
News Archive - March 2013
Budget 2013
Below are downloadable files in pdf format covering the main points of the budget :

Budget 2013 Business announcements | |
File Size: | 60 kb |
File Type: |

Budget 2013 Key announcements | |
File Size: | 62 kb |
File Type: |
SMEs' lack of marketing costs £122 billion - 28.3.2013
Small and medium sized enterprises (SMEs) in the UK are losing out on up to £122 billion in sales revenue by failing to keep on top of their marketing, new research has claimed.
The research, carried out in association with the Centre for Economics and Business Research (CEBR), found that despite 87 per cent of SMEs acknowledging the positive impact that marketing has on sales, many are letting it ‘slip off the radar.'
While three quarters see marketing as important to business success, a third admits to rating their efforts over the last six months at less than five out of 10. A further 11 per cent admit to doing none of the marketing they had planned.
Time (21 per cent) and money (36 per cent) were cited as the biggest barriers for SMEs achieving adequate marketing activity.
According to the research, the average business owner juggles seven different roles on a daily basis but puts buying stationery ahead of marketing. As expected, established SMEs are more likely to achieve their planned levels of marketing compared to younger SMEs.
Ryan Higginson, vice president digital channel Europe at Pitney Bowes, says : "There is a great opportunity for savvy SMEs to grab a slice of the £122 billion but to do so they must look for ways to embrace every sales opportunity and maximise profit."
Embracing digital marketing, such as social media, is an easy-to-use and low-cost way of achieving this, he added.
Entrepreneur, Jo Behari, said: "This research clearly shows that when marketing drops off the radar, it costs businesses significant revenue. A small business owner always has to be mindful of the bottom line and while it's rare to carry out a marketing plan to the letter, with just 39 per cent getting done there is room for improvement. Putting that extra effort in really will make all the difference to the profitability of your business, or even its survival."
We can help with business planning. Contact us to find out how.
The research, carried out in association with the Centre for Economics and Business Research (CEBR), found that despite 87 per cent of SMEs acknowledging the positive impact that marketing has on sales, many are letting it ‘slip off the radar.'
While three quarters see marketing as important to business success, a third admits to rating their efforts over the last six months at less than five out of 10. A further 11 per cent admit to doing none of the marketing they had planned.
Time (21 per cent) and money (36 per cent) were cited as the biggest barriers for SMEs achieving adequate marketing activity.
According to the research, the average business owner juggles seven different roles on a daily basis but puts buying stationery ahead of marketing. As expected, established SMEs are more likely to achieve their planned levels of marketing compared to younger SMEs.
Ryan Higginson, vice president digital channel Europe at Pitney Bowes, says : "There is a great opportunity for savvy SMEs to grab a slice of the £122 billion but to do so they must look for ways to embrace every sales opportunity and maximise profit."
Embracing digital marketing, such as social media, is an easy-to-use and low-cost way of achieving this, he added.
Entrepreneur, Jo Behari, said: "This research clearly shows that when marketing drops off the radar, it costs businesses significant revenue. A small business owner always has to be mindful of the bottom line and while it's rare to carry out a marketing plan to the letter, with just 39 per cent getting done there is room for improvement. Putting that extra effort in really will make all the difference to the profitability of your business, or even its survival."
We can help with business planning. Contact us to find out how.
High earners reminded of child benefit charge - 13.3.2013
People receiving child benefit, who have an income of over £60,000, are being reminded to opt out of receiving payments before 28th March in order to avoid paying a new charge by self-assessment tax return.
The reminder from HMRC follows the introduction of the High Income Child Benefit Charge (HICBC), which gradually withdraws the benefit for those earning over £50,000 and removes it completely for those earning more than £60,000.
Figures from HMRC show that over 370,000 have opted out of receiving child benefit since the HICBC was introduced on 7th January 2013.
HMRC said that those who have already opted out do not need to take any further action. But those who continue to receive the benefit will have until 5th October 2013 to register for self-assessment and repay the benefit received between January and April 2013.
Lin Homer, chief executive at HMRC, said: "Anyone wanting to opt out of Child Benefit payments can do so at any time. It is really easy - just go to our website. Anyone with an income over £60,000 who has received Child Benefit since January needs to register for self-assessment by 5th October to repay some or all of this year's benefit, but if they opt out now this will be a one-off."
We can help with your self-assessment. Please talk to us to find out how.
