Pinfields - News

Man Jailed for Hiding Assets and Breaching Bankruptcy Rules A businessman has been jailed for more than four years after hiding assets, illegally acting as a company director, and obtaining over £100,000 in credit while still subject to bankruptcy restrictions.

Government Borrowing Jumps – Are Tax Rises on the Way This Autumn? UK government borrowing was £20.7 billion for June, according to new figures from the Office for National Statistics (ONS) - an increase of £6.6 billion compared to the same month last year.

Smoother UK Trading Ahead: Reforms to Internal Market Act Planned New government reforms to the UK Internal Market Act aim to make it easier for businesses to trade across England, Scotland, Wales and Northern Ireland - with less friction and more certainty.

UK Economy: Growth Falters, Inflation Rises – Practical Takeaways for Business Owners Business owners across the UK are facing an increasingly complex economic picture. Inflation has crept up again and recent figures show the economy has contracted for two months in a row. So, what’s really going on - and what should you be doing as a business owner?

Employment Rights Bill: New Measures Announced for NDAs and Bereavement Leave for Pregnancy Loss The Employment Rights Bill is currently making its way through Parliament, and some important amendments have been announced that employers will want to be aware of.

Where Did the Money Go? If you’ve ever reached the end of a busy month wondering where your profits have gone, you’re not alone. For many small business owners, cash seems to disappear faster than it arrives.

Big Changes Could Be Coming to Parental Leave – What Employers Should Know The government has launched a full review of the UK’s parental leave and pay system, aiming to make it fairer, simpler and better suited to the needs of modern families.

New Industrial Strategy to Slash Energy Bills and Back British Business The UK Government has launched a major 10-year Industrial Strategy aimed at cutting business costs, creating over 1.1 million good skilled jobs, and making the UK a world leader in clean, competitive industries.

Earning Extra Income? You Might Need to File a Tax Return – Here’s What to Know If you earn extra income from a side hustle, you could be legally required to register for Self Assessment and complete a tax return - and it’s better to get ahead of it now, rather than wait until the January deadline.

Government Targets £7.5 Billion in Unpaid Tax - Focus on Business Compliance The government has announced plans to raise an additional £7.5 billion by stepping up efforts to close the tax gap - the difference between the tax HMRC expects to collect and what is actually paid.

No Change for the Bank of England Base Rate The Monetary Policy Committee (MPC) has decided to keep the Bank of England base rate at 4.25% following its latest review last Thursday.

Hiring Slows as Costs Rise New data from the Office for National Statistics suggests that UK businesses are continuing to slow down recruitment, with job vacancies falling by 63,000 between March and May.

Emissions Cutting Trial to Benefit Hospitality Businesses The government has published details of a new emissions cutting trial that could benefit UK pubs, cafes, restaurants and hotels.

Named and Shamed: Employers Failing to Pay Minimum Wage In its latest round of investigations, HM Revenue and Customs (HMRC) have named 518 employers who have failed to pay the National Living or National Minimum Wage correctly to their staff.

When is Diversification a Good Business Strategy? It’s long been said that putting all your eggs in one basket is risky. Many small business owners may fear that risk of becoming a reality.

What Should You Do If You’re the Victim of a Data Breach There has been much media attention on the recent cyber-attacks affecting high street retailers. If you or your business is a customer of these businesses, you may have received communications alerting you to the fact that your data was included in the breach. If so, you may be wondering what you should do to protect yourself.

What the New UK-EU Deal Could Mean for Your Business The UK government has agreed a new trade deal with the European Union, aimed at making it easier to do business across the Channel. This follows recent agreements with the US and India and is being presented as part of a wider effort to support jobs and help businesses grow.

New Free HSE Tool Helps Employers Tackle Work-Related Stress Last week was Mental Health Awareness Week, and to mark the occasion, the Health and Safety Executive (HSE) launched a free online learning module to help employers better understand and manage work-related stress in their teams.

New Immigration Changes: What Businesses Need to Know The government announced major changes last week to the immigration system as part of its plan to reduce net migration and encourage more home-grown skills. If you run a business, even if you don’t currently recruit from overseas, it’s worth understanding what’s changing and how it could affect your future hiring plans.

