We regularly write articles to keep you up to date with changes that affect your growing business.
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Small businesses are the lifeblood of the UK economy, but with rapid inflation and other economic headwinds making trade difficult, they can struggle to access support. There is a wide range of important tax reliefs available to SMEs, which could provide some much-needed financial assistance. These include: Employment Allowance claims This scheme allows eligible businesses
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A leading business organisation has highlighted the problems faced by industry after new figures show a steep rise in business costs. According to figures from the Office for National Statistics (ONS), producer input price inflation stands at a record-high 18.6 per cent, and the consumer prices index at nine per cent and could go higher. It says the disparity
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From 6 July 2022, the Primary Threshold (PT) for National insurance will increase to £12,570. This is the threshold at which employees begin paying National Insurance contributions (NICs). This will bring the rate in line with the current rate of personal allowances for income tax and means those earning below this amount each year will
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New legislation allows HM Revenue & Customs (HMRC) to recover Coronavirus Job Retention Scheme (CJRS) grants that have been overclaimed. Those who fall foul of the legislation could face interest charges, financial penalties and even be named and shamed. If a business overclaimed a CJRS grant and has not repaid it, it needs to inform the tax
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Research from the Federation of Small Businesses (FSB) shows that successful applications for finance among members have dropped to the lowest level on record. Conversely, figures from the Bank of England show the annual growth rate of lending to big corporates has increased significantly since the start of the year. It has led to the
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The ‘biggest change to rent law in a generation’ will be delivered with the Renters Reform Bill (the Bill). The Government says it says it will improve the lives of millions of renters by driving up standards in the private and social rented sector, delivering on the Government’s mission to level up the country. Levelling
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With the soaring cost of living squeezing pockets, no one wants to be paying more tax than they should be. Despite this, over £20 billion of tax allowances and reliefs remain unclaimed in the UK. The key to taking advantage of this is to recognise where savings could be made and create a plan to
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While the hospitality industry enjoyed an early summer uplift with the Queen’s Platinum Jubilee celebrations getting the tills ringing, recruitment within the sector remains a problem. To address this, a leading industry body has appointed a new champion to help implement a strategy that allows for an industry fully resourced with people with the right
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Further changes to National Insurance Contributions (NIC) kick in from July this year and will be a welcome boost for most taxpayers who suffered an increase in April. The threshold for paying the NI is rising from £9,880 to £12,570, saving taxpayers an average of £330 a year. National Insurance is calculated on gross earnings
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If you work for a contractor, you must be on top of your obligations under the Government’s Construction Industry Scheme (CIS). Whilst the contractor is responsible for deducting money from your pay and making the necessary payments to HM Revenue & Customs (HMRC), as a subcontractor, you also have an important role to play. Who
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A royal Platinum Jubilee bounce is helping drive UK business ahead, as 60 per cent of SMEs expect to see a lift in revenues this quarter. This is in comparison to same period last year, with the four days of celebrating the Queen’s 70 years on the throne helping growth this time, according to the
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Small and medium-sized businesses (SMEs) contribute massively to the UK economy, accounting for more than £2 trillion in turnover, new research has revealed. Whilst SMEs only employ between one and 249 people, the analysis by the School of Marketing also revealed that SMEs employ 44 per cent of the workforce throughout the UK. However, small
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