What does the 2016 budget mean for business?

This March, the Chancellor has presented his Budget to Parliament. Here’s our summary of what the 2016 budget contained and what this means for business.

It’s been estimated that approximately 600,000 small companies will pay no business rates from next April, the Chancellor has announced. Additionally, the overall burden of business rates is set to fall by £6.7billion over the next five years.

It’s also estimated that small firms can be set to save £6,000 a year. Other measures included a cut in the higher rate of Capital Gains Tax from 28 per cent to 20 per cent. The basic rate will fall from 18 per cent to 10 per cent.

Class 2 National Insurance contributions will be abolished for 3.4 million self-employed people. And two new £1,000 a year tax-free allowances will be introduced to help “micro entrepreneurs” who sell services online or rent out rooms.

Business rates

After campaigns fighting hard for business rates reform there has been an announcement of reliefs and the creation of a business rates roadmap to create “a level playing field for businesses”. The chancellor announced a new £15,000 threshold for small business rate relief, more than double the previous level of £6,000. He also increased the higher rate from £18,000 to £51,000, and said the changes mean 600,000 small firms will pay no business rates at all.

Tax allowances and NICs, online allowances and higher rates

The self-employed will soon no longer have to pay class 2 national insurance contributions as it is to be abolished from April 2018. The chancellor is also raising the threshold for paying income tax to £11,500 by 2017. The threshold for paying the higher rate of tax is also to be raised, from £43,000 to £45,000 in the tax year 2017/18.

New £1,000 online allowances for people who rent out their homes and make money through sharing economy platforms are to be introduced. The chancellor said no forms or paperwork were needed but was a part of bringing the tax system into the digital age.

A surplus by 2019-20

This year the deficit will have been cut by almost two thirds from its peak. Over the next 4 years, the deficit will have been eliminated and the government will be running a surplus – where more tax is raised than is spent.

To help achieve this, there will be a further £3.5 billion of savings from departmental spending in 2019-20, less than 50p in every £100 the government spends. There will be an efficiency review to inform future spending decisions.

Sugar Tax

A new sugar tax on the soft drinks industry to be introduced in two years’ time, raising £520m a year to be spent on doubling funding for primary school sport in England. The levy is to be calculated on levels of sugar in sweetened drinks produced and imported.

Pure fruit juice and milk-based drinks to be excluded and small suppliers will be exempt

Freeze on duty

Fuel duty to be frozen at 57.95p per litre for sixth year in a row. Beer, cider, and spirits duties to be frozen. Inflation rise in duties on wine and other alcohol. Excise duties on tobacco to rise by 2% above inflation.

Businesses For Sale, £10,000 or less – Profitable, Cheap Businesses For Sale

£1, Original Luxury e-commerce designer eyewear, Website only

Original Luxury is an e-commerce designer eyewear retail business, currently located at our client’s home address in Peterborough, with a growing nationwide client base, allowing it to be re-located to anywhere within the UK, if required

£9,995, Car Accessory Business For Sale, Denton, Leasehold

Motormate provide a motor accessories service which has been established for over 35 years ago. Our client has reluctantly offered this business to the market for a genuine sale due to a well-deserved retirement.

£9,995, Popular Ladies Only Gym, Cardiff, Leasehold

This business that comes with an enviable reputation was established in 2007 and has been in our clients’ careful ownership since 2013. Only now is the business being offered to the market due to our clients’ desire to concentrate on other business ventures. The business operates 5½ days per week and generates a turnover in the region of £24,000 per annum, with a good gross profit.

£10,000, Large Pet Shop For Sale, Manchester, Leasehold

Paws n Claws has been established since 2000 and owned by our client since 2014. The business is popular around the local area and experiences a high footfall.

£5,995, Sports Shop For Sale, Cumbria, Leasehold

This business is Cumbria’s one stop rugby shop owned by Dave Farrell, England Masters Rugby League International. Farrell Sports is extremely well respected within the industry with a loyal customer base.

£9,995, Popular Hair Salon For Sale, Doncaster, Leasehold

We’re delighted to welcome to the market this well-established and popular unisex hair salon in Doncaster, South Yorkshire. The business was established 25 years ago and has been in our client’s careful ownership since 2011. Only now is the business being offered to the market due to our client’s family commitments. The business operates 5 days per week and generates a turnover in the region of £33,000 per annum, with a good gross profit.

