Absolutely right. I run a small independent pub company, currently with three pubs. Our employers NI bill is going up next year by around 65%. The increase in employers NI is larger than the profit we made last year. Add in the decrease in business rates support for pubs, and the increase in the minimum wage, and we are going to have to raise prices across the board by around 6% (so, 30p on a pint) just to avoid making a loss.
The best constructed description of small businesses that I have ever heard. Small business owners are at the point that they are not making a living wage and they are being suffocated by bureaucracy. They are far more nimble and responsive than Government and value their freedom to operate above everything else. They will find ways of continuing what they enjoy, even if that means reducing the number of employees or moving their businesses to another jurisdiction. I have been running small businesses with shareholders for many years. Most of our employees are post doctoral level, they simply will not work for companies who expect them to abide by petty HR policies, even though they would be paid more. It also gives us more freedom to consider civil responsibility alongside the interests of investors. We work hard to employ and provide life skills to young STEM graduates and we provide a richer and happier working environment for everyone by doing so.
Postdoctoral life is strange indeed. The normal job application process can be mind numbingly banal, lacking imagination and foresight. Intellectual effort and precision are often unappreciated, and one is forced to write trite statements of clichés and keywords to satisfy the automated job application process. Who wants to deal with such absurdities? Not someone with a highly commended PhD from a top UK university, that's for sure. Small firms and consultancies fill the gaps.
@@davidcann8788 We barely 'do' interviews, only to the extent that we deterrmine whether we like each other. We don't have shortlists, we research who would be a good fit and is looking for employment through the people that we know. It is painless and respectful for everyone.
As someone who runs a small business - absolutely spot on. Can't afford to pay myself a wage (so got a part time job), as constantly treading water hoping one day (being far too optimistic), our MPs will come to their senses and reverse austerity so that people have more money in their pockets and they in turn spend more in the communities they live in - lifting many out of poverty and thus allowing the UK to have a thriving economy rather that the obsession with how will the City of London is doing.. Seems the Keep Britian Poor mantra of the last 40 years other than the top 10% is the norm and here to stay.
@@advocate1563 The top 5% should be left alone. The top 1% should face tax increases. And the 1% of the 1% should be taxed as high as 90% in a Keynesian mixed economy. (1% of the 1% = 0.01%)
Times change, I know, but in the 80s, our family owned and ran a small hotel, and we made 'a profit', but, after analysis, we were earning £1 an hour. But as you said, we did it because we preferred that to working for someone else.
Made £1ph. OK, at the time there were no wage laws so some people were being paid piecemeal but OK. You drew a £1ph salary each while paying for a valuable asset. I imagine you're doing quite well.
@Grandude77 I don't know anyone in the 80's on £1 hr. Oh, and Thatcher increased vat for 8 to 15% and we were paying 20% interest on our loans. Yeah, doing very well!!
Your comments about a neurotypical workforce are well observed. I worked in Silicon Valley in the 80s and 90s when I was seconded from the UK office. My very first encounter with their management style was when I was despatched to assist with a particularly urgent engineering problem. I turned up at the office 9am, sharp, and was told that the engineer I would be working with would be along directly after his ballet classes. At first I was completely wrong-footed by what seemed lack of discipline, but soon learnt that their creativeness and ability to design innovative products came from their readiness to embrace the non-neurotypical.
Now retired, I spent much of my life running small businesses both on my own and with employees. I am not suggesting that I was a great businessman but was intelligent enough to manage the complexities of the employment and tax processes. Costs are the most critical factor as output is necessarily limited by the working hours available and in a competitive market returns are similarly limited. Costs have no such limit. There appears to be a law (it needs a name!) that at the start up of a business conditions are relatively favourable and a decent wage possible (not that this materialises as the fully fledge business takes some time to fly) but over time costs increase disproportionately to market prices (commercial rents were my bete noir) and your own wage stagnates or even reduces as you attempt to keep the business going. NI increases back then would have sunk me.
To be fare, many politicians do own businesses and many manage to make their service as a politicians beneficial to their business. When you say "in Government" do you mean elected people or permanent staff ?
Richard’s got it right again. I did a tree surgery business. I didn’t like to be there by somebody else’s clock. My clock was even longer hours but that’s because I wanted to be there. I had clients to see. I love that speaking to people advising people, but I did it because I wanted to
Indeed, I make an income and It's usually below average wage. Thankfully I don't employ anyone, tried that in the past, and it increased my stress without increasing my income.
All true, been self employed (athough effectively retired now) for more than 25 years, never earned more than 20k a year in the entire time and some months, usually around Christmas, only brought in £40. I left employment where I was earning more than 36k and never regretted my decision. One thing I will point out though is that profit may be made from a business that only pays it's owner a wage, but this is likely for most to come from selling it at the point of retirement, when buildings, plant, good will, etc are sold.
The other important thing many don't understand about small businesses is cash flow is king. Many went pop in the past when the banks called in their overdraft around the monthly pay round. This leads to the other thing many don't understand, the costs are incurred often well ahead of payment so healthy banking arrangements are crucial to survival. The massive increases in energy costs, insurance and rates took many out and left many more hanging by a thread.
Having worked in accounting aspect for a few small businesses they often get away with so much unpaid stuff its incredible. The last place I worked for didnt even bother paying a fire safety bill. IMO a LOT of small businesses are well intentioned but not viable
"A LOT of small businesses are well intentioned but not viable" @@skyblazeeterno ......... but who will provide their services were they to disappear ?
I have a small Bussiness I run alone. It pays me a wage! There’s no way I could employ anyone with these costs. I refuse to work for corporations. Is rather be poor than a corporate slave and poor
Spot on. Like you I worked in an accountancy practice for 16 Years. It was rare if a client made a profit well above their own wage. People also don't understand that businesses need to make some profit to reinvest in the business, as you have to keep up with the competition, and use new technology. I have since worked in a number of small businesses as a finance manager/ director until retirement. In those businesses my sole focus was get enough money in to pay bills, wages and taxes. From my experience I know 90% of small businesses are less than 6 months away from going bust. Adding extra wage costs means go bust or reduce headcount.
The budget is net zero growth and high tax. I am self employed and own a new start limited company. I haven't borrowed money to kick start the limited company, it has to grow organically. Whilst there is so much tax and punishment of business, l will not allow the company to grow fast or big enough to employ people, it will keep me well looked after and only subcontract in self employed labour as required.
That's the only way to go ....... as a long-term freelance the idea of having other people financially dependant on me would fill me with dread. it's a great shame that self-funding a business is so difficult, you risk everything and then get taxed with no regard to the fact that your earnings are the replacement for interest lost of the money.
