30,000 businesses are set to fail this year due to...
In this week's In the Sheets:
HMRC has warned that nearly 5.7m people still need to file their self-assessment tax return ahead of the upcoming January 31, 2024 deadline.
The number of new UK investment funds has hit its lowest level in two decades, down 25% from the previous year.
In SME news, 30,000 businesses will fail this year, economists at PwC have warned, saying firms will be hit by high interest rates.
Tax News
HMRC issues self-assessment deadline warning
HMRC has warned that nearly 5.7m people still need to file their self-assessment tax return ahead of the upcoming January 31, 2024 deadline. Missing this date will result in an initial fine of ￡100, even if no tax is owed. Additional penalties of ￡10 per day are applied after three months, up to a maximum of ￡900. After six months, a further penalty of 5% of the tax due or ￡300, whichever is greater, is imposed. After 12 months, another 5% or ￡300 charge is applied. Late payment of tax also incurs fines and interest. Myrtle Lloyd, HMRC Director General for Customer Services, advises not to delay and start the self-assessment process. Those struggling to pay their tax bill may be eligible for a payment plan with HMRC.
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SME News
Record number of women start businesses
A record number of women in the UK are starting their own businesses, with more than 150,000 female-led firms launched in 2022. All female-led companies now represent more than 20.5% of all UK businesses, up from 16.7% in 2018. The Guardian says many women have launched businesses because doing so offered freedoms they felt were not available to them in traditional workplaces. A Fawcett Society report from this year shows that women in the UK aged 40 and older will not see the gender pay gap closed until after they reach state pension age, while separate analysis shows that women hold only one in five commercial roles on the boards of Britain’s 350 largest listed companies. Entrepreneur Ameena Hamid says the statistics “exemplify the outdated attitudes and glass ceilings that exist in mainstream workplaces,” adding that many women “don’t want to wait for their workplace to catch up with modern attitudes.” Katrina Sale, head of the Female Founders Forum, believes that efforts to encourage women to start their own ventures should target younger people, saying: “Still too many girls grow up thinking that entrepreneurship isn’t something for them.” It is noted that the Treasury estimates 1.1m new businesses, and up to ￡250bn of new value, could be added to the British economy if women started and scaled new ventures at the same rate as men do.
Brainteaser ??
What is x? 1 + 4 = 5; 2 + 5 = 12; 3 + 6 = 21; 8 + 11 = x
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