Blog

Dealing with rising inflation

Posted 23rd November 2021 at 8:59 am

inflation

The cost of living has surged at its fastest pace in almost 10 years, with the Consumer Prices Index (CPI) reaching 4.2% in the year to October. It is primarily due to higher fuel and energy prices but the cost of second-hand cars and eating out also increased, the Office for National Statistics (ONS) have said. Inflation is up since Covid restrictions ended this year and the economy reopened. The Bank of England says it may have to raise interest rates in the “coming months” to tackle rising prices. October’s reading is far higher than the 3.1% rise recorded in the... Read more

Be a successful Secret Santa this year!

Posted 16th November 2021 at 10:24 am

Secret Santa

Christmas is fast approaching, which means at some point soon someone is going to start organising your workplace Secret Santa! If you’re not much of a shopper, or have been matched with someone who you know nothing about, don’t worry, we’re here to help! Here are our top picks for Secret-Santa-friendly stores where you’re sure to find the perfect gift!   Flying Tiger Danish company Flying Tiger has been variously described as Denmark’s answer to IKEA, and  a ‘posh Poundland’! They have an incredibly random array of products available in store and online, from homeware to technology, to food, to... Read more

Funding available for local businesses

Posted 10th November 2021 at 12:54 pm

funding

Wolverhampton & Black Country: AIM for GOLD Growth & Grant Programme Over the next year, in response to the pandemic, the AIM for GOLD Growth and Grant programme will support small and medium enterprises with up to £25,000 of capital grants funding. Businesses based in Wolverhampton or the Black Country are invited to contact Wolverhampton Council to discuss their eligibility for the funding, which is available to businesses working in the manufacturing, creative, digital, environmental technology and business services sectors. The funding and support programme is designed to help businesses build resilience and capacity, safeguard jobs, and respond to emerging... Read more

Autumn Budget Highlights

Posted 5th November 2021 at 8:37 am

Autumn Budget

Before last week’s Budget we already knew that corporation tax would increase in 2023 and that there will be a 1.25% rise in National Insurance Contributions (NICs) from April 2022 paid by employers, employees, self-employed and for those with share dividend income.  Personal allowances are frozen until 2026 and we are told these rises are to are to pay for Covid-19 measures and reform of the social care system. The tax burden as a percentage of UK Gross Domestic Product (GDP) is now at its highest level since the 1950’s according to the Office for Budget Responsibility. The “scarring assumption”... Read more

Trick or Treat?

Posted 27th October 2021 at 7:37 am

trick or treat

Test your tax knowledge with our fiendish Halloween quiz!   Trick or Treat: HMRC investigations cost you nothing if there is no tax to pay? TRICK! Even if you have done nothing wrong, you will still incur costs during an HMRC investigation relating to the defence of your case. Happily though, you can take out our Fee Protection Package which covers you for up to £125,000 worth of the costs of fighting a claim.   Trick or Treat: HMRC prefer to incentivise you to pay your tax rather than catching you out? TREAT. Believe it or not, HMRC provide a... Read more

Fund your new hires through Kickstart

Posted 19th October 2021 at 11:30 am

Employers of all sizes can apply for Kickstart funding to create jobs for 16 to 24 year olds on Universal Credit. Employers can spread the job start dates up until 31 December 2021, with funding available until 30 June 2022 if a young person starts their job on 31 December 2021. The funding covers: 100% of the National Minimum Wage (or National Living Wage where applicable by age) for 25 hours per week for a total of 6 months. Associated employer National Insurance contributions Minimum automatic enrolment pension contributions   In addition, a further £1500 funding per job is available... Read more

Time to start thinking about tax!

Posted 11th October 2021 at 4:27 pm

The deadline for filing the 2020/21 self-assessment return online is 31 January 2022*. While this deadline may seem ages away, especially at a time when you may be dealing with supply chain issues, staffing shortages, and other ongoing fallout from Brexit and the Covid-19 pandemic, it’s important not to let your tax return slip your mind. HMRC will not forgive you for a late filing. Even if your return is only one day late and/or there is no tax to pay, they will still charge you a penalty. You can avoid a fine by submitting your return well before the... Read more

VAT rate reduction for hospitality, accommodation & attractions

Posted 5th October 2021 at 10:16 am

VAT

The reduced VAT rate of 5% ended on 30 September 2021. In place now is an interim rate of 12.5% which lasts for 6 months, with the standard rate of 20% returning in April 2022. In common with the previous reduced rates of VAT, this new reduced rate also applies to businesses in those sectors that use the flat-rate scheme.   This measure is expected to continue to stimulate the economy by encouraging people to go out for meals or order takeaway, stay in a hotel or holiday let, or visit certain attractions. It is also expected to support the... Read more

End of Temporary Insolvency Measures

Posted 28th September 2021 at 9:27 am

insolvency

The Insolvency Service has announced that new targeted measures to support small businesses will be introduced, once temporary measures brought in to support businesses from insolvency during the pandemic are phased out from 1 October 2021.   Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was to ensure that viable businesses affected by the restrictions on trading during the lockdown periods were not forced into insolvency unnecessarily. As the economy returns to normal trading conditions, the restrictions on creditor... Read more

University v Apprenticeships: What’s the best route to employment success?

Posted 20th September 2021 at 12:57 pm

apprenticeships

Everyone has had it tough over the last couple of years, but 16-18 year olds have found their entire future thrown up in the air by Covid 19. Do they go to university and risk being cut off from family by lockdown measures? If they go will they have the full university experience, or will they end up stuck in a room alone staring at a screen? And when they graduate, post-pandemic and post-Brexit how will the jobs market look? Would they be better just to get onto the career ladder now via an apprenticeship? How will that affect their... Read more