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...
Financial markets approve of Trump winning the presidency
Immediately following the US election results and Donald Trump’s win, the dollar made gains against other currencies. The FTSE 100 index also went up on Wednesday afternoon by 1%. The positive moves appear to be based on Trump’s plan to cut taxes and raise tariffs, as...
CMA provisionally approves Vodafone and Three merger
The Competition and Markets Authority (CMA) have provisionally concluded that with certain commitments the proposed merger of Vodafone and Three would not be a competition concern. Vodafone and Three first proposed merging in June last year, however the CMA have been...
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
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...
Autumn 2024 Budget speech: History in the making?
On 30 October 2024, Rachel Reeves delivered her first Budget speech. As the first Budget speech ever delivered by a female Chancellor of the Exchequer, the occasion was bound to be one for the history books regardless of what was said. The Chancellor’s speech lasted...
National Minimum Wage increases for April 2025 announced
The government has announced the new National Minimum Wage (NMW) rates that will apply from 1 April 2025. These are as follows: 1 April 2025 – 31 March 20261 April 2024 – 31 March 2025National Living Wage (Age 21 and over)£12.21£11.4418-20 Year Old...
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...
Employers now required to take “reasonable steps” to prevent sexual harassment
From 26 October 2024, employers were given a new legal duty to take “reasonable steps” to prevent sexual harassment of employees. This duty requires employers to anticipate when sexual harassment may occur and take reasonable steps to prevent it. If sexual harassment...
Protecting young people online: The ICO taking action on data privacy for children
In today’s digitally connected world, social inclusion has extended into virtual spaces, and young people are increasingly exchanging personal information to stay connected with friends and access social media platforms. This trend has raised significant privacy...
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
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
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...
Autumn 2024 Budget speech: History in the making?
Good news for workers, but not so much for businesses On October 30 2024, Rachel Reeves delivered her first Budget speech. As the first Budget speech ever delivered by a female Chancellor of the Exchequer, the occasion was bound to be one for the history books...
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...
Employment Rights Bill progresses and consultations are launched
Following the release of the Employment Rights Bill, its Impact Assessment was published last week showing that the new Bill will have a “positive direct impact on economic growth.” The Bill received a majority vote at its second reading in the House of Commons last...
How to handle communications in a cyber incident
If a cyber incident affects your business, the way you communicate with your staff, stakeholders, customers and perhaps the media, can make a huge difference in the way your business is perceived. In an incident, attention tends to focus on the technical aspects of...
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...
New government grants to boost research on AI risks
Researchers in the UK are being offered new funding opportunities to explore ways of making society more resilient to the risks posed by Artificial Intelligence (AI). These risks include emerging threats such as deepfakes, misinformation, and cyber-attacks, and the...
CMA issues warning to unregulated legal service providers amid consumer protection concerns
The Competition and Markets Authority (CMA) is stepping up its efforts to protect consumers opting for unregulated legal services, such as will writing and divorce arrangements, which are becoming increasingly popular alternatives to traditional high street...
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?
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?
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...
Are you complying with competition law? Reviewing the CMA’s latest warning
The Competition and Markets Authority (CMA) has just published a new set of heat maps showing where businesses across the UK have received warning or advisory letters for potentially breaking competition law. It’s the first time the CMA has published this kind of...
UK economic growth figures revised: What it means for your business
The latest figures from the Office for National Statistics (ONS) reveal that the UK’s economy grew by 0.5% between April and June, a slight dip from the initial estimate of 0.6%. This adjustment, largely due to sharper-than-expected declines in the manufacturing and...
New Compulsory Training for Door Supervisors and Security Guards
If you’re a door supervisor or security guard, or you employ them, you’ll need to be aware of some important changes that may affect you as we approach 2025. From 1 April 2025, new training will be compulsory for anyone looking to renew their licence. This update,...
BEWARE “SCAM” LETTERS CLAIMING TO BE FROM HMRC
We have also become aware of scam letters and emails purporting to be from HMRC being sent to taxpayers. These letters request important personal information which would be needed by fraudsters to access your data. If you have doubts about whether a communication from...
“NUDGE” LETTERS BEING SENT BY HMRC TO TAXPAYERS
HMRC have recently increased their use of “one to many” or “nudge” letters to taxpayers which suggest that there may be errors or omissions in tax returns or accounts information. HMRC argue that these letters are a key tool in their compliance strategy but this...
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...
MANY OVER 55’S CAN WITHDRAW 25% OF THEIR PENSION FUND TAX-FREE
Under current pension rules, many pension funds allow pension scheme members to withdraw up to 25% of their pension savings tax-free. Finance Act 2023 limited the tax-free amount to £268,275 unless the individual had applied for protection at a higher amount. There...
Have a Child Trust Fund? Time to check if you can claim your savings!
If you, or your child, was born between 1 September 2002 and 2 January 2011, there could be a savings account with your or their name on it – literally! More than 670,000 young people, aged 18-22, have yet to claim their Child Trust Fund, with HM Revenue & Customs...
New cooperation announced to tackle cyber crime
The Information Commissioner’s Office (ICO) and the National Crime Agency (NCA) have announced the signing of a Memorandum of Understanding that details how the two organisations will cooperate to improve the UK’s cyber resilience. The aim is that their working more...
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...
