Small Business

Higher costs, tax rises, and changes to employment rules mean it's a bruising time to be a small business owner. Many are yet to recover from the impact of the pandemic and the double whammy of the energy and cost of living crisis. Retail and hospitality firms have also been left reeling after the government announced they would have to pay a higher rate of national insurance contributions and national living wage. They have warned that the changes will lead to widespread job losses and closures. Three entrepreneurs tell us why they're still hiring, despite the changes.

In the Autumn Budget , the Chancellor focused on improving growth and investment in the economy but that cash has to come from somewhere. And small businesses are set to bear the heaviest burden, with changes to National Insurance, minimum wage and other taxes.

A poll by the Federation of Small Businesses in the last quarter of 2024 found that 33 per cent of small employers expect to reduce headcount, up from 17 per cent in the previous quarter.

Sweeping new rules could see thousands of people who earn a bit of extra income being caught out by the taxman if they haven't been declaring it. Those affected include people who buy and sell clothes and household items on online marketplaces, sell homemade crafts or baked goods via the internet, work as drivers or rent out a holiday home through an online platform.

I recently received an email from a company I used to work for, saying that there has been a cyber-attack and my payslips and bank details may have been stolen. What should me and my former colleagues do to protect ourselves? Most of us have changed our online banking passwords, but what else? I have also read it may be possible to get compensation, how does that work?

Ray, 60, lives in rural East Sussex with his wife Ruth, the mother of his grown-up stepson. He also runs bushcraft courses overseas that teach self-reliance and resourcefulness, skills which Ray believes are essential in the modern world.

Reeves introduced tax increases in the form of higher National Insurance contributions, as well as a higher minimum wage and changes to capital gains tax. We look at what changes small businesses will face in the coming years after the Autumn Budget .

A survey by Enterprise Nation found that almost half of small business leaders say a tax grab in the Autumn Budget would hurt their business. They say they may have to increase prices and put growth and hiring plans on hold to cope with potential tax rises. Employers currently pay National Insurance of 13.8% on a worker's earnings above £175 a week, but this is expected to rise in the Budget.

The forecast, which aligns with the April to March contract renewal period, reveals that the typical industrial energy costs have fallen from the highs of nearly £1m in 2022/23. But they remain much higher than the historic average, as the energy crisis and Russia's invasion of Ukraine continues to effect wholesale prices.

Analysis by accountancy firm Price Bailey shows that 11 per cent of the total number of pubs is at significant risk of going bust. The figures show that 7,445 pubs - 20 per cent of the total population - have negative net assets on their balance sheets, meaning they are technically insolvent. Of these, 4,410 have a Delphi Risk score in the maximum credit risk category.

Tesco has used Oakley Farm as its pumpkin supplier since 1996, when it made an initial order of 200 pumpkins. It now expects to produce 5million this year and is the biggest grower in the country. We visit the farm to find out how pumpkins have become a staple of Halloween and exactly how they go from farm to store.

Companies with fewer than ten employees have struggled the most, according to data from VistaPrint, with many reporting that a lack of access to finance was one of the main things preventing their expansion.

The milkman has gone from serving around 85% of households in the late 1970s and early 1980s to about 3% today. Some may see this as a sign of the times. But not Simon Mellin, boss of one of Europe's fastest growing start-ups, who is on a mission to bring them back.

At Taylor Swift's three night stint at Edinburgh's Murrayfield Stadium (pictured), four in 10 of card transactions were from tourists. Whilst the majority of guests are from within the UK, the business sees a large number attend from overseas, whether that's from Europe, the US, or even further afield.

The long, often boozy, meals became a staple of working in the City or media, but a shift in workplace culture meant it quickly fell out of favour. Now, there are some shoots of growth as more people return to the office and the business lunch starts to make a revival.

As many as 68 per cent of SMEs said they have faced opposition from local communities when trying to grow their business or begin new projects in the past. The problem is worst in London and the North.

A private limited company is a legal entity. They have much stricter reporting rules than sole traders, and there are key differences in expenses rules, says our tax expert Heather Rogers. So what can you claim and how do you ensure you don't fall foul of the taxman on the boundary between what's personal and what is actually related to your business...?

No matter how great your idea is, many people still fail at pitching their idea correctly, especially when talking to investors. Tim Armoo shares the 10 most common pitching mistakes made by entrepreneurs and how to fix them.

I want to get a loan for a bakery business in Chester. We want to supply local businesses with our products and have recentlystarted selling markets. However, I'm worried about my bad credit score. Would you recommend we go for a business loan? Dave Fishwick replies.

Harpin has been there, done that - and now wants to share his formula with other aspiring moguls. The secrets - which include finding a mentor and making sure to hire a replacement for yourself - might at first seem more like common sense than a spectacular, revelatory blueprint. But they are easier said than done and he believes he would have done even better as an entrepreneur had he discovered these nuggets sooner. He set up his company HomeServe, selling insurance policies for domestic disasters, in 1993 and sold it 30 years later for £4 billion, making £500 million in the deal himself.

Oliver Cookson launched MyProtein in 2004 with just £500, before selling it to THG for millions a few years later. Now he wants to take on a new industry, but can he replicate the same success?

Pitching your business to five multi-millionaire investors is no easy task, let alone doing so in front of cameras on Dragon's Den. Of course, before stepping in front of leading business figures like Deborah Meaden, Peter Jones, Sara Davies, Steven Bartlett and Touker Suleyman, the entrepreneurs on Dragon's Den have poured hours of meticulous planning into their pitches. They will consider every detail, as they pitch their product ideas to the ruthless business owners in front of them. These presentations will be flawless, right? Wrong. The TV series might be entertaining, but it doesn't always reflect a real-life pitch. Two experts explain how to seal a deal with investors off-camera.

This Is Money's business doctor Dave Fishwick, who set up the Bank of Dave, shares his seven tips for people considering starting their own business. Dave made his fortune selling vans and minibuses before setting up Burnley Savings and Loans - otherwise known as the Bank of Dave - to help those struggling to borrow from the high street with his no-nonsense lending model.

Starting a business doesn't need to be difficult and staying on top of the latest trends, opportunities and movements that emerge, can put you a step ahead. These are the top six trends I'm most excited about and are set to explode in 2024.

This is a tough time for small businesses. Energy bill support has been dire, business rates are through the roof and the hospitality industry is crying out for support. There have been calls for the Government to step in and fix all of these things. But if the Prime Minister was really serious about supporting business, he would first sort out the mess at HM Revenue & Customs.

David was sent a tax bill for over £38,000 from HMRC and had difficulty trying to get through to anyone in the tax office. The sorry saga left him with 'considerable stress and worry'. After the initial shock of receiving the bill, David tried to contact HMRC only to discover the phone line was closed. It came just a month after HMRC's self-assessment helpline closed for three months as part of a pilot for a 'seasonal' model.