Cool Ventures is an Associate Partner of the Bath Business Expo on Wednesday 4th March 2015. Our readers receive a £25 discount on exhibition stands at the event, which are priced from just £79 +vat per stand. The Bath Business Expo is likely to be the biggest business show in the Bath region in 2015 and is sponsored by Santander Business Banking, Thrings Solicitors, Monahans Accountants and Datasharp. Primarily a business to business exhibition and networking event there is real scope for other business types to benefit too.
Visitors to the event can have free entrance provided they pre-register on the event website. All details about the event and how to book your place can be found at
www.bathexpo.co.uk.
Credit rating factors misunderstood
Just 2 out of 5 financial decision makers in UK SMEs have ever checked the business's credit report, a survey by Experian has found.
Of these, 44% checked their report more than 6 months ago and 'curiosity', rather than wanting to improve their access to credit, was the main reason for doing so.
The survey also found that just 13% were 'completely aware' of the factors that influence their credit score. Only 39% of micro firms, those with 0-9 employees, have checked their credit report.
Many SMEs wrongly thought that certain factors would have an adverse effect on their credit rating:
- regularly using an overdraft (17%)
- making employees redundant (9%)
- having more than 5 credit-card holders in the company (3%).
Similarly, many incorrectly identified criteria they thought could positively influence their rating:
- a healthy bank balance (49%)
- paying bills before due date (21%)
- taking on more employees (5%)
- moving into bigger premises (2%).
Experian's managing director of SME business, Ade Potts, said:
"A business credit score forms a key part of the decision making process for lenders, service providers and many businesses. Whether a small business is applying for finance with a lender, credit with another business, competing for a supplier contact or simply trying to get a good deal on their business mobile contract, they need to understand that their business credit score will play a role."
New consumer rights come into force
Consumers in the UK will be able to take traders who use misleading or aggressive commercial practices to court, following the introduction of the Consumer Protection (Amendment) Regulations 2014. The new Regulations, which came into force on 1st October 2014, amend the Consumer Protection from Unfair Trading Regulations 2008. Under the amendment, consumers will have the 'right to unwind' a contract, allowing them to undo transactions they have entered into with a trader within 90 days of receipt of goods or services, as long as the goods can be returned or services ended. If goods cannot be returned or the services have ended, the right to a discount will apply. In the event that consumers suffer a loss exceeding the cost of the goods or services, then the right to damages may also be exercised if there is sufficient proof.
Guidance on the amendment is available at:
https://www.gov.uk/government/publications/misleading-and-aggressive-selling-new-rights-for-consumers
VAT MOSS registration open
UK firms that supply digital services can now register with HM Revenue and Custom's (HMRC's) VAT Mini One Stop Shop (VAT MOSS), although the service will not become operational until 1st January 2015. VAT MOSS has been developed in response to changes to the tax system across the EU that will come into effect at the beginning of next year, when digital services will be subject to VAT in the EU country where the consumer lives. Under current rules, digital services supplied to consumers are usually subject to VAT in the country where the supplier is located.
Read more about VAT MOSS at:
http://www.out-law.com/en/articles/2014/september/new-uk-online-vat-registration-service-to-launch-on-20-october/
Employers urged to check auto-enrolment staging date
The Pensions Regulator has urged employers to check their pensions auto-enrolment staging date, following the publication of its Spring 2014 Employer Awareness, Understanding and Activity Survey. According to the Survey, around one in five small business owners, and around half of micro-business owners, do not know their exact staging date, despite it being necessary to start preparing for auto-enrolment duties at least twelve months in advance. The Regulator also reminded accountants, independent financial advisers (IFAs) and bookkeepers to prepare for increased demands from clients in relation to auto-enrolment, with accountants in particular advised to find out what they will need to know to help clients comply with their duties.
Read more about the survey results and staging dates at:
http://www.thepensionsregulator.gov.uk/press/pn14-33.aspx
Major changes to UK intellectual property (IP) have come into effect from 1st October, which will help designers and patent holders protect their IP. Key changes include the introduction of criminal offences relating to intentionally copying registered designs; the introduction of 'webmarking' for patented products, which will allow firms to display a web address on a patented product where information about a product's patent status can be accessed; and the expansion of the remit of the Patent Opinions Service to deal with a wider range of patent disputes.
Read more about the changes at:
https://www.gov.uk/government/news/major-reform-of-intellectual-property-comes-into-force
Changes in National Minimum Wage rates
The
National Minimum Wage (NMW) rate per hour depends on an employees age and whether they’re an apprentice – they must be at least
school leaving age to get it.
The rates have increased meaning the NMW applicable to pay reference periods starting on or after 1 October 2014 are as follows;
- the main adult rate (for workers aged 21 and over) is £6.50
- the rate for workers aged between 18 and 20 is £5.13
- the rate for workers aged under 18 is £3.79
- the rate for apprentices is £2.73*.
*This rate is for
apprentices aged 16 to 18 and those aged 19 or over who are in their first year. All other apprentices are entitled to the National Minimum Wage for their age.
The UK Government has proposed to close its Patent Box tax scheme to new entrants in June 2016, and shut it down completely five years later, subject to approval by the Organisation for Economic Co-operation and Development's (OECD's) Forum on Harmful Tax Practices. The scheme is intended to encourage innovation, by allowing income generated by commercial exploitation of patents to be taxed at a concessionary rate of 10%. However, the German and other EU governments have accused the UK of encouraging companies to artificially relocate their profits in order to avoid tax. Although replacement schemes have been mentioned, no details have been provided.
Read more about Patent Box proposal at:
http://www.out-law.com/en/articles/2014/november/uk-proposes-
ending-its-patent-box-scheme-after-agreement-with-germany/
