Base rate drops to 4.75%

Base rate drops to 4.75%

As had been widely expected, the Bank of England reduced the interest base rate to 4.75% last week. This was due to inflationary pressures easing in recent weeks. The Bank expects inflation to increase slightly again over the next year to around 2.75% and then fall...

ICO guidance on using AI for recruitment

ICO guidance on using AI for recruitment

As use of artificial intelligence (AI) tools to help with employee recruitment increases, the Information Commissioner’s Office (ICO) has published guidance on key data protection considerations. While AI tools can help you improve efficiency in the hiring, there is...

Stress awareness week reminders from HSE

Stress awareness week reminders from HSE

Last week was Stress Awareness Week 2024. The Health and Safety Executive (HSE) used the occasion to remind employers of their need to carry out their legal duty to prevent work-related stress and support good mental health at work. According to HSE figures, 17.1...

Bus fare cap to increase to £3

Bus fare cap to increase to £3

Two days before the Budget, the Prime Minister announced that the cap for single bus fares would be increased to £3 from its current £2. The current fare cap is due to expire at the end of 2024. Without intervention, prices for some routes looked set to rise...

Chancellor pushes for e-invoicing

Chancellor pushes for e-invoicing

Could that help or hinder your business? As part of a series of announcements made in recent weeks by the Chancellor, the government is making a push for greater use of electronic invoicing (e-invoicing). HM Revenue and Customs (HMRC) will soon launch a consultation...

New tipping laws

New tipping laws

What employers need to know As of 1st October, the Employment (Allocation of Tips) Act came into force that ensures workers keep 100% of the tips, gratuities, and service charges they earn. While many employers already pass on tips to staff, this new legislation will...

Surprising drop in inflation for September

Surprising drop in inflation for September

Will it lead to interest rate cuts? The Office for National Statistics (ONS) reports each month on inflation and other economic indicators each month. During October they reported that their measure for inflation (Consumer Prices Index) fell to 1.7% for the year...

Having trouble with your banking?

Having trouble with your banking?

A strong relationship with your bank is a crucial part of the success and stability of your business. You may rely on them for tailored financial solutions, ranging from short-term credit facilities to long-term loans, to support your growth plans or manage cash flow...

Cyber security for the legal profession

Cyber security for the legal profession

Law practices hold sensitive information and can often be the target of cyber attacks. The National Cyber Security Centre (NCSC) has published some specific cyber security tips to help barristers, solicitors and legal professionals in firms of all sizes protect...

Surprising drop in inflation for September

Surprising drop in inflation for September

The Office for National Statistics (ONS) have reported that their measure for inflation (Consumer Prices Index) fell to 1.7% for September. This is an unexpected reduction and is the lowest inflation has been in more than three years. Drops in airfares and petrol were...

What will the Budget bring?

What will the Budget bring?

With the Budget coming on 30th October, speculation is increasing on what changes will be announced. The Chancellor and the Prime Minister have made comments to indicate that the Budget will bring “difficult decisions”. The Chancellor reported shortly after taking...

Is your website compliant with cookie laws?

Is your website compliant with cookie laws?

If you run a business with a website, you’ve likely seen those cookie consent banners asking visitors whether they’d like to accept or reject cookies. But what if your website is not giving visitors a fair and informed choice when it comes to how their personal data...

CHECK YOUR STATE PENSION ENTITLEMENT

CHECK YOUR STATE PENSION ENTITLEMENT

The current State Pension is £11,502 and is due to rise to around £12,000 a year for 2025/26. At current annuity rates it would cost over £300,000 to receive an index-linked annuity starting at £12,000 a year, so it’s important to maximise your entitlement. In order...

UK economy flatlines again

UK economy flatlines again

Figures released by the Office of National Statistics last week show that the UK economy showed no growth in July 2024. This is the second month in a row as there was also no growth in June. However, looking at the three months ending in July, Gross Domestic Product...

October budget to be “painful”

October budget to be “painful”

The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be “painful” and the government would be making “big asks” of the country. He said that the country would need to be prepared to “accept...

Inflation increases to 2.2% in July

Inflation increases to 2.2% in July

The Office of National Statistics has reported that inflation for July has risen to 2.2%. This is the first rise of 2024 after inflation fell during the early part of the year and then settled at 2% for May and June. A rise was expected because energy prices are now...

HMRC interest rates to be reduced

HMRC interest rates to be reduced

The Bank of England’s decision to reduce the base rate to 5% means that HM Revenue & Customs (HMRC) will also reduce their interest rates. The interest rates charged by HM Revenue and Customs on late tax payments, as well as the rates they pay on repayments are...

Making HMRC pay for poor service

Making HMRC pay for poor service

Dealing with HM Revenue & Customs (HMRC) can often be challenging. Long wait times when calling for assistance, incorrect refund amounts, errors in tax codes, and other issues can be frustrating. Recently, the decline in service standards from HMRC has been...

Are you an early bird?

Are you an early bird?

HM Revenue & Customs (HMRC) have released figures showing that 295,250 Self Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax...

Inflation falls in March

Inflation falls in March

According to the latest figures released by the Office for National Statistics, the Consumer Prices Index (CPI) rose by 3.2% in the 12 months to March 2024. This is down from 3.4% in February. The main reason for the change was that prices for food are rising by less...

Don’t get caught out by tax avoidance

Don’t get caught out by tax avoidance

HM Revenue and Customs (HMRC) are running a campaign to help people avoid being caught out by tax avoidance schemes. This is particularly relevant to those who are contractors, agency workers, or are working through an umbrella company. Tax avoidance schemes are...

Is your business Disability Confident?

Is your business Disability Confident?

New Disability Confident guidance has been published to help managers recruit, retain, and foster the progression of disabled people and those with health conditions in the workplace. The Disability Confident scheme is voluntary and helps employers make the most of...

Charity ordered to stop sending spam texts

Charity ordered to stop sending spam texts

Penny Appeal, a charity based in Wakefield, have been ordered to stop sending unsolicited marketing texts by the Information Commissioner’s Office (ICO). The charity sent more than 460,000 unsolicited texts over a ten-day period to 52,000 people who had either not...

2024 – The year of the SME

2024 – The year of the SME

2024 seems to be a good year to be a small business. The UK Government is doubling down on its commitment to the nation’s 5.5 million small businesses by announcing the launch of a new Small Business Council. Small businesses are the backbone of the UK economy,...

Watch out for tax scams and fraudsters

Watch out for tax scams and fraudsters

Self Assessment customers, who are starting to think about their annual tax returns for the 2021 to 2022 tax year, should guard against being targeted by fraudsters, warns HMRC. There are plenty of fraudsters and scams around at this time, asking for personal...