Business News
  • 20.06.11 Pound in welcome bounce, but money transfer companies lament weakness
    Money transfer companies note the weakness in sterling continues.

    The pound to euro exchange rate is higher this morning, but UK money transfer companies have noted that sterling continues to suffer on the currency markets.

    Adam Solomon, a currency analyst at money transfercompany Tor FX says:

    "The Pound has weakened significantly against the majors, as investors continued to scale back expectations that the Bank of England won't raise interest rates before May 2012.

    "As recently as February, investors were anticipating an increase in UK borrowing costs in May this year. The UK currency will encounter strong support in the region of 1.60 against the Dollar, but an improvement in risk appetite could see the market bounce higher once-more."

    Sterling declined against the majority of the 16 most actively traded currencies through the day on Friday, as concerns grew over the bleak outlook for the UK economy.

    The FTSE 100 Index swung between gains and losses but the Pound bounced back above 1.6150 against the Dollar by midday, after the French president Nicolas Sarkozy said a "breakthrough" has been made on a resolution to the Greek debt crisis.

    The subsequent improvement in risk appetite saw the Dollar decline against the Pound and the Euro, amid suggestions that a solution involving holders of Greek bonds in a rescue package for the struggling nation has been found.

    The Euro also made strong gains against the Pound, increasing 0.5%, as the focus turns to the possibility of an ECB interest rate increase next month.

    "The focus this week in terms of economic data will fall on Wednesday's release of the minutes of the June policy meeting. Policy makers left interest rates on hold at a record low of 0.5% but markets will be looking for changes in the voting pattern now that Andrew Sentance has left the committee. He was replaced on 1st June by Ben Broadbent who is thought to retain a move dovish stance," says Solomon.

    Check back again for more money transfer UK news.

    'Resource - smeweb.com'
  • 13.06.11 Small business growth through marketing skills training
    FSB: "For small firms to grow, they need to train staff in the skills that will impact on their bottom line."

    Small businesses see training in sales and marketing as critical for their growth, latest survey figures from the Federation of Small Businesses (FSB) show.

    In its 'Voice of Small Business' survey panel of 1,700 small businesses, almost half said that sales, marketing and PR training for themselves would help their business to develop or grow. Just over a third said similar training for their employees would also have the same positive impact on the growth of their business.

    Another third said they saw customer services and one fifth saw basic communication skills as integral to business growth.

    New and emerging markets

    At a time when small firms are really driving the economy forward into recovery, they need to be able to promote their businesses in new and foreign markets and use social media and new technology to advertise their services and products.

    In a new report, 'Raising the standards: an FSB skills survey', the FSB argues that in order to be competitive, businesses need these skills to take advantage of new and emerging markets, and as a result, they need training to be made available and accessible so they can make the most of it.

    Small businesses are more likely to take on low-skilled individuals than large businesses - previous research shows that 10 per cent of the employees in micro businesses have no qualifications, compared to 5.6 per cent in the largest organisations.

    In-house, informal training

    The research shows that small businesses are more satisfied with in-house, informal training that develops and gives staff the business skills they need to do the job, rather than recognised courses and qualifications.

    The FSB is calling on the Government to help incentivise small businesses to take on more apprentices and graduate interns by co-funding harder to reach businesses, rather than bigger firms that have greater training budgets at their disposal.

    Furthermore they urge the Government to assess the Qualifications and Credit Framework - a system to recognise skills and training in the workplace - to formally acknowledge the informal training that takes place in small businesses.

    John Walker, National Chairman, Federation of Small Businesses, said:

    "The Government's reliance on the private sector to create jobs to pick up the shortfall in employment from the public sector is well-placed: small businesses will play a crucial role in the country's growth. But for small firms to grow, they need to train staff in the skills that will impact on their bottom line. The Government has to step up and support small firms in leading the economy back into steady growth.

    "It is vital not to lose a generation of young people to unemployment and a lack of skills training, so the Government must provide incentives for small businesses to take on apprentices and graduate interns which will provide businesses with key skills to sell their services and products in new and emerging markets - especially for exports overseas."

    'Resource - smeweb.com'
  • 13.06.11 Finance
    New campaigns targeting VAT defaulters, private tutors and e-marketplaces will be launched in 2011/2012.

    HMRC will use new tools such as "web robot" software to search the internet and find targeted information about specified people and companies. Using the software, the department can pinpoint more accurately people who have failed to pay the right tax. The "web robot", used with the department's Connect computer system, also helps find people who are trading without telling HMRC.

    Connect alerts HMRC to previously invisible tax evasion by matching a vast amount of HMRC and third-party data, enabling a fast and focused response to tax evasion. It shines a light onto previously hidden relationships, uncovering anomalies between such elements as bank interest, property income and lifestyle indicators before homing in on unexplained inconsistencies.

    HMRC announced last month that a campaign targeting VAT rule-breakers trading above the £73,000 turnover threshold but who have not registered for VAT will be launched in the summer.

    Other campaigns that will be launched in 2011/12 will focus on:

    Those who provide private tuition and coaching. This addresses the risk posed by all professionals who, because of their field of expertise, are able to earn money from providing tuition and coaching - either as a main or a secondary income. It covers people providing private lessons, regardless of whether they have a teaching qualification, and could include, for example, fitness/dance/lifestyle coaches through to national curriculum subject tutors and others.
     
    E-marketplaces. This will cover those who are using e-marketplaces to buy and sell goods as a trade or business and who fail to pay the tax owed. People who only sell a few items and who are not traders are unlikely to be liable to tax and will not be targeted by this campaign.
     
    Trades. This will build on HMRC's plumbers' campaign and give an opportunity to another group of tradespeople to come forward and declare unpaid tax.
     
    Mike Wells, HMRC's Director of Risk and Intelligence, said: "By being open about our areas of interest for the coming year we hope to maximise that exchange of information and ensure we reduce the tax gap and help customers pay what they owe.

    "We will use the information we gather to pursue people who choose not to use the opportunities we provide for them to put their affairs in order on the best possible terms. It will be more expensive if we come and find people, so I urge them to come forward and disclose voluntarily."

    So far, more than £500m has been raised by HMRC from voluntary disclosures and a further £100m from follow-up activity. Previous campaigns have targeted offshore investments, medical professionals and people working in the plumbing industry.

    'Resource - smeweb.com'