Also in the news this week - 11 November 2016

11 November 2016

Most business owners take DIY approach to accountancy

As HMRC closes the latest consultation round of its Making Tax Digital reforms, new research from Geniac highlights the extent to which small business owners handle all their own tax affairs without professional help. Its new survey has found that 69% of SME leaders take a "do it yourself" approach to accountancy, company formation and tax issues. And the average business owner spends 37% of their time on such tasks in their first year.

A quarter of SMEs are in "survival mode"

New research into SME Resilience from Hitachi Capital Invoice Finance has found that 27% of SMEs have put their investment plans on hold and are in "survival mode". A third of owners have invested personal funds in their business in the past year and 57% have not sought additional external finance in that time. In addition, SME owners are concerned that the UK's decision to leave the EU could impede their access to finance, with 59% predicting that it would be more difficult to obtain finance in future.

One third of firms not supporting staff with dementia

One in three British workers says their employer doesn't offer any additional help or support for dementia sufferers, according to a study by PMI Health Group. It says 7% of employees polled said they either have, or have worked alongside someone who suffers from, dementia; yet 54% said they had received no training on the condition from their employer. There are currently more than 40,000 people in the UK under 65 suffering from dementia.

The decline of the business suit

Less than a fifth of British office workers say they still wear a suit for work, according to new research from Printerland. The survey of 2,000 office workers also reveals that Brits only spend an average of 23 minutes a day on their appearance, with one in five spending less than ten minutes getting ready for work. Despite the shift towards casual attire, many of those surveyed disapprove of their colleagues' attire with 82% saying that Ugg boots are inappropriate and almost half saying high heels are a no-no.