Blog
Taxpayers given more time for voluntary National Insurance contributions
Posted 13th March 2023 at 3:55 pm
The UK government has extended the voluntary National Insurance deadline to 31 July 2023 to give taxpayers more time to fill gaps in their National Insurance record and help increase the amount they receive in State Pension. This comes after members of the public voiced concern over the previous deadline of 5 April 2023. The deadline extension was announced via a Written Ministerial Statement last week and HM Revenue and Customs (HMRC) is urging taxpayers to ensure they do not miss out. Anyone with gaps in their National Insurance record from April 2006 onwards now has more time to decide whether to... Read more
The Windsor Framework – new trading arrancements between Great Britain & Northern Ireland
Posted 7th March 2023 at 1:55 pm
Last month we saw the Windsor Framework, agreed by the Prime Minister and European Commission President, replacing the old Northern Ireland Protocol, providing a new legal and UK constitutional framework. The UK government states that “It delivers free-flowing trade in goods between Great Britain and Northern Ireland by removing any sense of the border in the Irish Sea for goods staying within the UK. These goods will travel as normal through a new green lane without red tape or unnecessary checks, with the only checks remaining designed to prevent smuggling or crime.” The new green lane (the UK internal market... Read more
Is the UK going to swerve a recession?
Posted 1st March 2023 at 9:28 am
Better than anticipated purchasing managers’ index (PMI) data for February indicate encouraging resilience of the economy in the face of headwinds which include rising interest rates, the ongoing cost of living crisis, labour shortages and strikes. While many companies continue to report tough operating conditions, especially in the manufacturing sector, the broader business mood has been lifted by signs of inflation peaking, supply chains improving, and recession risks easing. The stress created by last autumn’s mini budget is also continuing to work its way out of the financial system. However, while the data suggest that near-term recession odds have fallen... Read more
New law gives employees and other workers more say over their working hours
Posted 13th February 2023 at 5:45 pm
The UK government has supported the recently introduced “Predictable Terms and Conditions” Bill, which will bring forward changes for tens of millions of workers across the UK. The move, which would apply to all workers and employees including agency workers, comes after a review found many workers on zero hours contracts experience ‘one-sided flexibility’. This means people across the country are currently left waiting, unable to get on with their lives in case of being called up at the last minute for a shift. With a more predictable working pattern, workers will have a guarantee of when they are required... Read more
Important updates for employers
Posted 8th February 2023 at 10:45 am
This blog brings you two important updates about pay and conditions that all employers need to be aware of. Government to crack down on ‘fire and rehire’ practices The government is taking action against unscrupulous employers that use the controversial practice of ‘fire and rehire’, it has announced. ‘Fire and rehire’ refers to when an employer fires an employee and offers them a new contract on new, often less-favourable terms. The government has been clear on its opposition to this practice being used as a negotiating tactic and is now making it clear how it expects employers to behave.... Read more
Tax Planning for 2023/24: Decisions to make before April
Posted 1st February 2023 at 11:47 am
The new tax year starts 6 April 2023, so you have a couple of months to consider your options. Once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6 April. Do you fall into any of these categories? You have or are thinking about a change in your personal status (single, married, separating, joining or dissolving a civil partnership) You are thinking about selling a capital asset, such as shares or a property (From 6 April 2023 the Capital Gains Tax annual... Read more
Funding Opportunities update
Posted 26th January 2023 at 1:45 pm
In this blog we round up the latest funding announcements which may be of interest to your business. Innovation Loans Future Economy competition – round 8 Innovate UK is offering up to £25 million in loans to micro, small and medium-sized enterprises (SMEs). Loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There should be a clear route to commercialisation and economic impact. Your 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... Read more
Resolutions you can stick to
Posted 17th January 2023 at 11:39 am
By this stage in the month, New Year’s Resolutions are often nothing but a distant memory, apart from those still clinging on doggedly to Dry or Vegan-uary. Often we make the mistake of making our resolutions far too big, when what we really need is a micro-resolution – something tiny that we can stick to for much longer, maybe even forever! Here are some ideas for small changes that can make a big difference. Drink more water But not, ‘I will religiously down 2 litres of water every day!’ Try, ‘I will drink a glass of water as soon... Read more
Making Tax Digital for Income Tax Self-Assessment: More time to prepare
Posted 10th January 2023 at 9:05 am
The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. However, the government, recognising the current economic environment and the significant change that a transition to Making Tax Digital represents, has pushed this back to April 2026. In addition, the previously announced £10,000 threshold for self-employment and property income has been raised, as detailed below. Under MTD for ITSA, businesses, self-employed individuals, and landlords will keep digital records, and send a quarterly summary of their... Read more
Flexible Working changes: the right to request from day one of employment
Posted 4th January 2023 at 6:52 am
Millions of employees will be able to request flexible working from day one of their employment, under new government plans to make flexible working the default. The new measures will give employees greater access to flexibility over where, when, and how they work, and the government hopes will lead to happier, more productive staff. Flexible working has been found to help employees balance their work and home life, especially supporting those who have commitments or responsibilities such as caring for children or vulnerable people. Flexible working doesn’t just mean a combination of working from home and in the office... Read more