Don’t Miss Out: Parents of Teenagers Need to Extend Child Benefit by 31 August If you’re a parent of a 16 to 19-year-old who’s staying in full-time education or training, HM Revenue and Customs (HMRC) is reminding families to extend their Child Benefit claim by 31 August to avoid the payments stopping altogether.

What the New Planning Reforms Could Mean for Your Business The government has published its Impact Assessment on the Planning and Infrastructure Bill, which indicates benefits to the economy of potentially up to £7.5 billion over the next decade.

UK-India Trade Deal Set to Unlock Major Export Opportunities for UK Businesses The UK and India signed a new trade agreement last week that will reduce tariffs and open up one of the world’s fastest-growing markets to British businesses. The deal – described by the government as the most significant bilateral trade agreement since Brexit – is expected to boost trade by £25.5 billion a year by 2040.

New Rules Aim to Curb Sudden Bank Account Closures From April 2026, banks and payment service providers will face stricter rules around how and when they can close customer accounts, under new legislation aimed at improving transparency and giving people and small businesses more time to respond to account closures.

AI Adoption on the Rise Among Small Businesses: A Boost for Productivity According to new research, small and local businesses across the UK are increasingly embracing artificial intelligence (AI) tools to improve efficiency and streamline everyday operations.

What the Latest IMF Forecast Means for Business Owners The International Monetary Fund (IMF) has predicted that the Bank of England could cut interest rates three more times this year, despite the UK facing higher-than-expected inflation.

Delay to Consultation on the Tax Treatment of Predevelopment Costs At Autumn Budget 2024, we were promised a consultation on the tax treatment of predevelopment costs. However, following the Court of Appeal’s decision on a recent case, the government is postponing publication of the consultation while it considers the implications of the decision.

UK Inflation Falls to 2.6% – But What’s Next for Your Business? In a small bit of good news, March’s inflation figures have been released showing a drop to 2.6% from 2.8% in February. The main reason? Lower petrol prices, which has offered some relief for households and businesses alike.

New neonatal care law now in force The Neonatal Care (Leave and Pay) Act 2023 came into force on 6 April 2025. This law provides a new leave and pay entitlement for parents with a baby in neonatal care.

Child Benefit Increases from 7 April: What Employers Need to Know From 7 April 2025, families receiving Child Benefit will see an increase in their payments. HM Revenue and Customs (HMRC) has announced that the weekly rate will rise to £26.05 for the eldest or only child and £17.25 for each additional child. This means an annual payment of £1,354.60 for the first child and £897 for each subsequent child. These payments, usually made every four weeks, are automatically into claimants’ bank accounts.

No change to Bank of England base rate The Bank of England held its regular meeting to discuss interest rates last Thursday.

New contract agreed for GPs A new deal for GPs has been agreed between the government and the British Medical Association (BMA).

Spring Statement news: Public spending cuts likely News reported last week said that the Chancellor has put together draft plans for spending cuts to welfare and other government departments.

Pressure on chancellor despite government surplus The latest figures show that the government had a surplus of £15.4 billion in January. This represents the difference between the tax it receives and what it spends.

Investment in sustainable packaging firm Pulpex, a sustainable packaging company, has received £43.5 million from the National Wealth Fund in exchange for an equity share of the business. The Scottish National Investment Bank is also investing £10 million with a further £8.5 million coming from existing investors.

Wages growing faster than inflation Latest figures released by the Office for National Statistics (ONS) show that average wages are continuing to grow faster than inflation. After adjusting for consumer price inflation (CPI), wages rose 3.4% between October and December 2024 when compared with the same period in 2023.

Surprise jump in inflation: How to navigate your business Inflation figures for January 2025 were released last week and showed a surprising jump to 3.0%, up from 2.5% in December.

Crackdown on illegal working in the UK: Key highlights & takeaways The UK government has intensified its crackdown on illegal working, with January 2025 seeing record enforcement activity. Home Secretary Yvette Cooper announced these efforts as the Border Security, Asylum, and Immigration Bill returned to Parliament last week.