Many thanks for mentioning this. We've seen many high street brands go under in recent years. Lockdowns have also had an impact on many businesses as well as internet shopping. It's small businesses that bear the brunt of economic changes. Big corporation's don't mind employing people, but now I can see possible lay off's because of the budget. I'm not sure how this budget helps working people or provides growth? Perhaps someone could point it out for me.
It doesn't - the OBR agree with ykur puzzlement. Big taxes, no growth, apartheid between public and private (many SME) folk. New class wqr emerging. Watch the 54% in the private sector go for thoae gold plated public sector pensions. Should be fun.
Absolutely true, because of rises in Electricity, Interest rates & inflation in general, it made it unviable for me to run my business, I ended up subsidising the customers, you can't do that for long. Sensing that things will never get better, only worse with the Uni-Party always in charge, I shuttered up. People were gutted, they refused to believe that I ran the businesses for a wage far less than what I could have earned had I stayed in my suffocating corporate job.
Spot on, small business have very special concept background. And as a once multi-tasking small business - keeper - I can nod acknowledging, to your so true comments. Rachel Reeves has got a clue!!
Well said. We have too many career politicians and those who are economically illiterate. We need fewer laws and more politicians with experience of business life.
My experience was the exact opposite when I used to be a tradesman doing TV and satellite systems. The main reason I started my own business was because I could more than double my income by working for myself compared to working for a boss. "Profit" as you call it was a big motivator to me. Having said that, I personally know small business owners who barely survive while working long hours with a lot of stress. It infuriates me that politicians (and often the public) assume the business owners are always swimming in cash.
Absolutely on the money yet again Richard. I tried working away from home in permanent employment. Wasn't worth it, with the cost of travel, accomodation etc. Thankfully some contracts in Engineering are now outside of IR35 and I am happily working, further away from home for myself and making a small profit. The biggest bonus is I can employ my partner to do the books for me👍. Who whilst in a constant battle of living with fybromyalgia, is unemployable in the normal workplace. She can help me when she feels upto doing so. Modern politicians have no real life experience and live in the Westmonster bubble, it doesn't matter which coloured flag they wave. They are all clueless as to how this country actually works. Thanks again Richard for explaining to people the nuance of self employment/small Ltd company work in the UK👍
Yes Richard , spot on … I run a small consultancy for those reasons … to make a living doing something enjoyable , worthwhile that helps others . Maybe Reeves could have imposed 1.9% ni hike on businesses larger than say 100k t/o or over 50 employees or both?? Regds
I wish I could press the thumbs up 'like' button multiple times to show how spot on this video is.👏👏👏👍👍👍 I've worked for small businesses for a greater part of my working life (and put more effort and time into them, as well as not earn't as much as i'd of liked because of the many financial constraints placed upon my bosses - in most cases..one or two could of paid better and earnt a little less themselves but these were rarer than most people imagine) because i've often been the square peg that didn't fit the corporate round, triangular, star, whatever shaped hole they happened to have wanted me to fit. That part of this vid works both ways. For a large number of years I have believed that Tory policies only favour the largest employers or City of London style financial businesses, and for a number of years I have questioned why these companies continually get government support when they are financially able to stand on their own feet without 'our' money but small companies rarely get anything (which would enable them to grow - which I thought was every neo-liberal politician's stated aim?). Surely government should have an earnings/size/etc cut-off point below which businesses are financially - and/or otherwise - supported and which once 'stepped' over is reduced until it is unnecessary to do so anymore? But then I'm not a Neo-Liberal so not of that corrupt club. I believe that strategic industry - health, energy, water, defence, etc - should not be in private hands and should not be run for a profit. Mr Murphy, once more I applaud you and thank you for your time.
For once, a video I wholeheartedly agree with. Another point to bear in mind is that the failure rate of new small businesses is actually very high. My experience is that some confuse turnover with profit but the reality is that most, taking into account the long hours actually worked, barely provide more than a living wage. Unfortunately, the NI hike will lead to more small business failures. This is not a recipe for growth.
I got made redundant at 42. I started an accountancy practice although not fully qualified and was really a management/project accountant by experience. I loved being in control of my own destiny and running a business from marketing to sub contracting. We sold 13 years later with over 375 clients. On balance I think with tax breaks, proceeds of the sale etc. I did better than if I had stayed in industry as a management/project accountant. But mostly it was fun!
I suspect that fun @@andymoore9977 ... is a completely alien concept to the functionaries running the State apparatus ...... Including those in the Ministry of Fun.
Good summary. The other point that doesnt seem to be discussed is that Nat. insurance used to be for sick pay, that firm claimed back jn event of sickness. But Cameron changed that to be the employers responsibility, so you pay it and then still pay the sick pay. So it is just stealth tax, which is crippling effect for small business if you have staff sick ...
Another informative and incitful lesson for all your fans it is a real shame "our RR" did not study under yourself. Another thumbs down on her iliterate budget ?
Absolutely correct. Spot on. The Highlands and Islands Enterprise and Caithness Chamber of Commerce strangle business. Especially HIE. You spend so much time trying to persuade them that your projects are good ones, and should invest in them, you can get no work done. They say you can't get a green grant unless you have more than five employees. What if you don't need five employees?
Not only you dont make profit you sometimes make less than a eage as you need to invest your wage into your business. As a carpenter/furniture maker for 5 years its been difficult but im proud of what i achieved.
All true ....... I worked as a self-employed freelance for 41 years, a sole trader who used assistants paid by the day as and when required and I almost always had to pay those assistants more per hour than I earned. I lived with the insecurity of demand, both long and short term and what galled most was the inability to save in a good year to carry me over times of dearth without those savings being regarded as "earnings" and taxed as such. I was lucky and only had to resort to borrowing a couple of times but the repayments nearly crippled me, both financially and emotiionally .......... very few people know how hard it is to support yourself in the current legislative and tax environment.
I took early retirement from teaching and spent15 years doing private tuition. Stepping outside the institution was like crossing a style from the footpsth and walking across an open field. Neurotypical indeed!
As you said, 200 employees isn't really most people's idea of 'SMALL business', it's closer to a 'MEDIUM business'. Up to 50 is probably more realistic for being categoriesed as SMALL. Were there not exemptions from some employment regulations/requirements for businesses employing 25 or less in days gone by?🤔 I don't recall what they were or know if they still apply but perhaps they could/should separate these businesses from the SMEs & exempt or reduce the burden
I can confirm your theory. I set up a gym and run it for 14 years in Alicante Spain. I worked too much and earned too little but still was a very satisfying experience. What wolud be the consequences for a country's economy if this kind of entrepeneurs with 0 or 1 employeés wouldn't have to pay taxes at all? Would it be a good idea?
