It’s the round-up for all things financial in small business news this week, with all the headlines related to and influencing SMEs in the UK. This week sees reports that UK inflation has risen, along with news of payday loan interest caps, and potential tax news for anyone working as self-employed…
Feature of the week
UK inflation rate rises to 1.3% | BBC News
It’s the big headline in the news this week, as it has been revealed that UK inflation rose to 1.3% this October 2014.
While only up 0.1%, from 1.2% previously, this slow ascent moves the UK further away from what had been a five year low. The Office for National Statistics have attributed this growth to the fact that transport costs decreased less this year than last year, but for more information read the full story here.
See more of what’s been affecting the financial world for small and medium businesses this week…
The country’s financial watchdog has announced that, as of January, new limits will be in place to cap the amount of interest that can be charged on payday loans. These short-term, high cost loans have been criticized by anti-poverty bodies, who have claimed that their popularity is due to desperation as living costs rise. The new cap will be 0.8 per cent per day.
The Association of Independent Professionals and the Self Employed have made calls for new developments that would improve working life for self-employed individuals. Suggestions include making training for new skills to be tax deductible, as well as setting up a freelancer limited company structure within the tax system.
Businesses to see increase in financing options | SmallBusiness.co.uk
Funding options in the New Year are set to be positive for SMEs, according to this writer. Legislation has been introduced through the Small Business Enterprise and Employment bill that has “paved the way” for easier access to growth finance – check out the above article for more details.
A new government scheme is offering ‘Growth Vouchers’ to small firms that need professional advice. These vouchers cover half the cost of the bill from professional advice services, and any small or medium business (with few than 250 employees) can apply – see the article above for the link to more information.