£5,995, Thriving Groundworks Business, Andover, Business only 

This well-established groundwork’s business was started by our client in 1986 and has been run very successfully since. Our client is well known within the area and has one employee who is close to retirement age. Our client specialises in all types of groundwork including block paving, walling, Tarmacadam, concrete, drain works and asphalt laying.

£10,000, Re-Locatable Kitchen, Bedroom and Bathroom Business For Sale, Utoxeter’ Business only

This business was established by our client over 30 years ago and is only now offered to the market due to personal reasons. The business is open as and when required and generates a turnover in the region of £39,200 with a gross profit of 57%. Our client specialises in bespoke kitchens, bedrooms and bathrooms, along with an installation service. Our client goes to great lengths to ensure customer satisfaction and has an excellent reputation within the area, as well as being renowned for offering a high quality service; therefore benefitting from a loyal customer base and word of mouth referrals.

£9,950, Long Established Barbers for Sale, Newark-on-Trent, Leasehold

This long established business was originally founded by our client in 1962 and only now does the business come to the market as our client looks towards a well-deserved retirement.

The business currently reports a turnover in the region of £9,480, with a gross profit of 99%. The business has seen a much higher turnover in previous years, but due to our clients impending retirement the business is run at a pace to suit and has ceased offering a wet shave service which has been extremely popular.

£9,950, Busy Off Licence Business, Worcester, Leasehold

The business operates 5½ days per week and generates a turnover in the region of £24,000 per annum, with a good gross profit. Our client offers a wide range of craft beers, real ales, local ciders, fruit wines and much more. The business is the only craft beer and real ale shop within the city with 115 different beers, 26 ciders and local liquors. The property boasts a large sales and display area, which is fitted to a high standard to suit the trade. The business has built up an excellent reputation within the area for the high quality of the goods and services offered, which has resulted in a loyal client base, with a good volume of repeat trade and word of mouth recommendations.

Can’t find what your looking for? For more cheap businesses for sale, get in touch!
Call our sales team today to arrange a viewing on 0845 519 8809

 

All prices correct 24/03/2016

 

Butcher’s for sale with National Butchers’ Week

National Butchers’ Week

This year, National Butchers’ Week is running from the 14th to the 20th March 2016. This important week aims to promote independent butchers and encourage more consumers to consider their local butcher as their first port of call for their meat purchases. A good butcher will provide their customers with in-depth knowledge on everything from cooking times, to cuts and menu suggestions.

Butchers are now in a unique position to capitalise on customers’ desire to shop away from mainstream supermarkets. A current trend in saving cash by recreating the dining out experience at home has seen butchers sales increase. Many butchers now also supply restaurants directly and are ideally placed to capitalise on the trend of eating locally sourced cuts of meat.

Butchers everywhere will be holding events to showcase the knowledge they have to offer as well as information about getting value for money.

Tim Trent’s prime cut of business

Tim Trent has been in the meat trade for around 30 years now, after starting as a Saturday boy and advancing to become a fully qualified Butcher by the age of 17.

Working from Slaughter House, boning halls, wholesale, Retail, Catering and a manager of shops at a very young age, it’s safe to say he knows the meat industry inside out.

Tim started his own successful business in 2008. Ensuring that his customers receive the best possible shopping experience and providing excellent service as well as the best value for money was a priority for Tim.

Despite a rapid expansion over the following years, Tim ensured that his customers continue to receive the best possible experience and have in fact benefited from this by reasonable unitary prices.

Fast forward to 2015 and the success of Trent’s Traditional Meats Ltd has resulted in the need for Tim to expand. When looking for new premises Tim turned to Hilton Smythe and soon found his first opportunity in Weston-super-Mare. It didn’t take long for Tim and his wife Cindy to set up shop in King Williams Quality Meats. The story doesn’t end here.

Later in 2015 the pair found a listing in Swindon that also too their fancy. After contacting Hilton Smythe, Tim and Cindy were booked in for a viewing with the intention of ‘taking a gander’. The viewing must have been a success as in October 2015 Hilton Smythe helped the couple in the purchase of their second butchers, Mike McGuire Family Butchers.