Every year in the New Zealand, Australia and the UK, rental property investors are given massive unjustified subsidies on GST/VAT and council rates. In NZ this totals over NZD 3 billion per year; in Australia over AUD 7 billion dollars a year and in the UK over £20b in lost annual rates and VAT revenues. How does this happen? Landlords do not pay GST/VAT on rental income and pay only residential rates on their property which is used to derive taxable income. This despite owning a rental property and collecting income being a business activity which is taxable income. How is this situation even remotely fair to all other businesses in these countries that pay their taxes and cover the shortfall not paid by property investors? It clearly isn't fair. This situation is also unfair local councils and central/state governments who are deprived of much needed tax revenues for spending on infrastructure such as libraries, water, affordable housing and public transport.
Well said I agree. I have a master’s degree, ASD, OCD and other socially frowned upon traits and run my own one-man accounting practice from home. I cannot get a job, like what I do, but do not make profits but work to make a wage. This is widespread. AUS governments acknowledge the important of small business but do everything in their power to eradicate this sector.
@DewiSant-o3y the bit I don't understand is, what are they going to do with all that stuff as no one is employed that can buy anything? The rebots are making stuff for who?
My local chippy on the promenade employs 60 part timers in summer and 35 in winter. She is going to close because she says she is going to have to pay an extra £750 per employee, so will close. I don't think she'll be the only one. This will damage our local community, it's economy and will not be forgiven nor forgotten. He stupid mistake damages others lives.
Labour's decision to raise employers' NI contributions is going to force a lot of small businesses to close. Who benefits from that? Big business. Who is Labour courting as donors? Yes. Big business. It doesn't take long to join the dots.
Government simply doesn't understand small business and probably doesn't want to, as it is sponsored and lobbied by corporate interest. The more corporate power, the less diversity in society. I wish Starmer would listen to these videos instead of McSweeney and his gang of charlatans.
David Blunkett said in a recent interview with The Times podcast that until he had moved to the Upper House and had to pay his own staff he had no idea how employment worked. So who is employing all these Office staff that Lord AllI is subsidising????
Labour's new motto? - Intende ad mediocritatem Happy to run my own business work hard but maintain my autonomy. I can take a wage of £416 a month (currently £758) or pay more tax... Sounds like a tax increase to me?
I've been brewing up a completely radical idea. We can do micro manufacturing. The service sector in this country is crowded out. There is only so much cooking of other people's dinners and doing their laundry that a country can do unless it wants to run up a huge trade deficit. What we need is low cost delivery services. If we had that infrastructure in place then what you can do is turn your double garage into a factory that runs 24/7 and is attended by computers which you program. The idea is your little factory makes one thing only, but it does so 100% by machine. All you need to do is buy the machines and set them up. Recently robots have plummeted in price. Your operation should be just as efficient as a larger factory. You send the parts you make on to others who do the next bit. You work with standardisation of parts so these things are interchangeable. The thing is, if you want to expand you just buy some more machines. These machines themselves are a bit like meccano kits. They are of modular design as well.
There is an important distinction to be made between self employment and a small business. The difference is capital: the self employed do not generally deploy capital whereas small businesses usually do. Self employed people are happy with a wage, but if you put capital into a business you also need to make a return on this capital, otherwise you would be better off investing it elsewhere. This return on capital is called profit.
THIS. Anyone thinking a small business is much different from a larger business is a little foolish and probably has never had ANY experience working in both. Still capitalists - still exploitative
Absolutely correct. After two years of running my own business my wage has dropped by 7 grand on my last position. I work in planning and built environment and am being hit by the state's utter meltdown on the back end, and the increased corruption and fraud in contracting. I'd love to take someone on to even the workload between strategy and production, but I can't because how can you teach 12 years of experience in practice? Universities don't produce useful graduates, but I'll end up spending 15k on some snot to come work for six months then be poached by the competition. Luckily though they kept the corporation tax threshold exemption so no 25% as of yet. It's a loose loose but I wouldn't go back to corporate, as you say, neurodivergency is a poison chalice.
Instead I'm in part ditching the white colour to go back to contracting. I'm second generation graduate, third generation professional in my family and it's back to the coal face for us. The 20th century was wild, man.
@@skyblazeeterno Have you tried to employ and apprentice/trainee in the last three years? Do you object to the word snot? What exactly is your problem?
I've had graduates with very good degrees from a 4 year course come to me for work experience @@skyblazeeterno ........ and I don't think any of them were suitable for the dog eat dog commercial world they were supposedly trained for, the idea of running yourself ragged for a client was utterly beyond them ....... for most occupations a degree, rather than work experience, gives people fantasies of a cloud-cuckoo land they'll never reach because it doesn't exist.
Mr Murphy, great video so far, but, you left out the costs and bureaucracy in forming a company. Politicians who want this country to run economically have shot it in the foot with the enormous rise in prices and entangled bureaucracy.
Great video. Would like to understand why people are in small businesses. Are you saying most are in business to make moderate profit? Or what they would earn if working? I think that is debatable, people in business aim to make as much profit as possible. Even if they make make profits beyond their wildest dream, they will never happily reduce that profits, and would rather always want to pass. OST to consumers as much as they can.
The other question is why employees cannot choose to become self employed. There are advantages and disadvantages for employer/employee but HMRC will not permit people choosing.
Thank you for explaining to me exactly what I do. Verbalizing my attitude to running a small business. You are completely correct. The business is run for security well-being of the team that attend. We don't run it to make profit hence the investment in stock property, talent, machinery Goodwill. The making of money is incidental to these activities. Whilst what Rachel reeves has done is purely pecunary and can be dealt with by price rises, because of the mental attributes that you allude to, I am incapable of coping with the employment law that gives workers rights on day one. How can I invite an unknown quantity into my home AKA my business and not be able to ask him to leave if all understanding doesn't quite work out?. And the other thing that you don't mention about family businesses is they are multi-generational and are built to pass on. I worry now that the business relief and the consequence with inheritance tax is far more worrying than a bit of a price rise
Another reason to become Self Employed is if like me you have a chronic illness & have to take irregular periods of time off to recover but work furiously for longer periods of time. I've had two businesses now, the first folded after the building industry collapsed in 2010/2011 following the 2008 financial crisis & the second during the pandemic when theatres were shut. During both these events despite being disproportionately affected & meeting all the criteria for help I was given none whatsoever. If I am now forced into PAYE & not given time off when my health spirals there is no place for me in this fascist society & I am sure I am not alone. As a consequence I am currently making preparations to sell everything I own & leave this insane island for good & see what the rest of the world has to offer.
