News
News
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
Hybrid working – what counts as a business journey for tax purposes?
HM Revenue and Customs (HMRC) have updated their guidance on what qualifies as ordinary commuting and private travel for tax purposes to include hybrid or flexible working.
Don’t get caught out by tax avoidance
HM Revenue and Customs (HMRC) are running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company.
Procurement – can the principles work for smaller businesses?
The government recently published a press release congratulating its procurement department on its 10th anniversary for saving taxpayers £3.8 billion last year.
April is Stress Awareness Month
The Health and Safety Executive (HSE), via their Working Minds campaign, has declared April Stress Awareness Month.
Employers – Are you ready for the new tax year?
The new tax year begins on 6th April and for employers running monthly payrolls, the March pay run will be the last of the 2023/24 tax year.
Redundancies – what factors should be considered?
In times of economic uncertainty or because of operational challenges, you may find your business is facing tough decisions, including the possibility of redundancies. While such situations can be daunting and emotionally challenging, careful consideration and planning can help reduce the impact on both employees and the business as a whole.
2024 – The year of the SME
2024 seems to be a good year to be a small business. The UK Government is doubling down on its commitment to the nation’s 5.5 million small businesses by announcing the launch of a new Small Business Council.
Spring Budget – VAT registration threshold increases
The thresholds for VAT registration and deregistration have remained static for the last 7 years, however an increase in the thresholds was announced in the Spring Budget.
What’s your policy on scanning QR codes?
Since the COVID lockdowns, QR codes have become increasingly commonplace as a quick way to direct people to websites, to log into online video services on smart TVs and TV boxes, or to order or pay for goods and services.
HMRC warns about an increase in tax refund scams
HM Revenue and Customs (HMRC) are warning that fraudsters could focus on Self Assessment taxpayers.
Guidance for small businesses using online services
The National Cyber Security Centre have issued some new guidance on “Using online services safely.”
No final decision yet on a digital pound
The Bank of England and HM Treasury have published their response to a consultation on a digital pound that was started in February 2023.
Streamlining your business: Strategies to speed up customer payments and improve cash flow
Begbies Traynor, a firm of business rescue and recovery specialists, have published their latest Red Flag Alert based on financial data from the last quarter of 2023. It makes worrying reading as they estimate that more than 47,000 businesses in the UK are near collapse because of being in critical financial distress.
UK businesses to save time and money on cross-border legal disputes
Lord Bellamy, representing the UK, has now signed the 2019 Hague Convention, which the UK originally committed to joining in November 2023. Once ratified there is a wait of 12 months for the Convention to come into force in the UK, but at that point, it will apply to any judgments commenced after that date.
Discover Digital Transformation – A free online training programme
Innovate UK BridgeAI is funding an online training course to help businesses and organisations explore digital, data-driven and AI technologies.
Consultation on new Climate Change Agreements scheme
The Department for Energy Security and Net Zero (DESNZ) has launched a consultation seeking views on proposals for a new six-year Climate Change Agreements scheme to begin in 2025.
Power up your business with Innovation!
Innovation has generally been recognised as essential for value creation, both for individual companies and for the UK economy as a whole.
Reporting PAYE information in real time – Early Christmas Payments
Some employers pay their employees earlier than usual over the Christmas period. This can be for a number of reasons, for example, during the Christmas period the business may close, meaning workers need to be paid earlier than normal.
Changes to UK company law
The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023 and will introduce a number of changes over the next few years.
Inflation is down but managing your cash flow is essential right now!
UK inflation fell to 4.6% in October, due mainly to a fall in energy prices, but in general, supplier prices remain volatile. High interest rates and a stagnant economy mean managing your business’s cash and understanding the flow are now vital tools in maintaining resilience and being able to adopt flexible strategies for success.
New programme helps British SMEs lead the way on net zero air travel
Cutting-edge British aerospace companies are set to benefit from a new multi-million pound SME Programme that will secure high-skilled jobs and help the UK lead the way on greener air travel.
Flexible working will become the “default” for employees
Following a recent UK Government consultation and Royal Assent of the Employment Relations (Flexible Working) Act 2023, flexible working will become the default for millions of employees who will be able to request flexible working from day one of their employment in 2024.
Expert regional innovation hubs given £75 million boost to local research, businesses, and economies across UK
Regional clusters of innovation across the UK are being backed by a share of £75 million that will enhance local economies and pioneer game-changing solutions from healthcare to net zero.
The drive for more zero emission HGV trucks on the road
More zero emission trucks are set to drive on the roads due to UK government funding to decarbonise freight vehicles.
Exporting - Rules of origin to South Korea extended
The UK has secured a two-year extension to rules which help British companies to access lower or zero tariffs when selling goods to South Korea.
Do you have a side income?
If you do then you are probably aware of the requirement to disclose this on your Self-Assessment tax return. It is important to record any side income accurately and HMRC is going to be able to see exactly how much income you receive when using a digital platform from 1 January 2024.
Understanding the right to work and minimum wage eligibility
All employers in the UK have a responsibility to prevent illegal working. You do this by conducting simple right to work checks before you employ someone, to make sure the individual is not disqualified from carrying out the work in question by reason of their immigration status.
