Blog
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
ICO ransomware guide and checklist for businesses
Posted 14th July 2022 at 1:52 pm
The Information Commissioner’s Office (ICO) has produced guidance to help businesses establish incident response, disaster recovery and business continuity plans to address the heightened risk of ransomware attacks. Ransomware is an increasingly prevalent form of cyber-attack. Personal data breaches from the ICO’s caseload during 2020/2021 have seen a steady increase in the number and severity of cases caused by ransomware. The ICO’s new guidance includes a checklist of actions businesses should review to assess their preparedness against potential ransomware attacks on their organisation including: Governance – ensuring that policies are in place covering mitigation against potential ransomware attacks Asset... Read more
File your tax return early this year!
Posted 4th July 2022 at 11:26 am
Many of you will have received an email from HMRC recently inviting you to submit your Self Assessment tax return earlier this year. Though the online Self Assessment filing deadline is 31 January 2023 (31 October 2022 for paper submissions), there are some benefits to filing early if you are able to. Filing your Self Assessment tax return earlier can give you peace of mind, and help you better manage your tax bills so that you don’t get a nasty surprise in January. When returns are filed early, the payment on account (POA) for the next period is more likely... Read more
Making Tax Digital for VAT – New penalties for non-compliance
Posted 28th June 2022 at 11:07 am
HMRC have issued guidance for VAT-registered business on how to avoid penalties for non-compliance with the Making Tax Digital for VAT (MTD) rules. In particular, there is a new £400 per return penalty if you file a return but do not use functional compatible software. Functional compatible software means a software program, or set of software programs, products or applications (apps) that can record and store digital records, and have the capability to both send and receive information to and from HMRC. There are additional penalties if the business does not keep its records digitally. HMRC may charge a penalty... Read more
Out and about in the West Midlands this Summer
Posted 22nd June 2022 at 8:54 am
We’ve just hit the longest day of the year, and with excellent weather and all those extra hours of sunshine, suddenly it feels like there is lots more time in the day for us to get out and about! We’ve rounded up some of the most interesting events happening in the West Midlands over the next few months to make the most of those summer vibes. Birmingham 2022 Festival Organised as part of the Commonwealth Games, this festival of culture has been running since March and finishes in September. There is a real range of events on offer from... Read more
How to combat Stagflation
Posted 13th June 2022 at 9:13 pm
Stagflation is a combination of stagnant output and rapidly rising prices. It has been in the press a lot lately as financial analysts fear the toxic cocktail of rising prices and slow economic growth. Post-pandemic supply chain bottlenecks, combined with rising energy prices and the economic effects of the war in Ukraine are seen as the main contributors to the current economic challenges. The rise in energy prices is already starting to impact the profit margins of businesses. There is also an intense shortage of human capital which is driving up the cost of hiring good people as firms compete... Read more
Leading with compassion
Posted 7th June 2022 at 6:28 pm
With a vote of no confidence in the Prime Minister following hot on the heels of the Platinum Jubilee, discussions about leadership have very much been in the headlines! Whilst most of us won’t ever be Head of State or Prime Minister, many of us have an idea of the kind of leaders that we would like to be. However once we find ourselves in a leadership position it can be all too easy to be distracted by the day-to-day and forget all about those lofty ambitions. There is one trait that all leaders should cultivate, however busy they are... Read more
Have your say on Capital Allowances
Posted 1st June 2022 at 6:53 am
HM Treasury is inviting businesses to share their thoughts on how the UK’s capital allowances regime could be reformed, in the hope of fostering a new culture of enterprise and growth in the UK. The UK has a long-standing issue with productivity, and one of the key underlying causes is a lack of capital investment. According to OECD data, companies invest just 10% of GDP each year, compared with 14% in our competitor countries – and one of the reasons is that our tax system doesn’t reward investment as much as other countries do. The Spring Statement set out some... Read more
Cash is King
Posted 23rd May 2022 at 2:39 pm
Uncertainty has been the buzz word for the last couple of years, and in economic terms that doesn’t look like it will be changing any time soon! In uncertain times, cash is king and therefore managing your cash flow is more important than ever. It is now vitally important for all businesses to take some time to plan ahead for a range of scenarios. The ongoing impact of Brexit is still unclear, and it is far from certain what will happen in terms of pandemic measures as we move into the Autumn flu season. On top of that the impact... Read more
Understanding High Income Child Benefit
Posted 16th May 2022 at 12:11 pm
HMRC are asking employers to help their employees understand the High Income Child Benefit Charge. In this issue of our blog, we break down what it is that you and your employees need to know. What is the High Income Child Benefit Charge? The High Income Child Benefit Charge applies where an individual receives child benefit and either they, or their partner, have total taxable income of £50,000 or more. The charge is 1% of the benefit received for every £100 income by which taxable income exceeds £50,000. If the individual or their partner has taxable income of over... Read more