Problem with the minimum wage is it gets used to tax or stop people from getting help, by making sure it takes people just over the thresholds for help. If you raise the minimum wage you have to raise the tax bar otherwise it's like inflation, if your wages go up less than inflation your losing not gaining.
Being self employed normally you earn less per hour that is for sure. I can take a minimal wage cut to pay more tax (social costs) on my wage but the first thing that happens is extra help (temporary and/or part time employees) goes away.
I agree exactly. I welcomed the increases to minimum wage but that probably needed to be offset by a reduction in employers national insurance rather than an increase. I can't see that this helps the economy and is slightly inflationary.We have a beating heart of an economy which is under strain with a lot of unproductive fat on the outside. Any surgical intervention from Reeves in the budget needed to be directed towards the fat and not the heart itself. The UK's economic heart has has been increasingly put under strain over the past decade or so as more and more has been drained off from the active economy into assets. In this context I relate the hearty to the active economy and assets as the unproductive fat. It may be a generalisation but is probably not far from reality.
Of course for government, dealing with a small number of big businesses is easier than a myriad of small ones. Don’t underestimate the impulse to make life easy for themselves.
You raise an interesting point. When the local car repair shop offers to do a cash deal, rather than putting it through the books, do you accept the cash deal, or do you tell them, "No, thanks, I'd rather pay you more, and have you declare it on your tax return"? Similarly with the plumber, the carpenter, the gardener....
No disagreement with the video. Ran a business for 10+ years for the challenge, freedom, to help my community, and definitely not for the profit levels. In my case, my biz was too dependent upon me and couldn't really be sold for a profit, but some do. When you say you didn't make a profit, Richard, surely you either sold your share of your business, still retain ownership of some of the business, or receive an income from it that allows you to do other things, like teach and youtube? It's also qualified you to earn potentially greater income, including any residual earnings, so that could be interpreted as profit above what you previously would have earned in an equivalent job.
I computed yesterday that following the budget the cost of employing a full time person on minimum wage has increased by slightly over 10%!!!!! That's roughly £1500 of pay ( attracting tax and nic) and £1000 or employers nic. I've not seen any commentators expressing the increase in those terms yet. It's a frightening burden, most likely unaffordable. By contrast, the cost of employing someone on £50k ( but no payrise), has increased by 2%.
I don’t always agree with this Chanel, but this presentation represents a very good analysis as to just how deluded the Treasury is on the decision making of the small business community.
Having control over a small business is one of the reasons people do it. But now, small businesses are being strangled by government and the outcomes look exceptionally bleak. It's not worth even starting up a small business today, because the state clearly doesn’t like you, and having a small business means controlling your destiny, which government doesn't like one bit. Gone are the days when you could open a business and feel a sense of achievement and prosperty. The state doesn't like both. Its all about control and micro-managing society toward a singular purpose.
Greedy people cannot understand people not motivated by money alone. I suggest this applies to most in Westminster as it could be argued money is the only reason they are there.
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I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Monica Lisa Payne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
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At the end of the video, the gentleman simply makes the argument for keeping people working at minimum wage. Minimum wage is not a living wage. Surprised to hear a MMT proponent making the low wage argument.
Society loses regardless whilst money leads the government. 2nd jobs, think tanks etc... Why would they be concerned by small busniess? They dont pay up like big oil/gas, Russian oligarchs etc...
Ive worked in small businesses on and off through my life - terrible for employees most of the time often breaking health and safety regs, employment laws, really prone to minimum wage for staff while the bosses never fail to roll up in a new flash car, often union unfriendly or dont even recognise them, poor progression prospect, often have nepotism,very few perks Sorry lets not idolise and idealise small business...in the end they are still capitalists
As far as the Westminster political class is concerned, there's no revolving door with the small business sector. The two major parties are sold on a model that makes their leaderships the chums, soulmates and equivalents of CEOs in the corporatocracy this nation seems set on becoming. In such context, small business is a tiresome, messy and time consuming side issue.
DWP #forced me to apply for a job in HR while sick contrary to ECHR-I mustn't be _neurotypingpool_ because HR called me "a pushy reporter" just for asking why the pay of the US owned business was so low Then I found out about the FATALITI€$ (my bad-had to edit-spelled that last word wrong)
Absolutely right. I run a small independent pub company, currently with three pubs. Our employers NI bill is going up next year by around 65%. The increase in employers NI is larger than the profit we made last year.
Add in the decrease in business rates support for pubs, and the increase in the minimum wage, and we are going to have to raise prices across the board by around 6% (so, 30p on a pint) just to avoid making a loss.
The best constructed description of small businesses that I have ever heard. Small business owners are at the point that they are not making a living wage and they are being suffocated by bureaucracy. They are far more nimble and responsive than Government and value their freedom to operate above everything else. They will find ways of continuing what they enjoy, even if that means reducing the number of employees or moving their businesses to another jurisdiction.
I have been running small businesses with shareholders for many years. Most of our employees are post doctoral level, they simply will not work for companies who expect them to abide by petty HR policies, even though they would be paid more.
It also gives us more freedom to consider civil responsibility alongside the interests of investors. We work hard to employ and provide life skills to young STEM graduates and we provide a richer and happier working environment for everyone by doing so.
Postdoctoral life is strange indeed. The normal job application process can be mind numbingly banal, lacking imagination and foresight. Intellectual effort and precision are often unappreciated, and one is forced to write trite statements of clichés and keywords to satisfy the automated job application process. Who wants to deal with such absurdities? Not someone with a highly commended PhD from a top UK university, that's for sure. Small firms and consultancies fill the gaps.
@@davidcann8788 We barely 'do' interviews, only to the extent that we deterrmine whether we like each other. We don't have shortlists, we research who would be a good fit and is looking for employment through the people that we know. It is painless and respectful for everyone.
One of your best videos. Everyone should have to watch it.
As someone who runs a small business - absolutely spot on. Can't afford to pay myself a wage (so got a part time job), as constantly treading water hoping one day (being far too optimistic), our MPs will come to their senses and reverse austerity so that people have more money in their pockets and they in turn spend more in the communities they live in - lifting many out of poverty and thus allowing the UK to have a thriving economy rather that the obsession with how will the City of London is doing.. Seems the Keep Britian Poor mantra of the last 40 years other than the top 10% is the norm and here to stay.
You insight also gives the path to growth and national prosperity. Government is in the pocket of corporate interests.
The top 5% pay 50% of direct taxation. How much more do you want them to pay? I ask as a member of the bottom 90%.
@@advocate1563 Do me a favour and show your tax return to prove you are paying 50% of your income in tax?
@@advocate1563 The top 5% should be left alone. The top 1% should face tax increases. And the 1% of the 1% should be taxed as high as 90% in a Keynesian mixed economy.
