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February 08, 2013

Also in the news this week — 8 February 2013

FSB offers help for victims of mis-sold swaps 

Since the Financial Services Authority found that around 90% of small businesses that took out complex “swaps” financial products had been badly ill-advised, the Federation of Small Businesses (FSB) is offering help and advice to those firms affected. It is working with three companies to provide professional guidance and support in order to help its members to get redress.

Many cut it fine, but millions file tax returns on time

Almost 93% of UK taxpayers in self-assessment (9.61 million people) sent in their tax return on time this year — a new record, according to HM Revenue and Customs (HMRC). And in another record, 82.5% were sent online. Many people cut it fine, however, with HMRC revealing that the busiest time for filing was between 4-5pm on 31st January when more than 12 files per second were filed. Anyone who hasn’t yet sent their 2011-12 tax return to HMRC will have already incurred a £100 late-filing penalty. 

New entrepreneur awards unveiled

The Great British Entrepreneur Awards will be held during Global Entrepreneurship Week in November 2013. They will celebrate all areas of enterprise and categories will include: entrepreneur of the year, enterprise city of the year and business TV show of the year. Simon Burton, awards founder, said: “Entrepreneurs are the lifeblood of the economy. They create jobs and solve problems. Entrepreneurs make something of nothing.” 

Majority of SMEs still unprepared for RTI

81% of small businesses are still in dark about the impending changes to payroll legislation and the introduction of Real Time Information (RTI). These are the findings of an online poll of over 500 SMEs conducted by One Poll on behalf of Crunch Accounting. The Crunch survey found that 46% have no knowledge of RTI, and a further 35% admit they are only vaguely aware of the forthcoming legislation. From April, payroll information including salary, income tax and National Insurance will need to be submitted monthly rather than annually, and will eventually replace P35s and P14s.

New online equity fundraising platform

FundTheGap, a new online equity fundraising platform for start-ups and small businesses, has launched. The site aims to instantly connect start-ups and small businesses with qualified investors. FundTheGap meets the management teams behind each venture before accepting a pitch onto the platform. Once a business has passed the screening, it will have the opportunity to raise up to £2 million in equity, and will benefit from a co-investment by the FundTheGap team of between £500-£50,000.