Latest news with #taxmanagement
Reuters
a day ago
- Business
- Reuters
IDB approves $2 billion credit line for Brazil
June 27 (Reuters) - The Inter-American Development Bank (IDB) approved a conditional credit line of $2 billion to strengthen fiscal management in Brazil, it said on Friday. The funds will go toward modernizing the South American nation's tax management processes and systems, the lender said in a statement, starting with an initial $30 million loan for the state of Amazonas.
Finextra
16-06-2025
- Business
- Finextra
Marygold rolls out bespoke business banking app
As UK SMEs face the prospect of further tax rises this Autumn, amid sluggish growth and a lukewarm public response to the recent Spending Review, Marygold & Co. has launched the UK's first bespoke business banking app designed specifically for solopreneurs and SMEs to prepare for tax management effectively. 0 With 13% of Brits stating that financial mismanagement directly contributed to a business closure, Marygold's launch comes at a pivotal moment as Treasury officials are reportedly drawing up new revenue-raising measures. These include potential increases to dividend and bank profit taxes. April's GDP contraction of 0.3%, combined with new Opinium research showing that over half of Britons expect the economic outlook to worsen in the next year, has intensified pressure on the government's fiscal plans. Meanwhile, the latest Ipsos poll reveals that nearly eight in ten people believe the amount of tax they personally pay will rise within the next 12 months. Just 19% of the public believe the Spending Review prioritised the right areas, fuelling speculation that further fiscal tightening may be required. In this challenging climate of rising costs, late payments, and inconsistent banking support, Marygold & Co. offers a much-needed alternative to outdated financial platforms - empowering business owners with smart, fee-free tools to better manage their finances and prepare for economic uncertainty. The app's key features include real-time budgeting, automated tax reserves, and tailored financial insights designed for the self-employed and small business community. This innovation comes as the banking sector faces growing scrutiny. According to SaaScada, 77% of UK banking leaders acknowledge that their organisations must modernise to better support SMEs - yet outdated systems, fragmented tools, and hidden charges remain widespread. Hidden fees alone are costing SMEs dearly: 19% report being charged undisclosed fees, averaging over £3,700 per year. In response to delayed payments, 28% of small businesses have resorted to short-term finance simply to stay afloat. Additional research from Marygold & Co. highlights how poor financial infrastructure affects small businesses at a personal level: • 16% of business owners confuse revenue with income • 12% report setbacks due to poor tax planning With business confidence at its lowest since 2022 (ICAEW), the need for clear, intuitive financial tools is more urgent than ever. Marygold & Co.'s new app is designed to solve the most common pain points reported by small businesses, including opaque fee structures, lack of budgeting tools, and no support for long-term planning. Its key features include: • Smart Tax Reserves - Automatically sets aside a portion of incoming funds to meet tax obligations • Real-Time Budgeting - Gives instant visibility over cash flow and business performance • Financial Resilience Tools - Offers automated saving prompts, behavioural nudges, and planning features • Streamlined UX - Designed to minimise complexity for time-poor users Built around actual business behaviour, the Marygold & Co. app is designed specifically for the realities of small business owners, balancing usability with financial discipline. Unlike legacy platforms, it adapts to the working rhythms of time-poor entrepreneurs, providing clarity over complexity and empowering users to make confident, informed financial decisions from day one. Matthew Parden, CEO of Marygold & Co., commented: 'Entrepreneurs are often boot strapped. Every ounce of energy goes into running the business and every penny counts. For the lucky ones who start seeing profits and surplus income after overhead costs are accounted for, they find it is often too late to create a meaningful retirement pot. This is effectively a tax on entrepreneurs who have already paid income tax, VAT, corporation tax, capital gains and many more' 'So much so that business owners have been unable to build any meaningful provision for when they stop working into pension plans or tax-free savings accounts. They are also restricted as to how much they can put into them with annual limits.' Backed by The Marygold Companies, Inc., listed on the NYSE American Exchange (MGLD), Marygold & Co. is committed to delivering a superior, accessible financial experience rooted in transparency, control and long-term value. As UK businesses face the highest tax burden in a generation, sustained late payment issues, and shrinking margins, Marygold & Co. provides a modern alternative - a tailored financial tool to help solopreneurs and SMEs not only survive, but plan, grow and thrive.