(1% of the 1% = 0.01%)
@@advocate1563 it was 90% in the 1950s and the wealthy seemed to be doing just fine back then, so let's go to 90.
Times change, I know, but in the 80s, our family owned and ran a small hotel, and we made 'a profit', but, after analysis, we were earning £1 an hour. But as you said, we did it because we preferred that to working for someone else.
Made £1ph. OK, at the time there were no wage laws so some people were being paid piecemeal but OK. You drew a £1ph salary each while paying for a valuable asset. I imagine you're doing quite well.
@Grandude77 I don't know anyone in the 80's on £1 hr. Oh, and Thatcher increased vat for 8 to 15% and we were paying 20% interest on our loans. Yeah, doing very well!!
Your comments about a neurotypical workforce are well observed. I worked in Silicon Valley in the 80s and 90s when I was seconded from the UK office. My very first encounter with their management style was when I was despatched to assist with a particularly urgent engineering problem. I turned up at the office 9am, sharp, and was told that the engineer I would be working with would be along directly after his ballet classes. At first I was completely wrong-footed by what seemed lack of discipline, but soon learnt that their creativeness and ability to design innovative products came from their readiness to embrace the non-neurotypical.
Now retired, I spent much of my life running small businesses both on my own and with employees. I am not suggesting that I was a great businessman but was intelligent enough to manage the complexities of the employment and tax processes. Costs are the most critical factor as output is necessarily limited by the working hours available and in a competitive market returns are similarly limited. Costs have no such limit. There appears to be a law (it needs a name!) that at the start up of a business conditions are relatively favourable and a decent wage possible (not that this materialises as the fully fledge business takes some time to fly) but over time costs increase disproportionately to market prices (commercial rents were my bete noir) and your own wage stagnates or even reduces as you attempt to keep the business going. NI increases back then would have sunk me.
Nobody in Govt has ever run a business. That’s the main problem, they are just professional politicians who expect to get re-elected everytime
They haven't even worked in a business.
I would suggest the poor use of professional, should have been "amature or nieve" or even CLOWN😁
To be fare, many politicians do own businesses and many manage to make their service as a politicians beneficial to their business. When you say "in Government" do you mean elected people or permanent staff ?
Richard’s got it right again. I did a tree surgery business. I didn’t like to be there by somebody else’s clock. My clock was even longer hours but that’s because I wanted to be there. I had clients to see. I love that speaking to people advising people, but I did it because I wanted to
Totally agree with all this
Indeed, I make an income and It's usually below average wage. Thankfully I don't employ anyone, tried that in the past, and it increased my stress without increasing my income.
All true, been self employed (athough effectively retired now) for more than 25 years, never earned more than 20k a year in the entire time and some months, usually around Christmas, only brought in £40. I left employment where I was earning more than 36k and never regretted my decision. One thing I will point out though is that profit may be made from a business that only pays it's owner a wage, but this is likely for most to come from selling it at the point of retirement, when buildings, plant, good will, etc are sold.
Best and most accurate analysis of most small businesses in the UK. Thank you, Richard Murphy.
The other important thing many don't understand about small businesses is cash flow is king. Many went pop in the past when the banks called in their overdraft around the monthly pay round. This leads to the other thing many don't understand, the costs are incurred often well ahead of payment so healthy banking arrangements are crucial to survival. The massive increases in energy costs, insurance and rates took many out and left many more hanging by a thread.
Having worked in accounting aspect for a few small businesses they often get away with so much unpaid stuff its incredible. The last place I worked for didnt even bother paying a fire safety bill. IMO a LOT of small businesses are well intentioned but not viable
"A LOT of small businesses are well intentioned but not viable" @@skyblazeeterno ......... but who will provide their services were they to disappear ?
Richard Murphy gets better and better
This is the best explanation of small businesses I have ever seen. Should be required viewing in so many places.
I have a small Bussiness I run alone. It pays me a wage! There’s no way I could employ anyone with these costs. I refuse to work for corporations. Is rather be poor than a corporate slave and poor
I didn't want somebody else's decisions to ruin my life, so I did it myself and got paid wayyyy less.
Spot on. Like you I worked in an accountancy practice for 16 Years. It was rare if a client made a profit well above their own wage. People also don't understand that businesses need to make some profit to reinvest in the business, as you have to keep up with the competition, and use new technology. I have since worked in a number of small businesses as a finance manager/ director until retirement. In those businesses my sole focus was get enough money in to pay bills, wages and taxes. From my experience I know 90% of small businesses are less than 6 months away from going bust. Adding extra wage costs means go bust or reduce headcount.
The budget is net zero growth and high tax. I am self employed and own a new start limited company. I haven't borrowed money to kick start the limited company, it has to grow organically. Whilst there is so much tax and punishment of business, l will not allow the company to grow fast or big enough to employ people, it will keep me well looked after and only subcontract in self employed labour as required.
That's the only way to go ....... as a long-term freelance the idea of having other people financially dependant on me would fill me with dread. it's a great shame that self-funding a business is so difficult, you risk everything and then get taxed with no regard to the fact that your earnings are the replacement for interest lost of the money.
Many thanks for mentioning this. We've seen many high street brands go under in recent years. Lockdowns have also had an impact on many businesses as well as internet shopping. It's small businesses that bear the brunt of economic changes. Big corporation's don't mind employing people, but now I can see possible lay off's because of the budget. I'm not sure how this budget helps working people or provides growth? Perhaps someone could point it out for me.
It doesn't - the OBR agree with ykur puzzlement. Big taxes, no growth, apartheid between public and private (many SME) folk. New class wqr emerging. Watch the 54% in the private sector go for thoae gold plated public sector pensions. Should be fun.
A very clear explanation of small businesses. I don't always understand or agree with your videos but this was spot on.
Used to have a small business, and you nailed it: really good summary. I wish we had more politicians with life experience outside politics.
Couldn't agree more, as an ex Chartered Accountant.
Absolutely true.
Brilliant video. I run a small business and I can vouch for everything he said.
Absolutely true, because of rises in Electricity, Interest rates & inflation in general, it made it unviable for me to run my business, I ended up subsidising the customers, you can't do that for long. Sensing that things will never get better, only worse with the Uni-Party always in charge, I shuttered up. People were gutted, they refused to believe that I ran the businesses for a wage far less than what I could have earned had I stayed in my suffocating corporate job.
I'm neurodivergent and self employed. I needed flexibility to manage my health.
Spot on, small business have very special concept background. And as a once multi-tasking small business - keeper - I can nod acknowledging, to your so true comments. Rachel Reeves has got a clue!!
First rate! It's great to hear someone who understands about small businesses!