Rises to national minimum wage confirmed Legislation was laid before Parliament last week confirming that the new National Living Wage and new Minimum Wage rates will take effect from 1 April 2025.

Chancellor’s speech: An update on economic growth measures The Chancellor of the Exchequer, Rachel Reeves, delivered a speech last week that served as an update on the government’s plans for delivering economic growth.

Why you should prioritise tax planning before the tax year ends As the UK tax year-end approaches on 5 April, it’s an excellent time for you to review your business finances and explore tax planning opportunities, particularly if you are self-employed. Tax planning can help you to reduce tax liabilities, boost your cash flow and put you in a stronger financial position.

Renters’ Rights Bill continues to progress The Renters’ Rights Bill returned to Parliament for debate last week and included some new changes.

Government pushes AI adoption as part of growth strategy The government launched an AI opportunities action plan last Monday that aims to ramp up AI adoption across the UK.

Inflation falls to 2.5%: What this means for your business The latest figures reveal that UK inflation fell slightly in December, down to 2.5% from 2.6% in November.

New digital markets competition regime now in force Last week, the Competition and Markets Authority (CMA) set out its initial plans for the new digital markets competition regime. The regime is designed to support the UK’s tech sector and has its legal footing in the Digital Markets, Competition and Consumers Act. The Act received royal assent in May 2024 but came into force on 1 January 2025.

Tax return filing deadline looms With the 31 January Self-Assessment tax return filing deadline fast approaching, HM Revenue and Customs issued a press release last week noting that 5.4 million taxpayers are yet to complete their return.

The importance of right to work checks continues to be emphasised Recent immigration enforcement activity has highlighted the need for employers to ensure their workers have the right to work in the UK. With thousands of enforcement visits, arrests, and hefty fines being issued, businesses that neglect their responsibilities risk serious consequences.

New year resolution: A fitter workforce? The benefits of exercise on our physical and mental health are well known. The healthier and fitter we are the better we work on our business. A healthier, fitter workforce are also much more likely to be productive and happier. Yet, many of us struggle to find the time or energy to do enough exercise.

A fresh start: Reviewing your business goals for the New Year The start of January marks a time of new beginnings, and for business owners, it’s the perfect opportunity to pause, reflect, and plan ahead. After the whirlwind of the festive season, January offers a quieter moment to consider where your business is headed, how it’s performing, and whether you’re still on track to meet your goals.

Chancellor promotes reset of UK-EU trade relations Chancellor Rachel Reeves spoke last week at a meeting of EU finance ministers as part of the government’s attempt to perform an economic reset with the EU. It was the first time a UK chancellor has attended such an event since the UK left the EU.

Spread the cost of your Self Assessment tax bill with HMRC's Time to Pay With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self Assessment tax returns, the prospect of having to make a heavy tax payment at the end of January 2025 may be causing you concern.

Better finance access for disabled entrepreneurs In the runup to Small Business Saturday last week, a new Disability Finance Code was launched.

New reporting requirements for online platforms New changes come into effect from January 2025 where online platforms, such as eBay and Airbnb, will start sharing some user sales and personal data with HM Revenue and Customs (HMRC).

New Fair Payments Code launched The government’s promised new Fair Payments Code was launched last week to try and tackle late payment problems that can be particularly harmful to small businesses.

New UKEF guarantee boosts opportunities for UK engineering, design and technical services firms UK Export Finance (UKEF), the UK’s export credit agency, has launched a new initiative aimed at helping British engineering, design, and technical services firms secure international contracts.

VOA to improve transparency on business rates valuations with reforms coming The Valuation Office Agency (VOA) has announced plans to share more detailed information on business rates valuations, making the system more transparent for ratepayers across England.

Help for the high street: New powers for councils Next month, councils across England will be given new powers to transform high streets by tackling long-term empty shops.

Self-assessment tax returns: Counting down to 31 January HM Revenue and Customs (HMRC) have begun reminding taxpayers that time is ticking for getting self-assessment tax returns filed in time for the 31 January 2025 deadline.

Base rate drops to 4.75% As had been widely expected, the Bank of England reduced the interest base rate to 4.75% last week. This was due to inflationary pressures easing in recent weeks.

