It can be tough running an SME business. You may be smaller and more flexible than some monoliths which been around for decades but you still have to cover all of the day-to-day business operations without the support infrastructure which a larger business can bring. HR, IT, marketing and social media; those working in SMEs may well have to wear many hats or call for external expertise.
Perhaps that’s why a recent report from online freelance company People per Hour reveals that nearly two thirds of SMEs now call on freelancers to fill positions such as design and software, marketing and social media. In a way this is a logical extension of the standard practice in business to appoint external professionals such as solicitors, accountants and tax advisers who can bring their expertise to bear on helping SMEs to finalise their accounts and maximise their tax opportunities.
But whilst SMEs face many challenges, there are also many opportunities available. For example, Innovate UK has recently announced a competition to identify innovation projects in manufacturing and/or materials. With a closing date of 6th July, Innovate UK is looking to invest up to £15 million on relevant projects that lead to increased UK SME productivity, and growth. With SMEs being the beneficiaries of this competition, all entrants need to be either SMEs or a conglomeration of businesses which includes at least one SME.
If you would like to speak to a tax adviser about SME taxation, please contact Newshams Tax Advisers on 0800 211 8657 or email us at firstname.lastname@example.org.