Well said. We have too many career politicians and those who are economically illiterate. We need fewer laws and more
politicians with experience of business life.
My experience was the exact opposite when I used to be a tradesman doing TV and satellite systems. The main reason I started my own business was because I could more than double my income by working for myself compared to working for a boss. "Profit" as you call it was a big motivator to me.
Having said that, I personally know small business owners who barely survive while working long hours with a lot of stress. It infuriates me that politicians (and often the public) assume the business owners are always swimming in cash.
some ARE swimming in cash though and some ARE doing very very little work
Brilliant and spot on about the profile and motivation of the small business owner.
Perfectly correct - well said.
Absolutely on the money yet again Richard. I tried working away from home in permanent employment. Wasn't worth it, with the cost of travel, accomodation etc. Thankfully some contracts in Engineering are now outside of IR35 and I am happily working, further away from home for myself and making a small profit. The biggest bonus is I can employ my partner to do the books for me👍. Who whilst in a constant battle of living with fybromyalgia, is unemployable in the normal workplace. She can help me when she feels upto doing so. Modern politicians have no real life experience and live in the Westmonster bubble, it doesn't matter which coloured flag they wave. They are all clueless as to how this country actually works.
Thanks again Richard for explaining to people the nuance of self employment/small Ltd company work in the UK👍
Spot on ,a great video, thank you. 👍
Yes Richard , spot on … I run a small consultancy for those reasons … to make a living doing something enjoyable , worthwhile that helps others . Maybe Reeves could have imposed 1.9% ni hike on businesses larger than say 100k t/o or over 50 employees or both?? Regds
I wish I could press the thumbs up 'like' button multiple times to show how spot on this video is.👏👏👏👍👍👍
I've worked for small businesses for a greater part of my working life (and put more effort and time into them, as well as not earn't as much as i'd of liked because of the many financial constraints placed upon my bosses - in most cases..one or two could of paid better and earnt a little less themselves but these were rarer than most people imagine) because i've often been the square peg that didn't fit the corporate round, triangular, star, whatever shaped hole they happened to have wanted me to fit. That part of this vid works both ways.
For a large number of years I have believed that Tory policies only favour the largest employers or City of London style financial businesses, and for a number of years I have questioned why these companies continually get government support when they are financially able to stand on their own feet without 'our' money but small companies rarely get anything (which would enable them to grow - which I thought was every neo-liberal politician's stated aim?). Surely government should have an earnings/size/etc cut-off point below which businesses are financially - and/or otherwise - supported and which once 'stepped' over is reduced until it is unnecessary to do so anymore?
But then I'm not a Neo-Liberal so not of that corrupt club. I believe that strategic industry - health, energy, water, defence, etc - should not be in private hands and should not be run for a profit.
Mr Murphy, once more I applaud you and thank you for your time.
For once, a video I wholeheartedly agree with. Another point to bear in mind is that the failure rate of new small businesses is actually very high. My experience is that some confuse turnover with profit but the reality is that most, taking into account the long hours actually worked, barely provide more than a living wage. Unfortunately, the NI hike will lead to more small business failures. This is not a recipe for growth.
Cost of freedom for some is found in small business ownership.
One of the joys of being self-employed is not having to deal with HR. Mind you, as an actor I had the bane of casting directors to deal with.
Useful video.
Spot on. 👍 I am unemployable. Therefore I am self employed.
BINGO ! Spot on again 👍🏽
I got made redundant at 42. I started an accountancy practice although not fully qualified and was really a management/project accountant by experience. I loved being in control of my own destiny and running a business from marketing to sub contracting. We sold 13 years later with over 375 clients. On balance I think with tax breaks, proceeds of the sale etc. I did better than if I had stayed in industry as a management/project accountant. But mostly it was fun!
The sad thing is that fun doesn't register as anything worthwhile in the bureaucracies world view.
@@petermach8635 Ironically "fun" is not measurable and as an accountant I should therefore disregard it!
I suspect that fun @@andymoore9977 ... is a completely alien concept to the functionaries running the State apparatus ...... Including those in the Ministry of Fun.
Good summary. The other point that doesnt seem to be discussed is that Nat. insurance used to be for sick pay, that firm claimed back jn event of sickness. But Cameron changed that to be the employers responsibility, so you pay it and then still pay the sick pay. So it is just stealth tax, which is crippling effect for small business if you have staff sick ...
Another informative and incitful lesson for all your fans it is a real shame "our RR" did not study under yourself. Another thumbs down on her iliterate budget ?
Absolutely correct. Spot on. The Highlands and Islands Enterprise and Caithness Chamber of Commerce strangle business. Especially HIE. You spend so much time trying to persuade them that your projects are good ones, and should invest in them, you can get no work done. They say you can't get a green grant unless you have more than five employees. What if you don't need five employees?
Not only you dont make profit you sometimes make less than a eage as you need to invest your wage into your business. As a carpenter/furniture maker for 5 years its been difficult but im proud of what i achieved.
All true ....... I worked as a self-employed freelance for 41 years, a sole trader who used assistants paid by the day as and when required and I almost always had to pay those assistants more per hour than I earned. I lived with the insecurity of demand, both long and short term and what galled most was the inability to save in a good year to carry me over times of dearth without those savings being regarded as "earnings" and taxed as such. I was lucky and only had to resort to borrowing a couple of times but the repayments nearly crippled me, both financially and emotiionally .......... very few people know how hard it is to support yourself in the current legislative and tax environment.
great video
I took early retirement from teaching and spent15 years doing private tuition. Stepping outside the institution was like crossing a style from the footpsth and walking across an open field. Neurotypical indeed!
As you said, 200 employees isn't really most people's idea of 'SMALL business', it's closer to a 'MEDIUM business'.
Up to 50 is probably more realistic for being categoriesed as SMALL.
Were there not exemptions from some employment regulations/requirements for businesses employing 25 or less in days gone by?🤔 I don't recall what they were or know if they still apply but perhaps they could/should separate these businesses from the SMEs & exempt or reduce the burden
I can confirm your theory. I set up a gym and run it for 14 years in Alicante Spain. I worked too much and earned too little but still was a very satisfying experience. What wolud be the consequences for a country's economy if this kind of entrepeneurs with 0 or 1 employeés wouldn't have to pay taxes at all? Would it be a good idea?
Every year in the New Zealand, Australia and the UK, rental property investors are given massive unjustified subsidies on GST/VAT and council rates. In NZ this totals over NZD 3 billion per year; in Australia over AUD 7 billion dollars a year and in the UK over £20b in lost annual rates and VAT revenues.
How does this happen? Landlords do not pay GST/VAT on rental income and pay only residential rates on their property which is used to derive taxable income. This despite owning a rental property and collecting income being a business activity which is taxable income.