Businesses count the cost of increases to Employers National Insurance As has been widely expected in the last few weeks, the Chancellor, Rachel Reeves, made some significant changes to the Employers National Insurance (NI) rate and threshold in the Autumn Budget.

New regulations of Buy-Now, Pay-Later proposed The UK government has announced a consultation on new legislations designed to regulate Buy-Now, Pay-Later (BNPL) products. The forthcoming rules, which will bring BNPL products under the supervision of the Financial Conduct Authority (FCA), are designed to provide the same key protections for BNPL as exist for other consumer credit products.

Employment Rights Bill progresses and consultations are launched Following the release of the Employment Rights Bill, its Impact Assessment was published last week showing that the new Bill will have a “positive direct impact on economic growth.”

Having trouble with your banking? A strong relationship with your bank is a crucial part of the success and stability of your business. You may rely on them for tailored financial solutions, ranging from short-term credit facilities to long-term loans, to support your growth plans or manage cash flow fluctuations.

Surprising drop in inflation for September The Office for National Statistics (ONS) have reported that their measure for inflation (Consumer Prices Index) fell to 1.7% for September. This is an unexpected reduction and is the lowest inflation has been in more than three years.

What will the Budget bring? With the Budget coming on 30th October, speculation is increasing on what changes will be announced. The Chancellor and the Prime Minister have made comments to indicate that the Budget will bring “difficult decisions”.

Are you complying with competition law? Reviewing the CMA’s latest warning The Competition and Markets Authority (CMA) has just published a new set of heat maps showing where businesses across the UK have received warning or advisory letters for potentially breaking competition law. It’s the first time the CMA has published this kind of information, and it’s a reminder for all businesses to ensure they’re on the right side of the law.

Solar power in the spotlight Energy Secretary Ed Miliband, along with a newly reactivated Solar Taskforce, is spearheading a major push to get more solar panels on homes and businesses by 2030. This is all part of a wider strategy to build the UK’s energy independence, reduce reliance on fossil fuels, and protect consumer bills from volatile energy markets.

Chancellor pushes for e-invoicing: What you need to know The Chancellor unveiled a series of announcements last week that could have implications for UK businesses. One of the most relevant for business owners was the government's push for electronic invoicing (e-invoicing).

UK economy flatlines again Figures released by the Office of National Statistics last week show that the UK economy showed no growth in July 2024. This is the second month in a row as there was also no growth in June.

Public sector procurement: Missed targets and opportunities for SMEs A recent report by the British Chambers of Commerce and Tussell has highlighted the ongoing challenges the public sector faces in meeting its procurement targets for small and medium-sized enterprises (SMEs).

October budget to be “painful” The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be “painful” and the government would be making “big asks” of the country.

Inflation increases to 2.2% in July The Office of National Statistics has reported that inflation for July has risen to 2.2%. This is the first rise of 2024 after inflation fell during the early part of the year and then settled at 2% for May and June.

Could government-backed financing help your business expand? A small business from Barnsley, Slime Party UK, has successfully secured government-backed financing, enabling it to significantly expand its operations, create new jobs, and develop new product lines.

Chancellor refuses to rule out increase to capital gains tax Chancellor Rachel Reeves visited the US and Canada last week, and during an interview with Bloomberg was asked whether she was considering increasing capital gains tax.

Pitfalls to avoid in making a strategic plan For businesses, having a strategic plan in place is vital for the long-term success and sustainability of the business. It serves as a roadmap for your business that gives you a clear direction, sets out the priorities, and helps you to make sure that you are using your resources effectively to reach your goals.

Abolishment of Furnished holiday lettings tax regime confirmed HM Revenue and Customs (HMRC) have published draft legislation and a policy paper outlining the proposal for the abolition of the furnished holiday lettings (FHL) tax regime.

Bank of England reduces base rate to 5% As anticipated, the Bank of England reduced their base interest rate on August 1 from 5.25% to 5%.

