The government has announced a new initiative to counter fraudulent activity, particularly in the financial sector. You might not be surprised to learn that fraud is now the most common crime in England and Wales,…
Neglected Child Trust Funds lying unclaimed
A recent investigation into Child Trust Funds (CTFs) by the National Audit Office (NAO) has revealed that, disturbingly, nearly £400 million in matured CTFs remain unclaimed. CTFs were opened for some 6.3 million children born…
Annual inflation in 2022 was 10.5%, but not all components rose by double digits.
Annual inflation, as measured by the Consumer Prices Index (CPI), was 10.5% in 2022 against 5.4% in 2021. The official CPI calculator, the Office for National Statistics (ONS), says that the last time inflation was…
New energy bill support scheme for businesses
A new business energy support scheme is set to run from 1 April 2023 to 31 March 2024 but will be less generous than the scheme currently in effect. Businesses with energy costs below £107/MWh…
Associated company rules changing 1 April
Small company owners should by now be aware of the corporation tax changes taking effect from 1 April 2023, but with the associated company rules being introduced at the same time, don’t be caught off…
Dissecting inflation: what a difference a year makes
Annual CPI inflation hit 10.1% in September, but that does not mean every price is showing a double-digit increase. The September Consumer Prices Index (CPI) inflation reading is probably the most important inflation metric in…
Energy Costs Statement – 8 September 2022
After a prolonged period of speculation, the new Prime Minister Liz Truss has announced preliminary details of how the government plans to deal with the energy price crisis. In late May this year, the then…
HMRC withdraws P11D PDF alternative
HMRC has decommissioned its interactive PDF that businesses have been using to submit up to 150 P11Ds. For 2021/22, former users will instead have to turn to HMRC’s PAYE online service or use commercial payroll…
More disclosure on the cards for businesses
A downside to running a limited company is that financial information is publicly available. However, micro-entities and small companies do not have to file a profit and loss account, so available information is somewhat restricted.…
Small business: double hit from rising prices
Rising prices hurt just about everyone, but small business owners face a double hit: the impact on their own spending power, but also less revenue coming in from cash-strapped customers. The volume of retail sales…