Insights

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 […]

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 […]

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 […]

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 […]

There are specific customs requirements for commercial goods that you take with you to sell abroad. You must declare any goods intended for sale outside the UK, whether they are in your baggage or a private vehicle. The regulations for commercial goods or samples carried by passengers in their accompanied baggage are known as Merchandise […]

Insurance companies have united to step up efforts to crack down on fraudsters seeking to manipulate the UK insurance market with bogus claims and duping innocent people into buying fake insurance policies. In 2023 alone, 84,400 fraudulent claims worth £1.1 billion were detected by the Association of British Insurers (ABI), a 16% increase in the number […]

1 November 2024 – Due date for Corporation Tax due for the year ended 31 January 2024. 19 November 2024 – PAYE and NIC deductions due for month ended 5 November 2024. (If you pay your tax electronically the due date is 22 November 20244.) 19 November 2024 – Filing deadline for the CIS300 monthly […]

The long awaited, much anticipated and dreaded first Budget of the new Labour government was delivered to Parliament today – 30 October 2024 – by the Chancellor, Rachel Reeves. We now know where the funds will come from to finance investment and growth, and the vaunted tax increases are no longer speculative, we have the […]

HMRC have kindly reminded us – their online post of 23 October refers –  that there are approximately 100 days (to 31 January 2025) to prepare and file a 2023-24 self-assessment (SA) tax return. In their post they say: “More than 3.5 million taxpayers have already beaten the clock and submitted their returns. HMRC is reminding others […]

Employers’ NIC There is ongoing speculation about potential increases in employers’ National Insurance Contributions (NICs). While the government is under pressure to raise additional revenue to address fiscal challenges, increasing employer NICs has been floated as one option, particularly as the government has pledged not to raise income tax, VAT, or employees’ National Insurance for […]

Small UK businesses have a variety of investment sources available, depending on their needs and stage of development. Here’s a look at some of the most common options. Personal Savings Many entrepreneurs start by using their own savings or money from friends and family. While this approach avoids debt or giving up equity, it does […]

The King’s speech earlier this year announced the creation of a new Pensions Bill. The Bill aims to increase the range of investment options for pension funds and to improve the retirement outcomes for future pensioners. Emma Reynolds, the current Minister for Pensions, made the following comments at a recent address to the ABI “Pension […]