The government has introduced a mini budget, referred to as the “growth plan”, in the midst of rising interest rates and skyrocketing inflation. Hoping that this will combat the crisis that UK is experiencing. In his speech, Chancellor Kwasi Kwarteng stated that “we have reduced stamp duty, allowed companies to keep more of their own money for investments, innovations, and growth, cut income tax and national insurance for millions of workers, and are securing our position in a fiercely competitive global economy with lower corporation tax and personal tax rates”. The chancellor’s statement has ..read more

Welcome to our round-up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you! New approach for a new era? Last week, the Bank of England (BOE) raised interest rates to 2.25%, the highest level since 2008. They believe the UK economy has shrunk by 0.1% between July and September and, for the seventh time in a row, has made the increase to interest rates in an attempt to halt soaring prices. Inflation is at its highest since the 1980s and prices are expected to rise further in October, with inf ..read more

Welcome to our round-up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you! New beginnings in uncertain times  The 70-year reign of Queen Elizabeth II was marked by her sense of duty and her determination to dedicate her life to her throne and to her people. For many of us, she became a constant in a rapidly changing world. King Charles lll paid tribute to the reign of the late Queen, “unequalled in its duration, its dedication and its devotion”, as he was formally declared the nation ..read more

Welcome to our round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you! All members of our team are united in sadness following the death of Her Majesty The Queen. She provided the stability and continuity for the whole United Kingdom and the Commonwealth through seventy years of both wonderful and turbulent times. We are deeply grateful for her service, and our thoughts are with all those affected. Rest in peace, Your Majesty. How does a new Prime Minister affect you? The reality for m ..read more

A crackdown is being launched against private hire drivers for unpaid taxes. The HMRC has begun the process of investigating hundreds of Uber drivers suspected of not reporting all their income, typically the ones who use apps such as Uber, Ola and Bolt. HMRC is chasing the private hire taxi drivers for unpaid tax as new rules revealed they have been working under the table for years. It doesn’t include black cab drivers, who have different licensing requirements. There are more than 100,000 private hire drivers in London alone and just 22,000 traditional black cab drivers. It indicates that m ..read more

Welcome to our round-up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you! How much is my business worth? This is a question many of our clients want an answer to! The truth is, it depends on a range of factors and any valuation is only helpful as a guide for planning forward. The ultimate value of a business is the price a willing buyer is prepared to pay for it.   The prevailing economic climate and state of the business’ sector can affect company valuation for better or worse ..read more

We hope you find this newsletter informative and please contact us to discuss any matters further. BACK TO SCHOOL – CHILDCARE VOUCHERS OR TAX-FREE CHILDCARE ACCOUNT? There continues to be poor take-up of the Government’s Tax-Free Childcare Accounts which provide a 25% subsidy towards the cost of childcare. The system operates by topping up savings of up to £8,000 per child by 25%, potentially an extra £2,000 from the Government to spend on qualifying childcare. The scheme applies to children under 12 and the account can be used to pay nursery fees, breakfast clubs, after school clubs and regis ..read more

Welcome to our round-up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you! Back to school – childcare vouchers or tax-free childcare account? Tax-free childcare accounts will gradually replace childcare voucher schemes as no new schemes could be set up after 4 October 2018. Those within voucher schemes continue to be eligible until their child is aged 16, provided the employer is willing to continue operating the scheme. Many organisations provided the vouchers by way of salary sacrifice ..read more

Welcome to our round-up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you! Managing your cash in tough times With ever-increasing supplier prices, a 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 are a reflection of all the cash that is flowing in and out of a business. Owners can look at the direction of the cash flows ..read more

Welcome to our round-up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you! Helping your employees through the cost-of-living crisis The Chartered Institute of Personnel and Development (CIPD) has put together some practical information for employers to support their employees through the cost-of-living crisis. Against a backdrop of soaring prices for food, energy and other essential goods and services, many employers in the UK are asking what they can do to support their people’s financial ..read more