I have to say, things are looking a little brighter for UK businesses in the wake of the Budget.

At least for entrepreneurs.

Firstly, it is heartening to see that the proposed increase of corporation tax for small businesses to 22 per cent has been reversed. Instead of rising by one per cent it is dropping one per cent down to 20 per cent.

Secondly, the gradual reduction of corporation tax for medium to larger companies down to 24 per cent over the next...

jim_gold

For the million-plus small business owners in the UK, the 'selection' of the Conservatives by the Liberal Democrats as coalition partners will come as a huge relief.

Assuming the Lib-Dems have not negotiated assurances from the Tories to the contrary, we can expect the following pledges to be enacted over the coming year:

A reduction in the the small companies' rate of corporation tax from 22p to 20p

More sources of business credit to be made available...

jim_gold

A distressed business alert service has been has launched by www.Business-sale.com. Every weekday, email alerts are sent through to subscribers listing all UK businesses that have had winding-up petitions lodged against them. Another email alert lists all businesses in administration. This gives credit controllers and entrepreneurs a useful advance warning of businesses in financial difficulty.

Business-sale.com has been monitoring and providing statistical summaries on the distressed...

jim_gold

Although new research shows that some 70 per cent of medium-sized-businesses owners plan to transfer the ownership of their firm within a decade, most are totally unprepared to do so.

Running a business takes up most of an owner’s time. As a result, many will neglect to maintain non-essential records that could be of interest when putting a business up for sale.

The ‘grooming process’ of selling a business should ideally start at least three years before the planned...

jim_gold

Are owners prepared when putting their business for sale?

Recent studies have shown that of medium-sized businesses, 70% will transfer ownership over the next ten years. But 90% are badly prepared for such an eventuality.

Part of the reason is that often they are too busy running the business to fully keep up with the 'non-essential' documentation and record keeping that a prospective purchaser may demand.

Another problem is that they fail to fully...

jim_gold