELL for example, will let you have a free business listing. 2. Networking - Identify some good, local networking groups. Many of the smaller groups are free to attend. Your local Chamber of Commerce and Business Link will have their own networking groups or may know of some in your local area. Always ensure you have a good quality, professional, business card with you at all times. This creates a great first impression. 3. Cost Effective Local Advertising – Supermarkets, local post offices and shops can often be a good, cost effective way to get your business known in the local area without having to cover the cost of an ad in the local press. 4. Getting a Deal On Your Advertising - If it is advertising that you need, contact relevant magazines to understand their copy deadline dates. It is amazing what deals you can get when copy deadlines are approaching and they need to fill their pages. 5. Sharing The Cost - Team up with another business to fund advertising and promoting your business. This is a great way to share the costs. Make sure the partner that you choose compliments your business and fits with your own brand values and image 6. Keeping Your Print Costs Down - There are some extremely cost effective online solutions to getting your business cards and stationery printed. Ensure you have some good designs and layouts. Ask around for advice on some good online providers. 7. Developing Your Customer Database - Develop a customer feedback questionnaire. Not only will you get some excellent feedback on how you can improve your product or service, but you can also use this to build a database of customers that you can target with your marketing material in the future. (Ensure you ask for permission to do this in your questionnaire copy) 8. Collecting and Ranking Your Marketing Ideas - As you think of ideas to market your business, collect these on a summary grid. Come up with a system to rank your ideas for example, which ideas are low cost, which ideas will generate the most business, which ideas are quick to implement. Develop a scoring system for your selected criteria and use this to help you to decide which ideas you should progress 9. Keeping An Eye On Your Competitors - Look at how your major competitors are marketing their businesses. Learn from their successes and failures. Look for ways of doing it better! 10. Customer Endorsements and Testimonials - Ask your satisfied customers for a testimonial. Prospective customers are much more likely to give you a try if your service is being endorsed by a real customer, even if they don’t know the person making the endorsement.Call for further information.
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