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Entrepreneurs wasting time, says report UK small business owners are wasting time on tasks outside their main business activity, according to a survey by Enterprise Rent-A-Car. The research revealed that just one in eight small business owners were able to control their time effectively so that the majority of their time was spent increasing business profits. The survey findings showed that many owner-managers spent too much time on administrative tasks such as managing supplies and fixing IT problems. Small businesses plan and save for uncertain times Research by the Alliance and Leicester Commercial Bank has revealed that 45% of small businesses have a rainy day fund set aside. Of those that have a fund, 57% have one to cover any loss of business, and 42% expect to use it to cover unexpected equipment failure. According to the figures, almost a quarter of businesses surveyed (23%) save between £5,000 and £20,000 each year, and almost a third (29%) of these businesses never dip into this fund. UK business to pay £4 billion in extra tax Businesses face a tax hike of more than £4 billion over the next three years as a result of measures that came into effect at the start of the new financial year on 6 April. According to an analysis of Treasury figures by the Confederation of British Industry (CBI) businesses will pay an extra £1.84 billion in tax this year, £1.24 billion in 2009/10 and £1.3 billion in 2010/11. The majority comes due to the loss of plant and machinery investment allowance and the abolition of empty property relief. Businesses need to invest in IT skills MPs are already sceptical of the Government's ability to police the new entrepreneurs' relief scheme according to reports. The entrepreneurs’ relief rate, announced by the Chancellor in January as a concession to small businesses, will offer individuals a 10% Capital Gains Tax (CGT) rate on the first £1 million of gains they make over a lifetime. Some MPs are unsure as to how the Government will ensure the limit is not exceeded, especially when HM Revenue & Customs (HMRC) can only look at the last six years of a taxpayer's records. The Government stated in the Budget that it would monitor the CGT regime for signs of abuse or avoidance. More than half of UK businesses believe they can't find the skilled staff to meet their needs. According to research by the CBI and qualification provider Edexcel, 53% of business employers expressed concerns about finding the staff to meet their needs, while 56% are concerned about the IT literacy of their existing staff. Over two-thirds - 69% - are currently investing in training to raise the IT skills of their staff. There is more on this story at: Small businesses not consulting Government for IT advice Researchers have found that small businesses lacking IT expertise are failing to approach the Government for advice. The report from the University of London found that small businesses may be discouraged from approaching the Government because of the quality or availability of advice. One of the report's authors said that small businesses are poorly served by Government and policy providers but at this stage it was unclear whether this reflected lack of provision by official bodies or whether it was an indication of the advice offered. The researchers found that just 1% of manufacturers, 3% of clothing businesses, and 5% of food businesses had approached the Government for help. |
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