How is this situation even remotely fair to all other businesses in these countries that pay their taxes and cover the shortfall not paid by property investors? It clearly isn't fair.
This situation is also unfair local councils and central/state governments who are deprived of much needed tax revenues for spending on infrastructure such as libraries, water, affordable housing and public transport.
Well said I agree. I have a master’s degree, ASD, OCD and other socially frowned upon traits and run my own one-man accounting practice from home. I cannot get a job, like what I do, but do not make profits but work to make a wage. This is widespread. AUS governments acknowledge the important of small business but do everything in their power to eradicate this sector.
I watch this bloke BECAUSE I don't agree with him, but this video he is spot on, apart from the part about minimum wage......
@DewiSant-o3y the bit I don't understand is, what are they going to do with all that stuff as no one is employed that can buy anything?
The rebots are making stuff for who?
@DewiSant-o3y I don't believe what you're talking about will ever happen, though. That's what history tells me anyway.
Could you do a survey to get evidence for your contention or get someone else to do it?
My local chippy on the promenade employs 60 part timers in summer and 35 in winter. She is going to close because she says she is going to have to pay an extra £750 per employee, so will close. I don't think she'll be the only one. This will damage our local community, it's economy and will not be forgiven nor forgotten. He stupid mistake damages others lives.
Labour's decision to raise employers' NI contributions is going to force a lot of small businesses to close. Who benefits from that? Big business. Who is Labour courting as donors? Yes. Big business. It doesn't take long to join the dots.
Government simply doesn't understand small business and probably doesn't want to, as it is sponsored and lobbied by corporate interest. The more corporate power, the less diversity in society. I wish Starmer would listen to these videos instead of McSweeney and his gang of charlatans.
We got millionaires begging to be taxed more and she chooses this 🤯 why is it always the little
Guys that pay the price for our Corporatocracy?
David Blunkett said in a recent interview with The Times podcast that until he had moved to the Upper House and had to pay his own staff he had no idea how employment worked. So who is employing all these Office staff that Lord AllI is subsidising????
Labour's new motto? - Intende ad mediocritatem Happy to run my own business work hard but maintain my autonomy. I can take a wage of £416 a month (currently £758) or pay more tax... Sounds like a tax increase to me?
I've been brewing up a completely radical idea. We can do micro manufacturing. The service sector in this country is crowded out. There is only so much cooking of other people's dinners and doing their laundry that a country can do unless it wants to run up a huge trade deficit. What we need is low cost delivery services. If we had that infrastructure in place then what you can do is turn your double garage into a factory that runs 24/7 and is attended by computers which you program. The idea is your little factory makes one thing only, but it does so 100% by machine. All you need to do is buy the machines and set them up. Recently robots have plummeted in price. Your operation should be just as efficient as a larger factory. You send the parts you make on to others who do the next bit. You work with standardisation of parts so these things are interchangeable. The thing is, if you want to expand you just buy some more machines. These machines themselves are a bit like meccano kits. They are of modular design as well.
There is an important distinction to be made between self employment and a small business. The difference is capital: the self employed do not generally deploy capital whereas small businesses usually do. Self employed people are happy with a wage, but if you put capital into a business you also need to make a return on this capital, otherwise you would be better off investing it elsewhere. This return on capital is called profit.
THIS. Anyone thinking a small business is much different from a larger business is a little foolish and probably has never had ANY experience working in both. Still capitalists - still exploitative
@@skyblazeeternoYou think making a return on your capital is exploitative ?
Where do you invest your savings ?
@@julianhammond6713 it's the nature of capitalism to exploit workers
@@julianhammond6713 looks like my reply got deleted. Capitalism exploits workers
Absolutely correct. After two years of running my own business my wage has dropped by 7 grand on my last position. I work in planning and built environment and am being hit by the state's utter meltdown on the back end, and the increased corruption and fraud in contracting. I'd love to take someone on to even the workload between strategy and production, but I can't because how can you teach 12 years of experience in practice? Universities don't produce useful graduates, but I'll end up spending 15k on some snot to come work for six months then be poached by the competition. Luckily though they kept the corporation tax threshold exemption so no 25% as of yet. It's a loose loose but I wouldn't go back to corporate, as you say, neurodivergency is a poison chalice.
Instead I'm in part ditching the white colour to go back to contracting. I'm second generation graduate, third generation professional in my family and it's back to the coal face for us. The 20th century was wild, man.
"... I'll end up spending 15k on some snot to come work..." wow such a bad attitude
@@skyblazeeterno Have you tried to employ and apprentice/trainee in the last three years? Do you object to the word snot? What exactly is your problem?
I've had graduates with very good degrees from a 4 year course come to me for work experience @@skyblazeeterno ........ and I don't think any of them were suitable for the dog eat dog commercial world they were supposedly trained for, the idea of running yourself ragged for a client was utterly beyond them ....... for most occupations a degree, rather than work experience, gives people fantasies of a cloud-cuckoo land they'll never reach because it doesn't exist.
@@zefriend3 what's my problem? Your obvious bad and condescending attitude
Mr Murphy, great video so far, but, you left out the costs and bureaucracy in forming a company. Politicians who want this country to run economically have shot it in the foot with the enormous rise in prices and entangled bureaucracy.
well said
It makes you wonder who Labour is taking advice from. It sounds like no experts from small businesses, were involved in the decision making process.
Spot on. The establishment have no comprehension of profit when it comes to small businesses.
Great video.
Would like to understand why people are in small businesses.
Are you saying most are in business to make moderate profit? Or what they would earn if working?
I think that is debatable, people in business aim to make as much profit as possible. Even if they make make profits beyond their wildest dream, they will never happily reduce that profits, and would rather always want to pass. OST to consumers as much as they can.
Same is true of many charities. The charity raises £50k, founder takes out a salary of £30k. The founder couldn't get a job earning £30k.
So we get a rise in Inflation and/or a rise in unemployment? Where does the growth come from!
The other question is why employees cannot choose to become self employed. There are advantages and disadvantages for employer/employee but HMRC will not permit people choosing.
Thank you for explaining to me exactly what I do. Verbalizing my attitude to running a small business. You are completely correct. The business is run for security well-being of the team that attend. We don't run it to make profit hence the investment in stock property, talent, machinery Goodwill. The making of money is incidental to these activities. Whilst what Rachel reeves has done is purely pecunary and can be dealt with by price rises, because of the mental attributes that you allude to, I am incapable of coping with the employment law that gives workers rights on day one. How can I invite an unknown quantity into my home AKA my business and not be able to ask him to leave if all understanding doesn't quite work out?.