Chancellor’s speech paving the way to a potentially difficult Autumn budget The Chancellor of the Exchequer, Rachel Reeves, addressed the House of Commons last week to detail the results of a Treasury spending audit

HMRC conducting Business Asset Disposal Relief checks The Institute of Chartered Accountants in England and Wales (ICAEW) have reported that HM Revenue and Customs (HMRC) are contacting taxpayers they believe may have overclaimed Business Asset Disposal Relief.

Chancellor Launches Landmark Review to Boost Pensions and Investment The Chancellor, Rachel Reeves, has announced a significant review aimed at enhancing pension investments, increasing pension pots, and reducing waste in the pensions system. The review was highlighted in the King's Speech, confirming a new Pensions Bill that could significantly benefit UK pensioners and the broader economy.

Inflation stable staying at 2% The Office of National Statistics has released the latest inflation figures for June, and the good news is that the Consumer Prices Index (CPI) has stayed at 2.0%.

The new government’s six first steps for change: Implications for your business The new government has rolled out an ambitious plan to drive significant changes across the UK, and as your business advisors, we want to break down how these could impact you.

New VAT registration tool released by HMRC HM Revenue & Customs have released a new tool designed to help businesses find out what VAT registration would mean for their business.

Election results in: What will be the effect on your tax bill? So, the election results are in and the Labour party won the country’s mandate to form a new parliament. What could that mean for the tax you pay?

Meta pauses plans to train AI with user data Meta, the company behind Facebook and Instagram, have had plans to use Facebook and Instagram user date to train generative AI.

Don’t be caught by false claims on business rates appeal deadlines The Valuation Office Agency (VOA) has issued a warning about false claims being made about the deadline for appealing the 2023 list for business rates.

Invest in Women Hub launched If you are a female entrepreneur in the UK, you can now access a new resource designed to help you access the finance you need to start, grow, and scale your business. The new hub is designed as a one-stop shop that provides the resources and information you need.

Latest labour market trends: what they mean for your business The latest labour market report from the Office for National Statistics shows a few important trends that might affect your business.

Exploring finance options for small businesses: A guide to fuelling growth Shawbrook Bank recently conducted research that indicated that half of small business owners have had to raid their savings to fund their businesses.

More indicators of a cut in interest rates to come The Bank of Canada announced a cut of a quarter of a percentage point to its key interest rate last week, bringing the rate down to 4.75%.

How a general election can affect your business The news is currently full of reports on the general election, so much so that you may be inclined to switch off rather than hear any more about it!

New guidance issued on machine learning principles The National Cyber Security Centre (NCSC) has issued guidance to help developers, engineers, decision makers and risk owners in creating and using machine learning systems.

Business Insights The Office for National Statistics conducts a fortnightly Business Insights and Conditions Survey (BICS). The voluntary responses received from the latest survey revealed the following insights.

Apple and Microsoft announce new product updates Both Apple and Microsoft have announced updates to their product lines in recent weeks. Apple unveiled updates to their iPad Air and iPod Pro lines, and Microsoft have introduced Copilot + PCs as showcased by their new Surface Pro and Laptop.

Inflation rate falls in April Official figures released last week by the Office for National Statistics show that the Consumer Prices Index (CPI) dropped to 2.3% for the 12 months to April 2024. This is down from 3.2% for the 12 months to March 2024.

Government promise to cut National Insurance confirmed While commenting on the GDP growth and what it indicates about the economy, the Prime Minister again drew attention to National Insurance.

Understanding economic changes: How recent events affect businesses Data releases in recent weeks from the Office of National Statistics (ONS) coupled with Bank of England decisions might make recent news about the economy seem a bit confusing. Understanding how this news affects businesses is important so let’s break it down.

Official figures show that the UK no longer in recession Figures published by the Office for National Statistics on 10 May 2024 show that the UK has officially exited recession.

How might the changes to company size thresholds affect your business? From October 2024, company size thresholds are to increase by 50%. For each company, these new thresholds will begin to apply from the start of the next accounting period commencing on or after 1 October 2024. But what are the implications of these changes to your company?

Is your use of AI compliant with health and safety? The Health and Safety Executive (HSE) has published an article outlining its approach to regulating artificial intelligence (AI) in workplaces.

New digital service to check your State Pension forecast launched A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement.