Small businesses

[Chris Ashdown]

It would be far better if the government and the FSB and others got together on the broad naming of businesses, what for instance is a small business how is it defined and how they are treated for say rates, Tax and VAT (a tax exempt limit which at present only stops growth of tiny businesses and brings in little money at great cost to the owners in time and energy )

The government often uses "Small Businesses" but what does it mean, it could be used for say number of employees or turnover or profit

So many small businesses are probably having under 10 employees a turnover of zero to say £5,000,000

So a new definition would help maybe

 

[peterrepair]

Those under 10 employees are called Micro Businesses.

 

[Mark T Jones]

I'd say the official definitions are already pretty clear, though the picture is somewhat clouded by the over-use of SME to cover them.

Prepare annual accounts for a private limited company

Prepare statutory or abridged annual accounts for Companies House, make corrections and amendments, appeal against penalties for filing after the deadline

www.gov.uk

 

[Chris Ashdown]

Those under 10 employees are called Micro Businesses.

Not all the time more often they just say small businesses which is not defined

 

[peterrepair]

Not all the time more often they just say small businesses which is not defined

It is defined in the article above:

Your company will be ‘small’ if it has any 2 of the following:

• a turnover of £10.2 million or less
• £5.1 million or less on its balance sheet
• 50 employees or less