Managing InheritanceTax
Like many other taxes, inheritance tax (or IHT) allowances have been frozen. This sounds generous of the chancellor at a time when the government is strapped for cash. But it actually means that we are paying more. Data from HMRC has revealed that Inheritance tax collected between April 2022 and February 2023 totalled £6.4bn, which…
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Mitigating Long-Term Inflation
With continuing inflation in the UK, many of us and our businesses have been put “off track” in the short to medium term. The Bank of England recently increased interest rates by a quarter of a percentage point to 4.25 per cent, despite the turmoil that has engulfed banking in recent weeks. The rise was…
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Budget Summary
Last week, Jeremy Hunt, Chancellor of the Exchequer, revealed his first Spring Budget. There was a focus on managing inflation and government debt, encouraging those who have left their jobs to return to the workforce, and increasing business investment. Here are some of the key measures announced in the Spring Budget that will affect businesses…
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Is the UK going to swerve a recession?
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…
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What are your business resolutions for 2023?
We often make resolutions for ourselves at this time of year, but what about your business? Below are a few examples of business resolutions; maybe they will help you think about your strategy for success in 2023. 1. Resolve to track your spending Where does all the money go each month? You know about the…
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is 2023 a resilient Year
Firstly, we wish all our clients a healthy and prosperous New Year! In 2022, despite the troubles with the economy, we have been amazed at the resilience of our clients and how they have energetically moved their businesses into new areas, products and services. Many of our clients have redesigned delivery and payment systems, moved…
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Stragety for Economic Downturn
Thinking long term is a key business strategy We were finally getting over the financial crisis when Covid struck. Then, in the trough of the worst economic downturn in 300 years, we discovered that recovery was driving the FTSE to new heights and the job market into a frenzy. In the wake of that, it became…
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HMRC is changing how they assess profits
How HMRC assesses profits for sole traders and partnerships who use an accounting date between 6 April and 30 March will change from 6 April 2023. This change will not affect companies. Your accounting date is the last day of the period that you prepare your accounts for. You choose your accounting date when you…
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Managing Cash in Tough Times
With ever-increasing supplier prices, a rise in interest rates and a looming recession, managing your business’s cash and understanding the flow are now vital tools in maintaining resilience and being able to adopt flexible strategies for success. Cash flows are a reflection of all the cash that is flowing in and out of a business.…
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Cost-of-Living Crisis Helping Employees
The Chartered Institute of Personnel and Development (CIPD) has put together some practical information for employers to support their employees through the cost-of-living crisis. Against a backdrop of soaring prices for food, energy and other essential goods and services, many employers in the UK are asking what they can do to support their people’s financial…
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