While Banks close on public holiday, notwithstanding those who are involved in traditional bank holiday work which has trains re-routed and motorways down to one lane, Easter is a time when many Independent businesses are able to capitalise on the public being away from the day job. Similar to other occasions such as Mother’s and Father’s day, Easter has obvious marketing openings for chocolatiers or plant sellers, tourist attractions and general destinations for those with some time on their hands.
According to research, 60% of 844,000 home business owners who have children, take time out during school holidays and lose 4 hours every day or 20 hours a week which has an estimated cost of £220m during Easter and £658m during the summer break. Of those business owners surveyed, 30% suggested their children learn entrepreneurial skills, 27% suggested their children learn the value of work and 26% apparently couldn’t operate without the help of their children.
Business Rates, currently calculated on the estimated value of commercial property some seven years ago, is awaiting review, originally planned for 2013 and now aimed to be completed by Budget 2016. Until then, small business rate relief will be doubled until March 2016.
Since the 19th Century The Treasury has deemed taxation year end is 5 April. This year is no different and the new tax year will begin 6 April, the same day, this year, that wider changes happen for pension savers aged 55+. Pension freedom reforms mean that those eligible will be able to take their pension fund 25% tax-free in one lump sum (with individual tax rates applying above the 25% limit) rather than swapping the fund for an annuity. There’s much speculation how this money will translate into the economy, with many predicting investments and repayment of interest-only mortgages as the money hits the property market or is used to pay off debts.
Landlord Energy Saving Allowance, LESA, which allows landlords to deduct up to £1,500 on each of their properties from taxable profit for approved energy saving expenditure, ceases April 6 (companies April 1), work contracted before those dates but carried out after the dates are included.
Some businesses might turn their attention to employees during World Health Day 7 April, to consider the cost of employee well being. Besides the effect on any absent member of staff from health issues, the additional costs to a business can include training, recruitment, employee and productivity, which, in some instances could be avoided, or improved by attending to the working environment.
Image and Article credit: Copyright SUF © 2015