Business Rates And The Impact On Companies

olu-eletu-38647The increase in business rates that takes effect in April this year will see a steep rise for Small and Medium Businesses in the UK. This is already likely to present a serious problem for enterprises, and it appears the government may be forced to rethink. The negative impact on potential business growth is not welcome, particularly in light of companies dealing with various other uncertainties, which impact consumer spending, as well as considerations for future development and growth plans. SME’s account for 99% of all private sector businesses and are crucial for economic growth in the UK. Many of these may be impacted to the point of threatening their ongoing livelihood.

It is true that some businesses will experience small falls in business rates, among them giants such as Amazon and ASOS. About a third, however, will see sharp increases, some of them even expecting an immediate rise of 40%.

“The Federation of Small Business is warning that half of those facing hikes, will reduce, postpone or cancel investment, with nearly a fifth considering closing down or selling up.”

Based on the current economic climate, and with multiple uncertainties including Brexit, our team at Akoni are hopeful that the government will complete a full review prior to implementing any further policies that could negatively impact businesses.

Article from BBC News @BBCNews

Posted on 27th of February 2017

http://www.bbc.co.uk/news/business-39098801

HRH, The Duke of York, visits Akoni’s new home at Accenture’s fintech lab, the Trampery Republic!

The Trampery is a new shared workspace for creative and tech start-ups, which Akoni has the pleasure to be part of due to being selected amongst Accenture’s top 5 in the Retail banking stream for the Innovation Lab. Akoni is an innovative platform for ensuring SMEs are making the most of their cash, in an easy and simple manner, and was selected as a technology driver to improve financial returns for businesses.

As patron of the Trampery, HRH The Duke of York, came to meet some of the young businesses that are now based there. Among these are the various creative sectors as well as participants from Accenture’s largest fin tech innovation lab yet, including Akoni.

HRH was very impressed and said: “it’s fantastic to see fin tech alongside Art-Tech and so many other things. The number of skills melted in an organisation like this is hugely beneficial not just to the companies who are inside the building but to those outside too.”

Akoni is excited to be part of this project and we are maximising our time working with other innovative entrepreneurial start-ups as well as the incredible professional lab team.

See the full article in The Warf http://bit.ly/2kScHPg