Blog
Deal or No Deal: How can traders prepare for Brexit?
Posted 11th January 2019 at 3:07 pm
Now that the new year has started, there is even more focus on the approach of Brexit, when the UK will leave the EU on the 29 March. It is now a conceivable reality that the UK will leave the EU with a no deal. If this happens, your business may need to prepare for some potential changes, so that the transition can run as smooth as possible. How can you prepare? HMRC have recently published advice for VAT registered EU-only traders in the UK except Northern Ireland. It advises that the following steps should be taken by... Read more
New Year, New You: SME Trends for 2019
Posted 4th January 2019 at 3:06 pm
The start of a new year brings with it a whole host of new trends for SME’s to expect. This week we discuss the upcoming SME trends to look out for so you can stay ahead no matter what your industry is. Employee Wellness Mental health and employee wellbeing is becoming more and more acknowledged within the workplace and the effect it can have on businesses can be detrimental. Last year it was found that 71% of small to medium sized businesses had their profitability affected by low-morale, stress and mental illness. It is within your businesses interests to... Read more
Is the ‘Good Work Plan’ Good Enough?
Posted 21st December 2018 at 3:22 pm
This week a report has been published by the government, which outlines many workplace reforms, as advised by a review of modern working practices called the Taylor Review. The Taylor review recommended 53 new workplace reforms with the aim of improving flexible working and those who work within the gig economy in the UK. Of the 53 recommendations made the New Workplace Reforms will address 51 points, meaning many changes are on the way from April 2020. One of the more controversial areas discussed in the report is that of zero-hours contracts. The government has ruled out scrapping zero-hours contracts... Read more
Changes Employers Need to Know for 2019
Posted 14th December 2018 at 4:17 pm
There are many changes on the way for employers in 2019 and beyond, some of which will come at an extra cost to businesses. Below we take a look at what to expect, so you can be prepared. Automatic Enrolment Since being introduced in 2012, employers must ensure to enrol employees into a pension savings scheme. The enrolment means that workers and their employers are obligated to pay into a pension scheme, unless the employee chooses to opt out. In April 2019 the amount paid into a scheme will rise to 5% by employees and 3% by employers.... Read more
Top Tips for SME’s to End Late Payments
Posted 7th December 2018 at 12:25 pm
On average SME’s in the UK are paid 21 days late. This can affect a business’s cashflow, finance management and even mental health. Recent research has revealed that nine in 10 self-employed people, at least occasionally, worry about their financial situation. A third of these people said that these worries have caused them to lose confidence and to lose sleep. A parliamentary committee has this week called for a clamp down on poor payment culture affecting SME’s and freelancers. The recommendations in the report call for a requirement for all medium and large businesses to sign the ‘Prompt Payment Code’... Read more
Is your Cyber Security up to Code?
Posted 30th November 2018 at 2:38 pm
As part of the National Cyber Security Programme, The Government last year conducted a survey which revealed that 46% of UK businesses experienced at least one cyber attack or cyber security breach in 2017. Of these, 41% of cyber attacks were on large businesses but 45% occurred in Micro businesses and 66% in SME’s. These findings highlight the need for further security in small and medium sized businesses and better data protection practices. Does being more connected increase the risk? The simple answer is yes. Recent years have seen a great increase in workplaces becoming more connected, physically and... Read more
Bah Humbug!
Posted 23rd November 2018 at 3:10 pm
Will you be an Ebenezer Scrooge this year? As Christmas approaches you may be considering giving a little something extra to your employees. Perhaps you’ve considered a seasonal bonus for your workers or already have something in place, but how much thought was put into it when it was setup? Can you afford it and will help to incentivise workers like it should? We’re taking a look at what checks you can do to make sure a seasonal bonus scheme is right for your company and how to not make your employees feel like they work for Scrooge and... Read more
Self-Assessment Tax Return Deadline Approaches
Posted 16th November 2018 at 3:13 pm
Last year over 11 million customers completed a self-assessment tax return. 10.7 million of those were completed on time with 758,707 waiting until the deadline day to file. HMRC are encouraging Self-Assessment customers who will need to file a return to complete it as soon as possible and take some of the stress away from the busy holiday period. There are of course always those who do not complete their Return within the deadline, but they do come up with some very amusing excuses (none of which were accepted): I spilt coffee on it I couldn’t file my return on... Read more
VAT Changes for Construction Sector
Posted 9th November 2018 at 2:18 pm
A new draft legislation has been published by the government outlining a new VAT reverse charge for certain building and construction services. The new legislation is designed to clamp down on missing trader fraud and will take effect from 1 October 2019. Under the new rules, certain ‘specified services’, will hold the customer liable rather than the supplier to account for the VAT to HMRC in respect of the purchases. This ‘reverse charge’ will apply where payments are required to be reported through the Construction industry Scheme (CIS). It will apply through the supply chain up to the... Read more
Budget Special: Advice for Businesses
Posted 2nd November 2018 at 2:01 pm
We’re willing to bet you were just as excited as we were waiting for Philip Hammond to take to the stage and announce the upcoming budget changes. No? Well, lucky for you, we’ve sifted through all the details and summarised all the relevant information you need to be aware of in the coming months. IR35 One of the biggest announcements in the budget was the changes to be implemented for IR35 for the private sector. The required businesses will need to become responsible for determining an individual’s employment status. The private sector rules are to be brought in... Read more