We would like to wish Tim and Cindy the best of luck in their business.

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www.trentstraditionalmeats.com

If you’d like to see some of our latest butcher’s for sale, click here.

 

Looking for a Business Mortgage? Lending has reached a 7 year high.

Mortgage lending reaches seven-year high

Mortgage lending has hit the highest level in seven years as rates from UK banks have remained at record lows.

According to the British Bankers Association show gross mortgage lending reached £12.9bn in October, up 26% from a year ago and the highest level since August 2008. This was also up 8% on September’s total of £20.1bn.

Those who never could can now consider a business mortgage to fund a venture thanks to some of the most competitive deals in the last 8 years.

What does this mean for business owners?

Thinking about selling your business? Gross mortgage lending is on the up. This news means that there are potentially more buyers out there looking for a freehold business. Now that more people are being approved for mortgages than at any other point in the last seven years more people are considering buying their own business.

Re-mortgage rates are on the up too. Seen as an easy way to release some capital, a re-mortgage can be an attractive option. With total lending the highest since July 2008, advancing £23.6bn, re-mortgaging could also result in a better deal for you.

Re-mortgaging increased by 34 per cent as homeowners moved to more attractive deals in the low-rate environment.

Mark Carney, governor of the Bank of England, has suggested that rates could stay at a record low of 0.5 per cent until 2017.

Overall borrowing is also on the up which is good news for businesses. Consumer borrowing through high street banks’ credit cards grew at an annual rate of 5 per cent in October, surpassing the growth rate of other credit card issuers in the market at 3.9 per cent.

The BBA said the real estate sector has been actively reducing bank borrowing over the past three years, while high street lenders have been disposing of property loans.

Hilton Smythe complaints handling advice. Separating the truth from the trough.

Do reviews and complaints really matter when finding your perfect business? This is our very own guide ‘Hilton Smythe Complaints handling advice’ where we talk you through techniques helping you to separate the truth from the trough.

Hearing complaints from customers can be difficult for any business owner to swallow. It can often be upsetting to hear about your hard work being subject to a complaint being made about you or your business.

When you’re buying an existing business, you inherit it’s past reviews too. Inheriting bad reviews or a bad perception from the public can be difficult to deal with. For some, the solution may be a complete re-brand. Although an expensive option, a re-brand can attract new customers and alleviate you of any negative reviews. Often customers are reassured just by the fact the business is now under ‘new management’.

If a re-brand isn’t an option, you can consider responding to complaints as a marketing opportunity by making a song and dance about a change in company standards and ownership. Apologising and inviting those who didn’t quite receive the customer experience they expected back, as an opportunity to make things right, may help put the record straight.

Unfortunately, you may encounter those who use third-party websites in an attempt to maliciously damage your business. When talking complaints the phrase “the customer is always right”, known for being the motto of Mr Selfridge, often comes to mind. But what can you do when damaging reviews appear from people you’ve never dealt with? Well besides legal proceedings, there are platforms out there that will only allow verified customers to post reviews.

It’s inevitable that as your business grows, so will complaints; no business can please everyone all of the time. (Although looking at some of our latest reviews, you could argue Hilton Smythe come pretty close!) It’s a good idea to have an accessible complaints procedure in order to deal with these complaints.

It’s also a good idea to keep a record of any complaints. A complaint made over the phone can be recorded and used for training purposes. This proves a valuable tool when it comes to training new employees. Some scenario orientated training can be based on genuine complaints and also act as a valuable tool for customer facing businesses.

Talk about complaints and negative reviews can be more than enough to discourage businesses from trading! Instead, take a view of the likes of TripAdvisor as an opportunity for a bit of free publicity. There’s no harm in asking your customers to leave a review if you believe in the service being delivered.

Hilton Smythe have recently joined Feefo, a review site that uses a process which will only allow genuine reviews from real customers. We recommend you set something like this up yourself. There are many of these impartial review sites around, Feefo and Trustpilot to name a few.

Take a look at our comprehensive Hilton Smythe complaints procedure here.

You may also be a member of a trade body. For example, Hilton Smythe complaints procedures are guided by our membership to the Property Ombudsman’s code of conduct. Check your trade body to see if they can help.

To see some reviews from some of our customers click here.