From the sudden changes in small business sick pay compensation, to people having kittens over a new card game, we’ve got all the latest business and finance news relevant to small businesses all over the UK. Read on for the hottest links and to news stories we’ve been talking about this week.
Feature of the Week
A small business compensation scheme has been removed and it’s bad news for microbusinesses, according to this article from The Telegraph.
Small firms used to have the right to reclaim any statutory sick pay (SSP) costs if the bill exceeded 13% of the company’s total national insurance for the period, helping protect SMEs from long-term sickness of employees that can add up.
However, this relief has now been abolished by the government and many small companies are now finding themselves paying SSP that they weren’t previously – coming in at £87.55 a week per employee.
Read more on the new change in the article above.
UK trade deficit last year widest since 2010 | BBC News
The UK’s trade deficit now stands at £34.8bn, the largest the gap has been at since 2010 (according to ONS). The majority of this gap is being blamed on the large fluctuations in the oil market in December 2014, as well as a fall in exports. Check out the full analysis from the BBC above.
Work in retail, or run a business that involves a lot of payment transactions? Then you may want to consider upgrading your chip and pin machine for a model that allows for contactless payment.
These new statistics say that spending with the new contactless technology-enabled debit and credit cards jumped to £2.3bn in the UK in 2014 – that’s more than triple previous figures. Looks like this payment method is here to stay.
The Federation of Small Businesses have headed to Downing Street to represent SMEs in a face-off with large corporations accused of using bullying tactics and exploitation. With a particular focus on poor payment practices, the meeting was hosted by Business and Enterprise Minister, Mike Hancock, and was also attended by the Confederation of British Industry. See the link above for the full lowdown.
What better way to end a news round-up than with the happy announcement that kittens and card games are helping to break world records.
The card game ‘Exploding Kittens’, created by internet comic superstars ‘The Oatmeal’ (a SME with only three employees), has set a record for the fastest-reached goal on popular crowdfunding website Kickstarter – ever. It’s currently raised $5.4m and is worth seeing for the product promo video alone.