By Ben Lobel on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs Sometimes referred to as crowd lending or P2P lending, peer-to-peer lending offers businesses the opportunity to borrow money from a ‘crowd’ of people (investors) rather than an institution. It works by offering people a platform where they can lend their money to businesses (and also individuals, but we will deal with business peer-to-peer lending here) in return for competitive interest rates. The platform’s source, credit-checks the potential borrower, facilitates the loan and automates (as much as possib ..read more

By Ben Lobel on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs Each year, hundreds of millions of pounds in grants, as well as finance such as loans and equity investment, are on offer to help SMEs undertake an array of business-related projects and activities, such as: • Retraining and employing new staff • Investing in new facilities, equipment and processes • Carrying out innovative R&D • Diversifying into new markets • Undertaking marketing initiatives • Exporting Where an individual is starting out or seeking to develop their business, getting financial support ..read more

By Ralph Hearn on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs Personal and corporate taxation can be a minefield for small business owners. The UK’s tax system is already one of the most complex in the world. This, coupled with often annual regulation changes, adds another layer of intricacy for business owners, especially when they have so many other things to do than worrying about tax planning. But not understanding these tax changes means you could very easily end up paying more than they need to. Planning is the key to ensuring your business’ tax affairs are as ..read more

By Ben Lobel on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs Setting up a new business is exciting and challenging. It’s often the culmination of years of planning and you’ve probably concentrated on your vision and your brand and forgotten about tax. There are certain tax breaks that allow the business owner to save money that can be invested into the new company. Here are five useful tax breaks: 1. R&D tax credits Even if you don’t feel that your company qualifies for this tax break, it’s well worth investigating further and possibly contacting R&D tax credi ..read more

By Bethan Harper on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs In this article, we’ll walk you through what business funding is, the different types of funding you can apply for, how to make sure you’re eligible and how to secure your loan. What can a business loan be used for? There are a variety of reasons why a business might opt to apply for funding, including: Buying new equipment Hiring new employees Moving to new premises Buying another business Consolidating debt Marketing Boosting cash flow Purchasing inventory Market expansion Managing day-to-day running ..read more

By James Trowell on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs Q: Should I use a personal bank account for my small business? A: The short answer is no – but you’re not alone if you do. We conducted a survey earlier this year and found that 63pc of sole traders are using a personal account to pay for everything. Business, pleasure, household bills and everything else in between. This might feel like an easy option for the busy, fast-paced life of a small business owner, but it doesn’t serve you or your business very well. One bank statement. One never-ending list of ..read more

By Christoph Tutsch on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs Compare Business Bank Account Deals Compare the UK's top business bank accounts from the high street to the alternatives 1. What type of business bank account are you interested in? New Business / Startup Account Switching Bank Account Account With No Credit Checks Unsure (Show me everything) Powered By NerdWallet Everything starts with a great idea. You work out the product or service features, create concepts, build a prototype and maybe even have the first interested customers. Perfect, that’s a ..read more

By Adam Wayland on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs A lot of attention is given to scrutinising bank accounts and other financial products, but not so much about how to assess the bank you’re interested in doing business with. We’re here to change that. But before we do, it is worth stating at the outset that banks are businesses themselves and exist to generate returns for their shareholders. You can therefore expect to pay a price for the services and borrowing facilities provided. Now, the business banking landscape has changed immeasurably since this a ..read more

By Dom Walbanke on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs If you’ve got a great business idea but are finding out the hard way that it can be a royal pain to get funding, The Prince’s Trust could be the answer. The Trust’s enterprise programme has been running for four decades and is open to 18 to 30-year-olds who are unemployed or working fewer than 16 hours a week. In addition to business training schemes which tackles topics like marketing, planning and tax, the programme provides funding of up to £7,500 (through the government-funded Start-Up Loan ..read more

By Darren Fell on Small Business UK - Advice and Ideas for UK Small Businesses and SMEs As most people are aware, if you’re thinking of starting a new business or already run one you can claim expenses on some of your costs. This is a great way to help out entrepreneurs and give them a better chance of success. Why? Because businesses pay tax on their profits, so when they claim expenses that amount is removed. So they pay tax on a much lower amount. If you’re diligent you can save yourself a pretty large chunk of money. So, what can you claim for? The main categories of business expenses Bus ..read more