In a recent news story issued by the Department for Business and Trade a consultation was launched to crack down on the use of online “subscription traps”. The full story says:   “New proposals to crack down on subscription traps have been unveiled today as the government launches a consultation on measures to make it […]

Small businesses in the UK are currently navigating a complex financial landscape, facing several significant challenges that impact their operations and growth prospects. Key concerns include: 1. Rising Operational Costs Energy Expenses: Escalating energy prices have substantially increased overheads for small enterprises, straining profit margins.  Material and Supply Costs: Inflation has led to higher prices […]

Recent legislative reforms have brought significant changes to how companies report profit and loss (P&L) details when filing accounts with Companies House. These changes, introduced under the Economic Crime and Corporate Transparency Act 2023, aim to enhance transparency, simplify the filing process, and combat economic crime. Here’s a short overview of these changes and when […]

The Bank of England has cut its base interest rate again, this time lowering it from 5% to 4.75%. This is the second cut this year, following the reduction from 5.25% to 5% in August. With these drops, we are seeing the most significant rate reduction actions in recent years, and they will bring a […]

In an attempt to popularise the use of its app, HMRC is launching a new advertising campaign aimed in particular at 18 to 34 year olds. More than 1.7 million people are already using the HMRC app every month, which enables users to access services such as making a Child Benefit claim, finding their National Insurance number […]

The upcoming increase in employer National Insurance Contributions (NICs) in the UK, set to rise from 13.8% to 15% from 6 April 2025, along with the reduction of the secondary threshold from £9,100 to £5,000, will significantly impact business costs.  To mitigate these effects, employers can consider the following strategies: 1. Use the Enhanced Employment […]

The proposed increases to the UK National Minimum Wage (NMW) and National Living Wage (NLW) set for April 2025 are expected to impact employers and employees significantly. Here’s how various sectors might feel these changes:   Financial Pressures on Employers: With the NLW expected to rise to approximately £12.21 for those over 21, and NMW […]