Blog
Inflation is creating more entrepreneurs
Posted 21st September 2022 at 7:48 am
As UK inflation hits a 40-year high, a need for additional income means that more and more people are starting their own businesses. The number of people setting up their own businesses in the UK skyrocketed in the past 12-18 months and this was largely driven by redundancies and furloughing during the pandemic. Now, as the cost of living has risen so dramatically, a further wave of entrepreneurs are starting businesses in order to generate some extra income. Helpfully, according to a recent survey, the UK is considered one of the best places for entrepreneurs to start a business thanks... Read more
Late filing appeals: the lowdown
Posted 14th September 2022 at 7:36 am
Here at E R Grove we spend quite some time encouraging you to file your tax returns early, and a lot of time strongly encouraging you to file them on time! But did you know that it is sometimes possible to appeal against a late filing penalty if you have a ‘reasonable excuse’ for late filing, provided that you meet other specific conditions too? This has been highlighted in the recent case of Harrison v HMRC (2022) which at first glance might look pretty clear cut. Harrison believed that his previous accountants had submitted his 2014/15 tax return by the... Read more
Pensions re-enrolment: Remember your responsibilities!
Posted 4th September 2022 at 5:17 pm
Did you know that every 3 years you must put certain staff back into your pension scheme if they’ve left it? This is called re-enrolment, and it is an important part of your duties as an employer. Additionally, you need to go through this process EVEN IF you haven’t got any staff to re-enrol! Every three years you must complete a re-declaration of compliance to show that you have met your duties in relation to your pension scheme. This is a legal requirement, and carries a fine for non-compliance. Your re-enrolment date falls in the three months either side of... Read more
Employment status and rights update
Posted 31st August 2022 at 7:10 am
The rights that workers have in law with regard to pay, leave and working conditions are dependent on their employment status. These rights are designed to protect individuals, most are compulsory, and usually they cannot be ‘got around’ by asking workers to sign them away as part of an employment contract. Businesses should already be aware of off-payroll working IR35 legislation which seeks to prevent employers and workers from avoiding their tax obligations by incorrectly designating workers as self-employed. This has been big news in recent years with the government taking a firm stance against this status being used to... Read more
Competitions and Funding update
Posted 24th August 2022 at 6:17 am
In this blog we round up some of the latest funding schemes and competitions that businesses can apply to for investment. Innovate UK Smart Grants – ideal for micro-businesses & SMEs Up to £25 million is available for disruptive research and development (R&D) innovations that can significantly impact the UK economy. Applications must include at least one micro, small or medium-sized enterprise (SME) as the lead or collaborative grant claiming partner. Projects must start by 1 May 2023 and end by 30 April 2026, and follow specific rules dependent on their duration. This round of Smart grants reflects the importance of... Read more
Cost-of-Living Crisis: supporting your employees
Posted 13th August 2022 at 9:38 am
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 wellbeing. Several UK employers are generously topping up pay packets with a cost-of-living payment. The CIPD’s summer Labour Market Outlook for 2022 finds that 15% of organisations have paid, or are planning to pay, such a payment to some or all their workers, while a further 15%... Read more
Recession-proof your business
Posted 8th August 2022 at 11:28 am
This week, the Bank of England actioned the biggest interest rate increase in 27 years, and warned that the UK faces a long recession starting before the end of the year and lasting 5 quarters. If this prediction comes true, it will be the longest slump since the financial crisis in 2008. Businesses will understandably be concerned about what the prospect of such a long recession means for them. It is particularly unfortunate that we are experiencing a time of political uncertainty, when it is not clear who will be Prime Minister when we dip into recession. This means that... Read more
New paid parental leave legislation backed by government
Posted 2nd August 2022 at 9:35 am
Thousands of parents whose babies require specialist care after birth will be able to take additional paid time off work, under new legislation backed by the government. A baby who is born prematurely or sick will receive neonatal care in a hospital or another agreed care setting – often for a prolonged period of time. Currently, this can put parents in a difficult position of having to use their existing leave entitlements to be by their baby’s side, or worse, having to return to work while their baby is still receiving hospital care. The Neonatal Care (Leave and Pay) Bill,... Read more
Attracting and retaining key staff with share incentives
Posted 24th July 2022 at 8:24 am
In the increasingly competitive job market, it is important for employers to attract and retain talented people to help them grow their business. More and more key staff would like the opportunity to participate in the equity of the organisation that they work for and employers that do not offer such opportunities will be at a disadvantage when looking to retain and recruit. In the case of companies, there are currently four HMRC ‘tax-advantaged’ schemes that provide employees and employers with income tax and National Insurance (NIC) advantages. These used to be referred to as “HMRC approved” schemes but HMRC,... Read more
Financial Support from Innovate UK
Posted 19th July 2022 at 12:48 pm
Fast Start: Innovation Grants These grants offer small and micro businesses a share of up to £30 million in grants alongside tailored business support delivered by Innovate UK EDGE. Businesses can apply for up to £50,000 for highly innovative ideas that have a clear route to commercialisation through business growth. In order to qualify, the proposed project must lead to new products, processes or services that are significantly ahead of others currently available, or propose an innovative use of existing products, processes or services. It can also involve a new or innovative business model, and must focus on either achieving net... Read more