The Bank of England recently announced a drop in the UK base interest rate, with a drop from 4.75% to 4.5%. The final impact of this drop can be both positive and negative for your small business, so it’s worth understanding the effect that interest rate changes can have. Let’s take a look at how a drop in...
Here’s your breakdown of the major business announcements from the Autumn Statement 2024. A budget to fix the foundations of the economy Rachel Reeves, the Chancellor of the Exchequer, delivered the Autumn Statement on 30 October 2024, saying that this was a budget intended to fix the foundations of the economy, deliver change for working people, mend the...
The Labour Government has pledged to introduce an Employment Rights Bill within 100 days of taking office, as part of a broader Making Work Pay initiative. Business Secretary, Jonathan Reynolds, was recently quoted as saying that ‘business and workers will always help to shape the ambitions of government, including our plan to Make Work Pay, to ensure it...
The Chancellor, Jeremy Hunt, delivered his second Spring Budget on 6 March 2024. This Budget aimed to appeal to the taxpaying masses, with cuts to National Insurance and a rise to the threshold for VAT registration. But was it too little, too late for the UK economy? We’ve summarised the main points, so you can see how the...
The Chancellor of the Exchequer, Jeremy Hunt, delivered his Autumn Statement on 17 November 2022. The £30bn cost of his predecessor's catastrophic ‘mini budget’ hung heavily over this financial statement. Mr Hunt’s job was to reinstate confidence in the Government’s fiscal capabilities and to inject some optimism into the global perception of the UK economy. To do this,...
Many small business owners try to avoid high costs by hiring an accountant who is not qualified. However, this often leads to higher costs down the road. It is important to consider the cost of hiring a chartered accountant to avoid these problems. The main difference between a chartered accountant and a non-chartered accountant is that a chartered...
The Chancellor of the Exchequer, Jeremy Hunt, delivered his much-anticipated Autumn Statement on 17 November. Here’s our summary of the main points of interest. In his opening remarks, Mr Hunt said his priorities are stability, growth and public services: Stability - Stability is about reassuring the market. The Chancellor announced the following new, ‘fiscal rules’ that public sector debt...
As the old saying goes, a week is a long time in politics. But keeping up with the recent changes in policy, tax legislation (and job titles) over the past three weeks has become a full-time job! In a shock move, Kwasi Kwarteng was sacked from his role as Chancellor of the Exchequer on 14 October and was...
The new Chancellor of the Exchequer, Kwasi Kwarteng, delivered his first major fiscal announcement to parliament on Friday 23 September. Billed as a mini budget in the press, what was actually introduced was ‘The Growth Plan’, a raft of sweeping cuts and changes to legislation. The new measures have already been widely criticised – by both sides of...
The Chancellor, Rishi Sunak, delivered his Spring Statement on 23 March. Faced with the task of creating a ‘strong economy’ for the UK, against the challenging background of high inflation, rising costs and the threat of conflict in Europe, he announced a raft of new measures. So, what was in the Spring Statement for your business? And how...
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