As every business knows, it’s important to keep company records as part of a business practice and liability. How long you keep these records will depend on the type of business you run and the type of records you keep. What Records Should Your Business Keep? Your business should keep company, financial and accounting records […]
Autumn Budget Summary 2022
Jeremy Hunt has delivered the much anticipated Autumn Budget to parliament, addressing how the government will restore Britain’s public finances. As expected, the Autumn Statement sets out to tackle the cost of living crisis and rebuild our economy; focussing on stability, growth and public services. The International Monetary Fund expects one third of the world’s […]
Why Should I Outsource My Accounting?
Outsourcing your accounting is when you hand the activity over to be performed by an external supplier, rather than by yourself or one of your employees. An accounting firm will manage your accounts for you, which can have many benefits for both small and large businesses. Advantages of Outsourcing Business Accounting Saving Time Time spent managing […]
How Labour Shortages are Affecting the UK
The recruitment crisis across the UK shows no sign of slowing, with over 1 million job vacancies and not enough people to fill them. This shortage not only impacts the now and short term, but also impacts the country in the long run – shortages could mean that we see a fall in productivity by […]
An Overview of the Government Mini Budget
Last week we saw Kwasi Kwarteng’s first Budget address, setting out the UK Government’s key policies to tackle inflation and the ever-increasing energy cost crisis. Here is a summary of what the budget means to both businesses and individuals. Mini Budget Summary – Business Corporation Tax In the previous March 2021 Budget, it was announced […]
Interest Rates Increases and the Effect on Finance
Along with almost everything at the moment, interest rates are increasing. One burning question is how will interest rate rises impact finance, both personally and in business? Below we explore some ways in which a higher interest rate may impact you. What Are The Interest Rates Increases? First, it’s important to look at why interest […]
Current Government Assistance Plans for the Cost of Living Crisis
Average annual bills are forecast to rise to £4,200 from January 2023, due to increasing inflation and interest rates. Whilst the news of increasing bills is bleak, the government has already released a few ways that they are helping the nation, and with a new PM announced on Monday, we may well see more help […]
How to Claim The Work From Home Tax Relief
You may be able to claim tax relief for additional household costs if you had to work from home due to COVID-19 over the last two years. With the cost of living increasing, you can claim back now what you’re owed, which may help you to cover the increasing costs of electricity and water. Claiming […]
National Insurance Band Rise – July 2022
On 6th July 2022, National Insurance thresholds increased – meaning for any salary payments made on or after this date, employees will pay less National Insurance on their earnings. What is the National Insurance Band Rise? In the Spring Statement released in March 2022, the UK Government announced an increase in NI thresholds affecting the […]
Super-Deduction Capital Allowances
From 1st April 2021 to 31st March 2023, there is a new 130% first-year capital allowance for plant and machinery assets, and a 50% first-year allowance for special rate (SR) assets. Businesses investing in qualifying assets are able to claim: a 130% super-deduction capital allowance on qualifying plant and machinery investments a 50% first-year allowance […]