smallbusiness.co.uk: Helping your business think big

A promising venture

Previously, we’ve looked at the reasons why many describe the...
Have your say »

RSS

Incomes of self-employed fall

Aug 07 2009

Self-employed people in debt have seen their incomes drop by nearly ten per cent since last year.

According to figures from debt management company ClearDebt, the average income of this group has fallen from £36,000 in 2008 to £32,000 in 2009, while they typically owe more than £40,000.

Andrew Smith, a director of ClearDebt, says: ‘Small entrepreneurs may be keeping their businesses financed through expensive credit card borrowing and personal unsecured loans, while seeing their ability to repay plunge. This could be a major accident waiting to happen.’

According to a survey by the British Retail Consortium, cash-strapped small business retailers are still being denied finance, with a third saying lending has decreased over the last three months.

Comments

There are currently no comments on this article

Barclays Business Start Up Account

Get everything you'd expect from a Barclays Business account…Free business banking for up to 2 years (Ts&Cs apply). Free day-to-day support from our Barclays Business Team by phone 24/7 and Mobile Banking, manage your account quickly and easily from a web-enabled phone. Apply online.

FREE Legal, Financial, Accountancy & HR Help

Aska Professional understands the challenges faced by small businesses. That’s why we provide instant access to professional advice and legal templates. FREE access to Solicitors, Accountants, Financial Advisors & HR Specialists. Ask our experts a question and get a personal response within 60 minutes. Sign up now to ask a question - FREE.

Hiscox business insurance for small & medium businesses

Hiscox offer specialist business insurance for office based professionals and consultants. Hiscox understand's every business is different and work hard to understand the specific risks small businesses face. Find out which business insurance is suitable for you.

Polls

Latest News

The government aims to help those who are paid late

Late payment aid for small businesses

A new government initiative will offer resources to small companies to help them get paid on time.

Top finance and accounting staff hard to come by

Businesses are struggling to recruit skilled finance and accounting employees despite an anticipated growth in headcount, research finds.

Smaller enterprises suffering more than large ones

More small and medium-sized enterprises have seen a quarterly reduction in sales volumes than large companies, research finds.

Small-caps on the up

Fund manager David Clark is upbeat about the prospects for smaller quoted companies.

Charting a course

Daniel Bastide, a partner at law firm Thomas Eggar, talks to James Harris about new finance structures and a ship called the Hebridean Princess.

SMEs warned of tax return deadline

UK small business owners could lose £45 million on 1 February by failing to complete their tax returns by the 31st January deadline.

Car tax hike could hit SME owners

A new emissions scale for company car tax could mean hefty increase in charges for many, warns an accountant.

Credit unions now able to lend to SMEs

Small businesses struggling to access funding have been given an alternative option with the introduction of legislation allowing credit unions to lend to them.

SMEs unsure on growth

Less than a third of small businesses expect their company to expand over the next six months.

Business Startup: PAYE puts SMEs off hiring employees

Small business owners are being pushed into a corner by HMRC’s accounting requirements, research finds.

Taxman is 'completely unfair' to SMEs

The Forum of Private Business believes HMRC is ‘harassing and mistreating' small businesses, while simultaneously agreeing ‘sweetheart deals' with some of the UK's largest companies.

Guides & Tips

Watching an investment blossom as a business angel can be hugely rewarding

Becoming an angel investor

Becoming a business angel can be hugely rewarding, personally and financially, but it’s not as easy as they make it look on the TV.

Business angels have billions to spend on smaller companies

Angel delight

Angel investors are fast becoming the only funding option for early-stage companies. SmallBusiness.co.uk investigates.

Tax savings and working from home

Working from home can be very tax efficient for small businesses, says Paul Webb, tax partner at RJP.

Don't Miss

Making sound investments in volatile times

After the recent global economic problems, it’s never been more important to choose your offshore investments carefully.

Tax dilemmas

Every small business should make their business tax as efficient as possible, this guide will help ensure you’re not paying HMRC too much.

Emergency Budget Breakdown

It's generally agreed that SMEs emerged largely unscathed from the Emergency Budget. Here SmallBusiness.co.uk picks out the main points for owner-managers.

Store

FT Guide to Personal Tax

The FT Guide to Personal Tax is published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc and John Bloxham, this unique guide gives step-by-step advice to completing your tax return as well as over 230 tax-saving tips.

Growth Company Investor

Growth Company Investor is widely recognised as the leading magazine for investors interested in AIM and smallcap companies. Published 10 times per year, and brought to you by an award-winning analyst team, it offers subscribers unrivalled insight into high-potential smaller companies. Subscribe today with a 50% discount in your first year.

FT Guide to Business Start Up

The FT Guide to Business Start Up 2012, published by Pearson Education, is written by Sara Williams, CEO of Vitesse Media Plc. This unique guide has sold over two million copies. It offers practical advice about starting and running your own business.