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Employment costs for small firms revealed

Small businesses pay an average of £35,500 to hire their first employee, according to research by the Centre for Economic and Business Research (Cebr) and the Federation of Small Businesses (FSB).

In comparison, businesses with 20-49 employees face a bill of £25,100 per worker.

The report into employment costs for small firms found that a small business with 7 workers faced total...

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More start-ups seek private investment

The number of start-ups asking for permission to raise funds through a tax-efficient private investment scheme increased by more than 1,200 in the 2013/14 financial year, research by Radius Equity has found.

The government's Seed Enterprise Investment Scheme (SEIS) is designed to stimulate investment in start-ups by offering tax breaks to private equity investors. Lenders can claim...

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IR35 self-assessment scrapped

Businesses will no longer be able to self-assess their risk to IR35 from April 2015, HMRC has announced.

IR35 was introduced to address national insurance and tax avoidance schemes by allowing HMRC to tax some contractors as though they were employees of their clients.

A review by the IR35 Forum found that Business Entity Tests (BETs), which allow businesses to calculate their...

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Committee to examine Prompt Payment Code

Businesses and the public sector will lead a new advisory board designed to strengthen the Prompt Payment Code (PPC), the government has announced.

The PPC is a government-backed scheme aimed at prompting businesses to pay their suppliers on time and avoid late payments. More than 1,700 firms and public bodies have signed up to the principles of the PPC so far.

Despite the PCC,...

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Consumers face retirement uncertainty

Consumers lack confidence in their long-term savings and investments, research by Which? has found.

The consumer group surveyed more than 2,200 people and found that just 19% trust long-term financial products such pensions and investments.

The survey found:

  • 57% of consumers are concerned about the value of their pension
  • 60% of non-retired people don't know...
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