Small Businesses: Legal and Financial Impacts?

All answers for small businessess (I have been running a few for 15 years)

Corporate Tax - You can dodge it

Bank Overdraft - Try not to have one, if you need it you use as little as possible as a business is only a business if it makes money

Rent in a Shopping Mall/Centre - If you need a shop pay, but there might be a cheaper way

Accountancy costs - Save me twice what you cost me, or Ill fill the forms in myself.

ALL POINTS BELOW, AS YOU ARE SMALL - YOU ARE UNDER THE RADAR, SO THEY DONT REALLY APPLY, BUT:

Race Relations Act 1992 - If you want discriminate, you can use another "reason" - no real issue

Sex Discrimination Act 1975/97 - Same

Equal Pay Act 1970 - Only a problem if your a bad manager and someone takes the time to work out whats what

Disability Discrimination Act 1995/2005 - toughy, as a small business you have to find the best people...but again..as your small, under the radar

National Minimum Wage - bigger risk when starting, but makes you do your homework on what you can afford

Data Protection Act 1998 - hmm...cant think of an answer, but just dont lose data and no problem

There are some 4.7 million businesses in the UK of which over 99 per cent employ less than 50 people. Small

businesses in the UK employ 13.7 million and generate over 50 per cent of the UK’s annual GDP.

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These small

businesses are responsible for 84 per cent of all new jobs created

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, for 69 per cent of all apprenticeships

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, and for 65 per

cent of all commercial innovation.

The financial crisis – The small business view

As a result of the financial crisis small businesses have found themselves at the eye of the perfect storm. Caught

between contracting markets, late payments, increasing overheads and a sharp decline in access to finance, many viable

small businesses have failed. According to the accountancy firm BDO Stoy-Haywood, an estimated 120 small

businesses were closing daily at the height of the financial crisis.

The three most crucial impacts of the financial crisis have been: decrease in trade, an increase in late payment and an

increased difficulty in accessing finance.

Decrease in trade

Perhaps the most obvious impact of the financial crisis was a decrease in trade. With less money in the economy and

businesses and consumers tightening their belts, small businesses experienced a steep decline in trade up to the end of

2008, fortunately this decline slowly eased as we approached the end of 2009.

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