The reminder from HMRC follows the introduction of the High Income Child Benefit Charge (HICBC), which gradually withdraws the benefit for those earning over £50,000 and removes it completely for those earning more than £60,000.
Figures from HMRC show that over 370,000 have opted out of receiving child benefit since the HICBC was introduced on 7th January 2013.
HMRC said that those who have already opted out do not need to take any further action. But those who continue to receive the benefit will have until 5th October 2013 to register for self-assessment and repay the benefit received between January and April 2013.
Lin Homer, chief executive at HMRC, said: "Anyone wanting to opt out of Child Benefit payments can do so at any time. It is really easy - just go to our website. Anyone with an income over £60,000 who has received Child Benefit since January needs to register for self-assessment by 5th October to repay some or all of this year's benefit, but if they opt out now this will be a one-off."
We can help with your self-assessment. Please talk to us to find out how.
Retail sales show strong start to 2013 - 5.3.2013
UK retail sales grew by 4.4 per cent in February, a 2.7 per cent increase on the 2.3 per cent rise recorded in February 2012, according to figures from the British Retail Consortium (BRC).
The monthly BRC-KPMG Retail Sales Monitor found that total sales grew at the fastest rate since February 2010, and that the year-on-year growth was the fastest since December 2009.
The BRC's director general, Helen Dickinson, said: "There are certainly highly-welcome signs here of gradual improvement and customers feeling a bit more positive. February saw growth across all parts of retailing, with big-ticket goods and items for the home recovering particularly well, possibly reflecting better conditions in the housing market."
KPMG's head of retail, David McCorquodale, said: "Against all expectations, retail sales rose this month to achieve the strongest underlying sales growth for three years.
Relatively dry, if cold, weather and the occasional day of spring sunshine helped to lift clothing sales as well as drive footfall in the general direction of the department stores, with non-food and furnishing and flooring categories showing strong performances."
Online retail growth
The news comes after the IMRG Capgemini Index, which tracks online sales, also recorded a year-on-year growth of 16 per cent in January.
The IMRG Capgemini Index found that, compared with January 2012 :
- the clothing sector was up 23 per cent
- the travel sector was up 7 per cent, with an average spend of £1,085
- sales through mobile devices were up 193 per cent, with conversion rates reaching 2.6 per cent.
For February, the BRC found that year-on-year online sales were up 10.9 per cent over February 2012.
IMRG's chief information officer, Tina Spooner, said: "The strong finish to the year we saw in 2012 has continued into the new year it seems, with the Index up 16 per cent on January 2012."
"What is apparent is that consumers are becoming more confident in purchasing through mobile devices, as the experience on mobile sites improves. The conversion rate has doubled in the space of a year, rising from 1.3 per cent in January 2012 to 2.6 per cent in January 2013."
The monthly BRC-KPMG Retail Sales Monitor found that total sales grew at the fastest rate since February 2010, and that the year-on-year growth was the fastest since December 2009.
The BRC's director general, Helen Dickinson, said: "There are certainly highly-welcome signs here of gradual improvement and customers feeling a bit more positive. February saw growth across all parts of retailing, with big-ticket goods and items for the home recovering particularly well, possibly reflecting better conditions in the housing market."
KPMG's head of retail, David McCorquodale, said: "Against all expectations, retail sales rose this month to achieve the strongest underlying sales growth for three years.
Relatively dry, if cold, weather and the occasional day of spring sunshine helped to lift clothing sales as well as drive footfall in the general direction of the department stores, with non-food and furnishing and flooring categories showing strong performances."
Online retail growth
The news comes after the IMRG Capgemini Index, which tracks online sales, also recorded a year-on-year growth of 16 per cent in January.
The IMRG Capgemini Index found that, compared with January 2012 :
- the clothing sector was up 23 per cent
- the travel sector was up 7 per cent, with an average spend of £1,085
- sales through mobile devices were up 193 per cent, with conversion rates reaching 2.6 per cent.
For February, the BRC found that year-on-year online sales were up 10.9 per cent over February 2012.
IMRG's chief information officer, Tina Spooner, said: "The strong finish to the year we saw in 2012 has continued into the new year it seems, with the Index up 16 per cent on January 2012."
"What is apparent is that consumers are becoming more confident in purchasing through mobile devices, as the experience on mobile sites improves. The conversion rate has doubled in the space of a year, rising from 1.3 per cent in January 2012 to 2.6 per cent in January 2013."
