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Minding the Finances - 1 in 4 Small Business Owners Feels Their Mental Health Has Deteriorated From the Strain of Managing their Business Finances

January 2024: In a new survey of small businesses by Purbeck Personal Guarantee Insurance to gauge the financial and emotional resilience of owner/managers, 1 in 4 respondents (24%) said their mental health had been directly affected by the stress of managing the finances of their business in the past year. While 1 in 4 is far from positive, this is a significant improvement from 49% in the same survey last year and underlines the tenacity and resilience of small business owners, as they continue to face challenging economic headwinds.

51% of Consumers Turned to Haggling for Life’s Essentials This Year

November 2023: In a new survey of 1000 consumers underlining the impact of the cost of living crisis on shopping habits, 51% confessed they have haggled for an essential product or service this year. The survey by Purbeck Personal Guarantee Insurance, the small business champion, suggests the U.K.’s small businesses need to be on guard as 21% in the survey think it's fine to haggle when buying from an independent retailer or small business owner and a third are planning to haggle to save costs this Christmas. 

Autumn Statement – Purbeck Personal Guarantee Insurance Calls for Tax Relief Reinstatement for Landlords

November 2023: As property rental prices reach record levels according to the latest ONS  data, Purbeck Personal Guarantee Insurance is urging the Chancellor of the Exchequer, The Rt Hon Jeremy Hunt MP to reinstate the ability of landlords to set the full amount of mortgage interest against rental income, before tax is calculated.  Currently, all of the rental income made from a property is taxed. Landlords can claim back mortgage interest costs but only up to the basic income tax rate of 20 per cent.  The restriction of buy-to-let mortgage tax relief, also known as Section 24 can be avoided if a buy to let mortgage is taken in a limited company structure but this type of mortgage can be more expensive and often requires the landlord to sign a personal guarantee.

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