And the other thing that you don't mention about family businesses is they are multi-generational and are built to pass on. I worry now that the business relief and the consequence with inheritance tax is far more worrying than a bit of a price rise
Another reason to become Self Employed is if like me you have a chronic illness & have to take irregular periods of time off to recover but work furiously for longer periods of time. I've had two businesses now, the first folded after the building industry collapsed in 2010/2011 following the 2008 financial crisis & the second during the pandemic when theatres were shut. During both these events despite being disproportionately affected & meeting all the criteria for help I was given none whatsoever. If I am now forced into PAYE & not given time off when my health spirals there is no place for me in this fascist society & I am sure I am not alone. As a consequence I am currently making preparations to sell everything I own & leave this insane island for good & see what the rest of the world has to offer.
Employed = depression. Self employed = stress.
Problem with the minimum wage is it gets used to tax or stop people from getting help, by making sure it takes people just over the thresholds for help. If you raise the minimum wage you have to raise the tax bar otherwise it's like inflation, if your wages go up less than inflation your losing not gaining.
Being self employed normally you earn less per hour that is for sure. I can take a minimal wage cut to pay more tax (social costs) on my wage but the first thing that happens is extra help (temporary and/or part time employees) goes away.
I agree exactly. I welcomed the increases to minimum wage but that probably needed to be offset by a reduction in employers national insurance rather than an increase. I can't see that this helps the economy and is slightly inflationary.We have a beating heart of an economy which is under strain with a lot of unproductive fat on the outside. Any surgical intervention from Reeves in the budget needed to be directed towards the fat and not the heart itself. The UK's economic heart has has been increasingly put under strain over the past decade or so as more and more has been drained off from the active economy into assets. In this context I relate the hearty to the active economy and assets as the unproductive fat. It may be a generalisation but is probably not far from reality.
Of course for government, dealing with a small number of big businesses is easier than a myriad of small ones. Don’t underestimate the impulse to make life easy for themselves.
I run an airbnb as a side hustle. When I figure out the cost of my time it is really not worth it
I've a feeling the employers NI wouldn't have gone up if so many small businesses didn't avoid tax at such high rates.
You raise an interesting point. When the local car repair shop offers to do a cash deal, rather than putting it through the books, do you accept the cash deal, or do you tell them, "No, thanks, I'd rather pay you more, and have you declare it on your tax return"? Similarly with the plumber, the carpenter, the gardener....
No disagreement with the video. Ran a business for 10+ years for the challenge, freedom, to help my community, and definitely not for the profit levels. In my case, my biz was too dependent upon me and couldn't really be sold for a profit, but some do. When you say you didn't make a profit, Richard, surely you either sold your share of your business, still retain ownership of some of the business, or receive an income from it that allows you to do other things, like teach and youtube? It's also qualified you to earn potentially greater income, including any residual earnings, so that could be interpreted as profit above what you previously would have earned in an equivalent job.
I computed yesterday that following the budget the cost of employing a full time person on minimum wage has increased by slightly over 10%!!!!! That's roughly £1500 of pay ( attracting tax and nic) and £1000 or employers nic. I've not seen any commentators expressing the increase in those terms yet. It's a frightening burden, most likely unaffordable. By contrast, the cost of employing someone on £50k ( but no payrise), has increased by 2%.
At last someone agrees with me. I used to earn an income. I was not a tycoon! It's hard to convince some people.
I don’t always agree with this Chanel, but this presentation represents a very good analysis as to just how deluded the Treasury is on the decision making of the small business community.
There should be a small business department in government.
Having control over a small business is one of the reasons people do it. But now, small businesses are being strangled by government and the outcomes look exceptionally bleak.
It's not worth even starting up a small business today, because the state clearly doesn’t like you, and having a small business means controlling your destiny, which government doesn't like one bit.
Gone are the days when you could open a business and feel a sense of achievement and prosperty. The state doesn't like both. Its all about control and micro-managing society toward a singular purpose.
Greedy people cannot understand people not motivated by money alone. I suggest this applies to most in Westminster as it could be argued money is the only reason they are there.
Given the persisting global economic crisis, it's essential for individuals to focus on diversifying their income streams independent of governmental reliance. This involves exploring options such as stocks, gold, silver, and digital currencies. Despite the adversity in the economy, now is an opportune moment to contemplate these investment avenues.
The pathway to substantial returns doesn't solely rely on stocks with significant movements. Instead, it revolves around effectively managing risk relative to reward. By appropriately sizing your positions and capitalizing on your advantage repeatedly, you can progressively work towards achieving your financial goals. This principle applies across various investment approaches, whether it be long-term investing or day trading.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 2years+ and I've netted over 2.8million.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Monica Lisa Payne who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Monica has the appearance of being a great authority in her profession. I looked her up online and found her website, which I reviewed and went through to learn more about her credentials, academic background, and employment. She has a fiduciary duty to protect my best interests. I sent her an email outlining my objectives and also booked a session with her; thanks for sharing.
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Wow, what a coincidence, I’ve been hearing about her from different people. Who exactly is this Melissa Jonas Richard?
she’s a highly respected investment advisor. What makes her stand out is her ability to predict market trends accurately. She’s been verified by many top bodies like the SEC and FCA, CoinTelegraph, the Financial Times, even Nasdaq Experts. Her reputation is solid and she always keeps you informed about market trends. I’ve personally seen amazing returns! You can totally trust her!
At the end of the video, the gentleman simply makes the argument for keeping people working at minimum wage. Minimum wage is not a living wage. Surprised to hear a MMT proponent making the low wage argument.
Society loses regardless whilst money leads the government. 2nd jobs, think tanks etc... Why would they be concerned by small busniess? They dont pay up like big oil/gas, Russian oligarchs etc...
Ive worked in small businesses on and off through my life - terrible for employees most of the time often breaking health and safety regs, employment laws, really prone to minimum wage for staff while the bosses never fail to roll up in a new flash car, often union unfriendly or dont even recognise them, poor progression prospect, often have nepotism,very few perks Sorry lets not idolise and idealise small business...in the end they are still capitalists
As far as the Westminster political class is concerned, there's no revolving door with the small business sector. The two major parties are sold on a model that makes their leaderships the chums, soulmates and equivalents of CEOs in the corporatocracy this nation seems set on becoming. In such context, small business is a tiresome, messy and time consuming side issue.
Tell Racheal Thieves…..great vid
DWP #forced me to apply for a job in HR while sick contrary to ECHR-I mustn't be _neurotypingpool_ because HR called me "a pushy reporter" just for asking why the pay of the US owned business was so low Then I found out about the FATALITI€$ (my bad-had to edit-spelled that last word wrong)
is it possible that Rachel Reeves does understand but had to choose this as the other options weren't on the table.