In the Know – March

Every month TDA Business will bring you the latest in business news, opportunities and events:

Help for small firms to switch business bank accounts

UK Finance has announced a new service to help small business banking customers to switch current accounts more easily. UK Finance, in partnership with 18 business bank account providers, has agreed a standardised set of information that each bank will require from business customers in order for them to open or switch current accounts. Each bank must clearly display the information they require on their website. UK Finance has also launched an interactive online guide which will provide small business banking customers with a checklist of the information they will need to open or switch accounts.

Click here for further information
FSB reveals cost of tax compliance in small firms

The average small business in the UK spends 15 days and £5,000 on complying with tax law, a survey by the Federation of Small Businesses (FSB) has found. The majority of time was spent on complying with VAT, PAYE and National Insurance contributions rules. Around 55% of businesses surveyed by the FSB were not aware of the tax reliefs available to them, 46% struggled to determine the correct rate of tax and 40% found exemptions confusing.

Read more about the survey here
Innovation fund to support start ups and small firms

A new fund for business support organisations to help start ups and smaller firms grow their business through innovation has been launched as part of Horizon 2020. The fund will provide grants of up to €60,000 for regional and national agencies to test a new support scheme, or improve an existing one, to help smaller firms to innovate. Grants of up to €500,000 are also available to test new innovation support schemes on a larger scale. The deadline for applications is 27 March 2018.

For further information, click here
A guide to all you need to know if you’re self employed

If you’re self-employed, your business will have various running costs. You can deduct some of these costs to work out your taxable profit as long as they’re allowable expenses.

For all the info you need, click here


British Small Business Awards 2018

Nominations are now open for the third annual British Small Business Awards, the leading SME event from – and the deadline for entries is May 26th.Click here to nominate your business today for free, and click here for a full list of our categories and criteria

Find out more info here

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