Applying Circular Economy principles in a business
A circular economy (CE) is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products for as long as possible.
Making Tax Digital for Income Tax update
The government is extending the requirement to operate Making Tax Digital (MTD) to the 4.2m taxpayers with business and/or property income over £10,000, including landlords, sole traders and partnerships, for their Income Tax obligations.
ICO consultation on the draft biometric data guidance
The Information Commissioner's Office (ICO) has produced guidance on biometric data and biometric technologies.
Going digital – The need for speed!
The trend towards paperless office solutions is rapidly increasing, whether it is to improve business efficiency or realise environmental goals. Our most profitable clients have already streamlined their internal procedures and are getting the most out of their teams by going paperless, in a variety of areas.
Dementia-friendly businesses
Dementia is one of the greatest challenges we face in society today. All businesses can contribute to tackling the social and economic impact of dementia.
Is your business attracting new talent?
Recruiting new employees is tough just now so be different! For example, some employers are now offering “Wellbeing leave” in addition to the usual holiday package. If you want to recruit more, you have to get serious about the process and be on it 24/7, 365!
What is Working Capital Finance?
Working capital finance solutions offer businesses the opportunity to improve cash flow. The world of commercial finance and asset-based lending (ABL) is complex and expansive with products, terminology and contractual interpretation varying from lender-to-lender.
Young people at work
The Health and Safety Executive have a dedicated webpage for employers reminding them of the need to be extra cautious with the safety of young people.
The importance of a shareholders agreement
For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if a shareholder(s) owns 75% or more of the shares they, control the company outright and can veto the decisions of all other shareholders.
Preparing your business for emergencies
The UK government has a webpage with guidance to help businesses identify and prepare for the hazards and threats that may disrupt their operations.
Managing work-related stress
Stress is defined by the Health and Safety Executive (HSE) as 'the adverse reaction people have to excessive pressures or other types of demand placed on them'.
Training providers across England can bid for a share of £8.85 million government funding to offer courses in retrofitting and installing insulation
Thousands of people are to be equipped with the right skills to make homes more energy efficient, as training courses will be rolled out across the country.
UK announces further support to seafarers’ rights and welfare
More seafarers will be guaranteed fair wages, proper rest periods and suitable training from a new Seafarers’ Charter launched by the UK government last week.
Why cash flow management is essential right now
Last week the Office for National Statistics (ONS) stated that the UK's rate of inflation dropped to 7.9% in the year to June, which means the rate of price rises in the UK has slowed more than expected, down from 8.7% in May - although it still remains high. Falling fuel prices contributed to the drop, while food prices rose less quickly than in June last year. Experts are predicting that the Bank of England will increase interest rates by a minimum of a quarter per cent in August as they continue with their plan to get inflation down to 2 per cent.
Deadline for topping up NI contributions extended again to 5 April 2025
With all of the changes to personal pensions in the Spring Budget, maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate, as a result of the “triple lock” being restored.
New information hub launched to help limited company directors make the right decisions at the right time
The Insolvency Service has launched a new online information hub to support company directors. The hub hosts guidance and information on a range of business themes commonly faced by companies and aims to help company directors to push their business forward by being more aware of potential pitfalls.
Rogue business rates agents – be aware!
The Valuation Office Agency (VOA) is urging businesses to protect themselves from rogue business rates agents.
Remaining resilient with high inflation
The British Retail Consortium (BRC), the trade association for UK retail businesses, research shows that shop price annual inflation accelerated to 9.0% at the start of May, up slightly from 8.8% in April.
How high could interest rates rise?
Earlier this month the Bank of England (BOE) raised interest rates for a 12th consecutive time as the rate of rising prices remains high.
Artificial Intelligence – Can it work for your business?
With the new wave of artificial intelligence (AI) technology, there’s an opportunity to automate many routine or administrative tasks and improve the overall efficiency of your business.
Creating your business’s future
According to the International Monetary Fund (IMF), the UK economy is predicted to shrink for the remainder of 2023 and then grow by only 1% in 2024.
Building business resilience
Millions of businesses and households are struggling with their energy costs, alongside increases in general taxation, the cost of council tax, water bills and other utilities.
Sea-change in UK boardrooms as women make up nearly 40% of FTSE 100 top table roles
The UK has climbed to second in the international rankings for women’s representation on boards at FTSE 100 level.
UK and EU formally adopt the Windsor Framework
Last week, the Foreign Secretary, James Cleverly, and Vice President to the European Commission, Maroš Šefčovič, met to sign off the Windsor Framework at the Withdrawal Agreement Joint Committee in London.
Mitigating the long-term effect of inflation
With continuing inflation in the UK, many of us and our businesses have been put “off track” in the short to medium term.
Spring Budget 2023 – GAD’s analysis
We take a look at what the experts at the Government Actuary’s Department (GAD) say about the Spring Budget.
Employer duties for the change in the tax year
The latest information to help employer duties for the change in the tax year
Government and Bank of England facilitate sale of Silicon Valley Bank UK
Silicon Valley Bank (UK) Ltd (SVB UK) was sold last week to HSBC for a symbolic £1.
Latest HMRC tax webinars for the self-employed
Useful HMRC webinars for the next few months
What are your business resolutions for 2023?
Business resolutions for 2023