Norfolk and Suffolk declared a restricted zone for bluetongue virus
The UK Chief Veterinary Officer has declared a bluetongue restricted zone across Norfolk and Suffolk following several confirmed cases of Bluetongue virus BTV3 in the region. Since 30 August all keepers of cattle, sheep, and other ruminants and camelids in this area...
SHOULD YOU PASS ON WEALTH NOW TO AVOID INHERITANCE TAX?
Many wealthy individuals are apparently passing on substantial amounts of their wealth in anticipation of possible changes to inheritance tax (IHT) in Labour’s first Budget on 30 October. This allegedly includes a number of high-profile individuals such as TV...
Government crackdown on illegal employment: What business owners need to know
Last month, the Home Secretary, Yvette Cooper, announced a significant government crackdown on employers hiring migrants illegally. Overview of the government's crackdown From Sunday 18 to Saturday 24 August, Immigration Enforcement teams carried out a series of...
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...
Don’t miss out on Winter Fuel Payments: Check your eligibility for Pension Credit
As a pensioner you were likely dismayed to learn that Winter Fuel Payments are now being restricted to those who are on benefits and Pension Credit. The Winter Fuel Payment is a key benefit to help with increased heating costs during winter that was previously paid to...
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...
Evaluating a business idea: A guide for aspiring entrepreneurs
The economy is continuing to grow, according to the latest figures for the April to June quarter. Gross Domestic Product (GDP) is estimated to have increased by 0.6% for the quarter. This compares with an increase of 0.7% for the January to March quarter. Two quarters...
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...
Government investing £32 million in AI projects to boost productivity and improve public services
The UK government has announced £32 million in funding for 98 innovative AI projects, aimed at improving efficiency in various sectors. These include delivery of prescriptions, railway maintenance and training construction workforces. The funding will support over 200...
Changes to non-domiciled tax status to go ahead
The previous government included plans to end non-domiciled tax status at the Spring Budget and replace it with a 4-year foreign income and gains (FIG) regime. The new government have now announced their intention to continue with these plans, while ending some...
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...
New guidance issued on machine learning principles
The National Cyber Security Centre (NCSC) has released guidance aimed at assisting developers, engineers, decision-makers, and risk owners in the creation and use of machine learning systems. Machine learning is a form of artificial intelligence where computers...
Government promise to cut National Insurance confirmed
While commenting on the GDP growth and what it indicates about the economy, the Prime Minister again drew attention to National Insurance. The article released by the Prime Minister’s Office noted that the progress in the economy has allowed them to bring down taxes,...
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...
Is your use of AI compliant with health and safety?
The Health and Safety Executive (HSE) has published an article outlining its approach to regulating artificial intelligence (AI) in workplaces. The article has some implications that businesses should consider, as follows: Regulatory compliance As with any other area...
New digital service to check your State Pension forecast launched
A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement. GET IN TOUCH WITH OUR WIMBLEDON ACCOUNTANTS The service is called Check Your State Pension...
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
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...
What can you do to recover a hacked account?
Losing access to any of your digital accounts can be very stressful, and if it’s an account you need for work this can be doubly the case. The National Cyber Security Centre (NCSC) produces guidance that can help the self-employed and sole traders as well as any...
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...
UK artists to benefit from new UK-Australia Free Trade Agreement
As a result of a new UK-Australia Free Trade Agreement (FTA), UK artists will now be able to claim resale royalties when their art is resold in the Australian professional art market. Previously, UK artists have not received any royalties when their artwork was resold...
What is the future for the National Minimum Wage?
The Low Pay Commission (LPC) has published a report on the future of the National Minimum Wage beyond 2024. In recent years, the LPC has been setting the National Living Wage based on a target of two-thirds of median hourly earnings. The National Living Wage is now...
How should you respond to a cyber incident?
The National Cyber Security Centre (NCSC) has recently published a guide for CEOs (and by extension all business owners) on responding to a cyber incident. A cyber incident can occur in various forms and often result in financial loss, reputational damage, legal...
CMA reviewing deal between Vodafone and Three
Last year, Vodafone UK and Three UK announced a joint venture deal that would bring their customers under a new, single network provider. As two major providers of telecommunication services in the UK, this deal affects around 27 million customers. Many of these...
Have we heard the death knell for national insurance contributions?
The original concept for national insurance contributions (NICs) was as a part of social welfare reforms implemented by the government in the early 20th century. The idea being to establish a social insurance that provides financial protection and assistance to...
HMRC announces and then halts changes to helpline services
Last week, HM Revenue and Customs (HMRC) announced changes to its helpline services that will encourage people to go online first. However, in a fast about turn, the very next day they halted these changes while they consider how best to help taxpayers make more use...
Information Commissioner’s Office calls for views on “consent or pay” cookie usage model
When you browse to a website it is now commonplace to have to interact with a cookie notice where you give permission or not to the use of advertising cookies. Website cookies are small text files that websites store on a user's computer or device. These files contain...
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 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,...
Self-Assessment: Be alert to potential scams
Self-Assessment customers, who are starting to think about their annual tax returns for the 2022 to 2023 tax year, should guard against being targeted by fraudsters, warns HMRC. Fraudsters target customers when they know they are more likely to be in contact...
Ensure you Submit your Self-Assessment Return Early
There’s a growing trend in people submitting their Self-Assessment returns to HMRC early. In the last five years, the number of people choosing to file their return on the first day of the tax year has almost doubled. The deadline for sending your Self-Assessment tax...
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...