Rachel Lloyd

Chancellor adopts FSB proposal to help 500k small firms through Employment Allowance Uprating the Employment Allowance was a welcome announcement in the spring statement and will help small business with the rising national insurance costs, said the country’s largest small-business organisation. The Federation of Small Businesses national chair Martin McTague said he was encouraged by […]

Big accounting firms have mixed reviews on Chancellor’s plans There was a lot of promised tax cuts and initiatives from the Chancellor in his spring statement, but not all of them have been received with overwhelming enthusiasm by the country’s biggest accounting firms. Tom Evennett, EY head of private client services, UK, said the Chancellor

VAT issues for charities and not-for-profits – trying to get certainty For many charities and not-for-profit organisations, VAT can be complex and difficult to comprehend. Finding the right advice is imperative to avoiding a penalty from HMRC. This blog considers the potential issues that can arise when looking for assistance from HMRC and how to

Economic outlook for 2022 not all doom and gloom – PwC There was some good news for the UK economy from the latest economic outlook from PriceWaterhouseCoopers. The multinational firm, in its latest economic insight, said it expected the UK economy could reach its pre-COVID level by the end of the year and achieve an

Right to work checks: Hiring from outside the UK in 2022 With skilled worker shortages and staffing crises nationwide, hiring overseas employees could be the perfect solution but there are a number of new steps that must be taken by businesses. The Federation of Small Businesses has compiled a checklist for employers wanting to bring

Prices rising in all sectors – BRC-NielsenIQ Consumers are paying more for fresh food than they have in almost a decade according to the latest BRC-NielsenIQ. But it’s not just fresh food that is hitting record-high prices – shop prices across the board rose by their fastest rate in almost three years in the run-up

SSP claims extended Employers with fewer than 250 employees will be able to claim up to two weeks’ SSP per employee for COVID-related sickness absences occurring from 21 December 2021. The reintroduction of the Statutory Sick Pay Rebate Scheme (SSPRS) was announced as part of a £1 billion support package for businesses impacted by the

Self Assessment deadline countdown begins Self Assessment customers have been warned they have only one week left to submit paper tax returns or 100 days if they chose to go online. HM Revenue and Customs said last year 96 per cent of customers completed their tax returns online but for those still using paper returns,

Businesses warned of payment diversion fraud A campaign to warn small and medium businesses about payment diversion fraud was launched on Tuesday (26 October) by the National Economic Crime Centre. PDF, also known as Business Email Compromise or Mandate Fraud, involves criminals impersonating others, creating or amending invoices and diverting payments to bank accounts under

Low-paid workers’ windfall Low-paid workers have been given a boost in Wednesday’s (27 October) autumn budget with up to 9.8 per cent wage increase. The national living wage (NLW) will rise to £9.50 from 1 April 2022 representing an increase of 59 pence or 6.6 per cent. The Low Pay Commission’s recommendations set the minimum

Autumn budget 2021: Key tax announcements Chancellor Rishi Sunak delivered his Autumn Budget and Spending Review on Wednesday (27 October), which he assured would “begin the work of preparing for a new economy” and the “challenging months ahead” post-pandemic. Having “made four fiscal judgements” that included “increas[ing] total departmental spending over this Parliament by £150

Annual gift allowance overdue for an increase The annual gift allowance of £3,000 has been frozen for 40 years. Taxpayers only saved £30 million in inheritance tax (IHT) through gifting last year, according to research from UHY Hacker Young. The figure would be higher if the annual gift allowance had kept up with inflation. The

HMRC appoints new director general of customer strategy and tax design Jonathan Athow joins HMRC from the Office of National Statistics, where he is currently deputy national statistician and director general for economic statistics. HM Revenue and Customs has announced the appointment of Jonathan Athow to the role of director general for the customer strategy

Government funnels support to small, innovative cyber businesses A new program funded by the Department for Digital, Culture, Media and Sport will support the growth of the UK’s cyber security sector. Small businesses and startups in the cyber security sector are set to get a boost from a new scheme to help launch and grow

HMRC slams ‘absurd excuses’ from employers who underpaid workers Employers used justifications such as training employees or their citizenship status to claim they didn’t realise they needed to pay certain workers minimum wage. In an effort to further deter businesses from failing their duties in paying minimum wage, HM Revenue & Customs (HMRC) has released

Charities ask to be excluded from audit reforms The Charity Commission England and Wales has pushed back against a proposal to introduce a new framework for audit standards on large charities in the UK. Writing in response to the government white paper Restoring Trust and Confidence in Audit and Corporate Governance, the Charity Commission England

UK welcomed 726,000 new businesses in 2020, up 14% from 2019 Close to 726,000 new businesses were created in the UK in 2020, compared with just over 636,000 in 2019. The creation of over 700,000 businesses in 2020 has placed the UK fifth among 22 countries studied by UHY Hacker Young in its annual business

Jobs tax increase would hit small businesses and young earners Prime Minister Boris Johnson’s expected announcement of a 1 per cent increase in national insurance contributions has caused concern among small business owners. The tax hike, which has not yet been formally announced, would fund an overhaul of the UK’s social care system and address

HMRC seeks more power to crack down on tax avoidance promoters The government has released draft legislation for the 2021-22 finance bill, and among the proposed measures are legislative changes to allow the HMRC to crack down on promoters of tax avoidance. The proposed legislation will strengthen HM Revenue and Customs’ (HMRC) power to penalise

Paul Ash elected 88th president of world’s largest management accountants body The Chartered Institute of Management Accountants (CIMA) has elected Paul Ash, FCMA, CGMA, as its 88th president, and the sixth chair of the Association of International Certified Professional Accountants. The CIMA is considered the world’s largest professional body of management accountants. During the one-year

New UK watchdog to clamp down on abuse and protect workers’ rights One powerful overarching body will be created to protect the rights of UK workers, and to clamp down on workplace abuse. The UK government’s plans for a new watchdog for workers hopes to tackle modern slavery, enforce the minimum wage and protect agency