Hicks blog

14th June 13

YOUR MONEY

Interest-only mortgages were popular during the housing booms of the early nineties and ‘noughties’. Typically, borrowers make monthly repayments that cover only the interest on the amount borrowed. The capital (the full amount borrowed) is then paid back when the mortgage term matures – typically after 25 years - using funds such as savings or inheritance, usually with the hope that the property will have increased in value.

7th June 13

Is lack of technology holding your business back?

Research from the Federation of Small Businesses (FSB) has revealed that small businesses are spending an average of £3,500 a year on technology in a bid to grow and create jobs.

3rd June 13

Employee share buy-back rules relaxed

Evidence suggests that employee-owned businesses – those in which members of staff own a stake (often in the form of shares) in the business – are likely to show increased productivity and, as a result, increased profitability compared with those that do not.

31st May 13

Queen’s Speech announcements for business

The Government’s plans for the new parliamentary session were outlined last month in the Queen’s Speech. Proposals of interest to businesses included those around national insurance contributions, patents and deregulation

20th May 13

YOUR MONEY

Research by National Savings and Investments (NS&I) has revealed the amount of money individuals are setting aside has reached its highest level for nine years. Britons are now saving an average of £104 a month – equivalent to eight per cent of their monthly income. The beginning of 2013 is the third quarter in a row that saving levels have increased, jumping £90 on the previous quarter.

13th May 13

End of excessive credit and debit card charges

Businesses often add surcharges to the price of goods or services when consumers choose to pay by credit or debit card. Notable examples include the purchase of flights or music tickets. However, under the Consumer Rights (Payment Surcharges) Regulations, firms will no longer be able to charge ‘excessive’ fees for online credit and debit card payments.

7th May 13

Limited partner national insurance contributions

Changes to business regulations happen at two common commencement dates - in April and October - each year. As well as the headline changes to redundancy consultation periods and employment tribunal procedures introduced this April, changes to national insurance contributions (NICs) for ‘sleeping and inactive’ limited partners have also been announced by HM Revenue & Customs (HMRC).

30th April 13

First phase of business bank begins

Business secretary Vince Cable first announced details of a statebacked business bank in September last year. Since then, business groups have been eager to see the initiative rolled out and put into action. April marked the launch of the first phase of funding available through the business bank, with the Government pledging £300 million to boost lending to small and medium enterprises (SMEs).

19th April 13

YOUR MONEY

Inquiry into high number and cost of whiplash claims

9th April 13

Budget 2013 round-up

Chancellor George Osborne introduced Budget 2013 as one for an ‘aspiration nation’; for those who aspire to ‘own their own home, get their first job, or start their own business.’