Cash withdrawal charge bad for SMEs, says FSB

(2 minutes to read)

ATM withdrawal charges could have a negative impact on SMEs, with the FSB believing ‘Every pound lost to ATM charges is a pound not spent with small businesses’.

With as many as 1,700 ATMs having been converted to charge fees in March alone, the FSB believes this not only stripping communities of their free access to cash but impacting SMEs too.

Consumer group Which? found that the rate of machines being converted to charge fees appears to be on the increase.

Responding to the report, Federation of Small Businesses (FSB) National Chairman Mike Cherry, said, “In an environment where 25 million shoppers see notes and coins as a necessity, cashpoint charges are bad for business.

“Many small firms still have customers that want to pay in cash. Every pound lost to ATM charges is a pound not spent with small businesses. Charging shoppers to withdraw their own money is wrong and dampens consumer appetite, causing a drag on local growth in the process.

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“These charges often hit society’s most vulnerable: the elderly, those less able to travel and those sticking to tight budgets.

“While we’ve successfully persuaded LINK to row back on the speed and depth of cash machine funding cuts, a lot of damage has already been done.

“A regulator should now be given explicit responsibility for protecting free access to cash for as long as people want and need it. Otherwise, we risk hurtling towards a cashless society that millions are not ready for yet.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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