Your Duties As An Employer and The Change
As an employer running payroll, you need to report to HM Revenue and Customs (HMRC) on the previous tax year (which ends on 5 April 2023), give your employees a P60, and prepare for the new tax year, which starts on 6 April. What you need to do When Send your final payroll report of…
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Budget Summary
Last week, Jeremy Hunt, Chancellor of the Exchequer, revealed his first Spring Budget. There was a focus on managing inflation and government debt, encouraging those who have left their jobs to return to the workforce, and increasing business investment. Here are some of the key measures announced in the Spring Budget that will affect businesses…
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Budget Update
COST OF LIVING SUPPORT Energy Costs The Energy Price Guarantee (EPG) brings a typical household energy bill in Great Britain down to around £2,500 per year. It has now been announced that the £2,500 EPG will be extended by 3 months to 30th June 2023, before increasing to £3,000 until the end of the EPG period on…
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New VAT Penalties and Interest Payments
The new penalties will impact businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7 March 2023. The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT default surcharge, and apply to accounting periods which start on or…
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Is the UK going to swerve a recession?
Better than anticipated purchasing managers’ index (PMI) data for February indicate encouraging resilience of the economy in the face of headwinds which include rising interest rates, the ongoing cost of living crisis, labour shortages and strikes. While many companies continue to report tough operating conditions, especially in the manufacturing sector, the broader business mood has…
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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. The development of new ideas, processes and technologies and their flow across different sectors is a significant driver of economic growth and productivity. Recently, innovation has also been identified as crucial to the transition of the…
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Managing your cashflow is essential right now
With ever increasing supplier prices, a recent rise in interest rates, and a looming recession, 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. Cash flows reflect all the cash that is flowing in and out of a business. Owners…
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Unscrupulous Employers
The government is taking action against unscrupulous employers that use the controversial practice of ‘fire and rehire’, it has announced Last year P&O Ferries sought to evade the law by sacking 786 seafarers without due consultation. Having made no efforts to inform the Business Secretary at the time, they failed to follow best practice or…
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HMRC fined 300,000 tax payers
A record 11.7 million people submitted their tax returns on time, but over 300,000 taxpayers missed the self assessment deadline This compared with 10.2m completed returns by the 2021 deadline, although HMRC did extend the filing period due to the fallout from the pandemic. On 31 January, 861,085 taxpayers filed online to meet the deadline,…
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What are your business resolutions for 2023?
We often make resolutions for ourselves at this time of year, but what about your business? Below are a few examples of business resolutions; maybe they will help you think about your strategy for success in 2023. 1. Resolve to track your spending Where does all the money go each month? You know about the…
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