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August 08, 2014

Also in the news this week – 8 August 2014

Cut the payroll admin burden for SMEs, says CIOT

The Chartered Institute of Taxation (CIOT) is calling for a permanent relaxation of PAYE reporting requirements for small employers as part of a submission to a review by the Office of Tax Simplification (OTS). CIOT’s Colin Ben-Nathan said: “Last year the CIOT polled its members to gather views on the effect RTI is having on employers. Over half of the respondents replied that small employers should be allowed to opt out of RTI reporting, saying their clients found it too prescriptive, time consuming, and even unworkable. We suggest that government allows small businesses to report employees' pay monthly to HMRC to reduce the administrative burden.”

SMEs must do more to adapt to a changing workforce

Small businesses are not doing enough to appeal to workers of different ages and unlock the benefits they bring, according to research by the Chartered Institute of Personnel and Development (CIPD). Its new report, Age diversity in SMEs: Reaping the benefits, found that an age-diverse workforce provides better knowledge sharing, improved problem solving and enhanced customer service. Despite the fact that 60% of SMEs have never recruited a mature worker over the age of 65, nine out of ten SMEs polled said older workers have a valuable contribution to make.

New measures will boost small business funding, says ABFA

The government’s proposal that banks must forward SMEs’ unsuccessful loan applications to other potential finance providers could deliver a major boost to small business funding in the UK, according to the Asset Based Finance Association (ABFA). Government figures show that 40% of businesses give up on finding funding after being turned down by their banks. Jeff Longhurst, ABFA chief executive, said: “We hope that these new measures will begin to close the knowledge gap that is preventing small businesses from accessing the funding ABFA members can provide.”

Regus expands its business centre network

Regus is to open a further 12 drop-in business centres at motorway service areas across the UK in a deal with Roadchef, following the successful launch of its first Regus Express site at M25 Clacket Lane services in Kent. Regus Express services include a professional business lounge with dedicated workstations, comfy seats with laptop stands, phone chargers and wifi – as well as meeting rooms available by the hour. Regus is also expanding its network of Express locations through partnerships, including Gatwick, Heathrow and Birmingham airports and Meadowhall shopping centre in Sheffield.