Friday 16th February 2018 is Chinese New Year and the start of the Year of the Dog. Recent years of the Dog are: 1934, 1946, 1958, 1970, 1982, 1994, 2006, 2018.

According to Chinese tradition, those born in the Year of the Dog will be extremely loyal, honest and fair. They are also good at advising friends and helping others to find and fix their bad habits. Despite their popularity and confidence, they can be worried and anxious inside. However, they are determined and can be stubborn.

The year of one’s zodiac sign is traditionally the most unlucky year with trouble and danger lurking at every corner. There will be unforeseeable problems in work. The financial situation is quite risky. Dogs will also find it difficult to communicate with loved ones too. Dogs should think before they speak and act. For more about the Year of the Dog, visit: https://chinesenewyear2018.com/zodiac/dog/

Chinese New Year has the Business Garage team thinking about the year ahead. Here we highlight what we see as the hot topics for 2018:

  1. Optimism: 78% of UK small businesses surveyed were optimistic about the future of their business in 2018, according to a recent survey by Small Business Saturday, a campaign which champions the contributions small businesses make to local communities. Small businesses are increasingly realising the value of playing an active part in their local community.
  2. GDPR: we expect businesses to be focusing on data and how it is managed securely and appropriately in advance of the new General Data Protection Regulation on 25th May 2018. Read our article on how to prepare for this key change.
  3. Employment law changes: key changes planned for 2018 include
    • New statutory rates will be introduced in April. Statutory Sick Pay (SSP) will increase to £92.05 per week and Statutory Maternity Pay (SMP), Statutory Paternity Pay (SPP), Shared Parental Pay (ShPP) and Shared Adoption Pay (SAP) will increase to £145.18 per week.
    • Changes are planned to the taxation of termination payments. After April 2018, all notice pay will be treated as earnings and subject to tax and national insurance contributions (subject to a finalised Finance Bill). Employer NIC would then be payable on termination payments above £30,000.
  4. Technology: To target the millennial generation, businesses have embraced mobile technology, but there is so much more that can be done thanks to the rapid development of the Internet of Things, chatbots, intelligent automation and mobile payments. Find the technology which works for your business, draws customers to you and retains them through ease of site.

Joanne Bunting, Managing Director of Business Garage, comments, “2018 is already shaping up to be a fantastic year for Business Garage. Our growing team is well-trained, professional and highly effective in delivering excellent service. Our clients are thriving and we are delighted that our hard work gives them the first-class support they need to drive success.”

What is your business outlook for 2018? Is your business set up for success? Outsourcing your Business Strategy, Financial Management, HR, Marketing or Administration to trusted professionals like Business Garage can save you time and money. Call Business Garage on 01235 433099 to find out how we can help your business.

Resources:

http://www.bmmagazine.co.uk/news/small-business-optimistic-2018/

https://www.cipd.co.uk/knowledge/fundamentals/emp-law/about/legislation-updates

https://www.gov.uk/government/publications/income-tax-and-national-insurance-contributions-treatment-of-termination-payments

https://www.yourreadybusiness.co.uk/tech-trends-small-businesses-need-2018/

https://chinesenewyear2018.com/