• Abstract and Figures
• Public Full-text

BUSINESS UPDATE | JULY 2019 Shop Welcome to the Make It Ealing monthly update, a round-up of local business news and gossip. Contact us with your news L cal and pictures so we can share your story in the next newsletter. A warm welcOME TO OUR NEW BUSINESSES JASMINKA & STEVO BRASSERIE SERENA BEAUTY & SPA Artisan chefs Jasminka & Serena Beauty & Spa Stevo have set up a new has opened on Bond Brasserie to fulfil their Street. They provide dreams of cooking fresh, high quality massage, delicious food, served in a beauty and health cosy, friendly environment. spa services in a Located next to Ealing relaxing environment. Broadway Station at 45 They have a full range Haven Green, this hidden of beauty treatments, gem is open for breakfast, lunch and as well as extensive dinner. They are already getting some wellness and beauty great reviews for their food and service treatments designed specifically for the modern man. on TripAdvisor. www.js-cuisine.com www.serenabeautyandspa.com CONGRATULATIONS TO OUR MAKE IT EALING EMPloyEES OF THE YEAR 2018-19 Retail Services Award – Pamela Commercial Services Award – Commercial Business Award – Hedderman – Marks & Spencer Noura Mehdinejad – Northfields Patricia Brady – REED Our winners were genuinely delighted with their prizes and dedication and loyalty. Make It Ealing would like to thrilled to be appreciated by their bosses for doing their job! congratulate all the nominees who were nominated by their bosses for their hard work and dedication. It does Make It Ealing would like to thank businesses for their not go unnoticed and is much appreciated. feedback about their fantastic staff and how important they are to your business. It was a tough decision for Neeta Sharma – Marks & Spencer; Carmel O’Donnell – Marks the panel of judges to select just one person from each & Spencer; Silvija Mickute – PEEFER; Francesco Puzone – Pret A Manger; Miss Thelma Ndaula – Matin & Co; Naomi Di Fabio – category as a winner. Make it Ealing Chairman Andrew Tribeca Studios; Charlotte Gilliland – Storey; David Langthorne Rollings and Director Polka Rastovic congratulated the – HMRC; Madalina – The Body Shop; Ayla Mae Orejudos – Down winners and gave them their awards. Under Centre; Liza Fortes - Ealing Broadway Centre; Ben Michael The Make It Ealing Employee award has given business - Gardiner Residential; John Collopy – Gymbox; Munaza Khan - Content By Terence Conran; Peter Burford - City Radio Stores. owners and management the chance to thank and publicly acknowledge their teams for their hard work, www.makeitealing.co.uk/eoty2018-19-winners for the full story. www.makeitealing.co.uk @makeitealing /makeitealing #makeitealing Introduction – Why Small Business Matters a living. They are often rooted in the local The phrase ‘small business’ community, and steeped in family values.8 gives the wrong impression entirely. Small business is Small businesses are also big employers. Those 12.9 million employees represent some anything but. 48 per cent of private sector employment. And that figure is set to grow. A report published in Small businesses underpin our economy, drive 2017 by NESTA and Sage revealed that almost growth around the country, and are the building three-quarters of all private sector jobs created blocks upon which our post-Brexit prosperity since 2010 were within small and medium-sized will rest. enterprises (SMEs).9 A recent report by the Institute of Directors predicted a similar level of There are 5.6 million small businesses in the performance over the next decade.10 United Kingdom, constituting more than 99 per 6 cent of the country’s entire business population. Small businesses really are, in other words, Collectively, these small businesses employ Table 1: Businesses employing an agent for Corporation Tax obligations, by size In thethe YouGovbackbone polling of our foreconomy. this report, They arean in Many of these burdens are virtually the same 12.9 million people, with a combined turnover ofoverwhelming every town, proportion every village, of small every businesses part of the whether you run your own company out of your 7 BUSINCompletedESS In-House Completelysome Outsourced£1.4 trillion. Partially Outsourced – morecountryside. than two-thirds Napoleon’s – oldsaid adage that thatthe wetax are garden shed or you are a big manufacturer Micro 8% UPDATE74% 17% systema nationwas notof shopkeepers sympathetic may to nothe longer needs ring employing thousands of people. Small 5% 83% Many of these are 13%family businesses, withof smalltrue – butbusinesses. we are certainly More now than a nation 70 ofper small husband and wife, or more than one generation Medium 8% 58% 30% cent businessthought owners.that it was either ‘much too Even the Treasury concedes that this is of the same family, working together to earn Large 22% 21% 56% complicated’ or ‘a little too complicated’. Only a problem. As it recently said of VAT: ‘The 18 per cent felt that the balance was about administrative burden… for small businesses Source: HMRC & Ipsos Mori Research: Understanding Tax Administration for Businesses, 2015 50 Figure 1: Contribution of different-sized businessesright to – employment,and under turnover1 per cent and thatbusiness it was too takes up their time and money, shifting these population, at start of 2018 New Generation THINK SMALL simplistic. resources away from the main activities of the The average mean spend on ‘external support’, loses three working weeks a year to tax 26 such as accountants and HR and compliance compliance and a third of those surveyed business.’ Thinkadvisers, Small was calculated is a blueprint to be £8,400 by BEIS said that tax had stopped them from growing This is because, astonishingly, the regulatory forwhen small they businessesrecently produced written their Business their business.38 and compliance requirements for small Our polling suggests that members of the Perceptions report. That same survey reveals companies are broadly the same as those British public agree. Some 64 per cent of Think Small by Nick King, a small that the mean number of days spent dealing Taken together, these surveys show that which apply to big businesses – meaning the those surveyed by YouGov said that they A BLUEPRINT FOR SUPPORTING UK SMALL BUSINESSES with regulation was 5.1 days for micro-firms something is going very badly wrong when administrative burden is disproportionately BY NICK INGK business owner and Head thought tax and reporting systems for FOREWORD BY ANDY STREET (those with between one and nine employees) it comes to the way small companies are large. The same is largely true of the tax small businesses should be simpler than ofand Business 8.7 days for atsmall the companies. Centre35 treated. system. As the Office of Tax Simplification those for big business, with just 19 per cent for Policy Studies. Nick recently said, we currently have ‘a corporate 27 HMRC’s own estimate says that micro- Virtually all of these costs are as a result of disagreeing. tax regime operating on a one-size-fits-all wascompanies a special pay agentsadvisor an inaverage of having to meet the stringent and stretching basis (modelled on a traditional company £1,853 each simply for preparing and filing reporting requirements of HMRC and It is this fundamental tenet which underpins Government between 2012 with third party shareholders and intending to a Corporation Tax return – not to mention Companies House, with little or no obvious the central recommendation of this report: grow)’.25 andthe owners’ 2018 timeworking being taken with up, often at benefit to the companies themselves. Businessmen and businesswomen should two Secretaries of eveningsState inand three weekends. different Source: BEIS, Business Population Estimates 2018 be freed up to spend their time focusing on running their businesses – not doing Departments, includingCompletely the outsourcing Department the calculation for of The average small business Some 64 per cent of administration or wrestling with HMRC. Business, Innovationone’s & obligationsSkills. for Corporation Tax to an 10 loses three working agent was most prevalent among small and “ “those we surveyed thought tax micro businesses.36 weeks a year to tax and reporting systems for small Our ambition is to make the case for a new Without bias, the report focusses at supporting compliance, and a third of businesses should be simpler than way of approaching the taxation of some of small businesses. It Despiteis making the fact a that case they for often a outsource as those surveyed said that tax had those for big business, with just 19 our smallest companies, to ensure our tax much as they can, 46 per cent of business stopped them from growing their system is fit for purpose and able to support new Simple Consolidatedowners, according Tax (SCT) to a recent – a levy survey by the per cent disagreeing. business. smaller companies as they grow. In the words Institute of Directors, spend one to five days based on revenue of under £1 million. Think ” of Stephen Herring, former head of taxation on tax administration and compliance and ” Small is proposing SCT15 per levycent spend as an 6-10 option days on thefor same. Of at the Institute of Directors: ‘It is imperative to small businesses insteadthose surveyed, of paying 43 per separate cent said that they step back and take a strategic view. Instead spent between £1,000 and £5,000 as a result TheseFigure small 2: Number business of businesses owners don’t with wantfewer tothan As50 employeesstated earlier, in each the UK UK region is one of the very of merely tweaking specific taxes, we need to Figure 2: Number of businesses with fewer than 50 employees in each UK region Corporation Tax, Employer’sof the administration NI, VA Trequirements, and with a spend their time working on tax and wider best places in the world to set up a business. take a broader view on the overall impact of administration when they could be looking further 15 per cent saying they spent between But after someone takes that step, life business taxation upon the economy and its business rates.

Load more

  4

Copy Link