In a recent news story issued by the Department for Business and Trade a consultation was launched to crack down on the use of online “subscription traps”. The full story says: “New proposals to crack down on subscription traps have been unveiled today as the government launches a consultation on measures to make it […]
Small businesses – top seven concerns
Small businesses in the UK are currently navigating a complex financial landscape, facing several significant challenges that impact their operations and growth prospects. Key concerns include: 1. Rising Operational Costs Energy Expenses: Escalating energy prices have substantially increased overheads for small enterprises, straining profit margins. Material and Supply Costs: Inflation has led to higher prices […]
Reporting of Profit and Loss details when filing accounts at Companies House
Recent legislative reforms have brought significant changes to how companies report profit and loss (P&L) details when filing accounts with Companies House. These changes, introduced under the Economic Crime and Corporate Transparency Act 2023, aim to enhance transparency, simplify the filing process, and combat economic crime. Here’s a short overview of these changes and when […]
Base rate cut
The Bank of England has cut its base interest rate again, this time lowering it from 5% to 4.75%. This is the second cut this year, following the reduction from 5.25% to 5% in August. With these drops, we are seeing the most significant rate reduction actions in recent years, and they will bring a […]
Consider the HMRC app
In an attempt to popularise the use of its app, HMRC is launching a new advertising campaign aimed in particular at 18 to 34 year olds. More than 1.7 million people are already using the HMRC app every month, which enables users to access services such as making a Child Benefit claim, finding their National Insurance number […]
Managing increase in Employers NIC
The upcoming increase in employer National Insurance Contributions (NICs) in the UK, set to rise from 13.8% to 15% from 6 April 2025, along with the reduction of the secondary threshold from £9,100 to £5,000, will significantly impact business costs. To mitigate these effects, employers can consider the following strategies: 1. Use the Enhanced Employment […]
Consequences of the NLW and NMW rate increases next year
The proposed increases to the UK National Minimum Wage (NMW) and National Living Wage (NLW) set for April 2025 are expected to impact employers and employees significantly. Here’s how various sectors might feel these changes: Financial Pressures on Employers: With the NLW expected to rise to approximately £12.21 for those over 21, and NMW […]
Government crack-down on late payers
The government has unveiled new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing SMEs £22,000 a year on average and according to FSB research, leads to 50,000 business closures a year. The government will consult on tough new laws […]
Service tipping law now in force
New regulations that prohibit employers from withholding tips for employees in the hospitality, leisure, and services sectors took effect on 1 October 2024. This change follows the enactment of The Employment (Allocation of Tips) Act 2023, commonly referred to as the Tipping Act, along with the statutory Code of Practice on the fair and transparent […]