The effects of cutting prices – do you realise how much more you need to sell to achieve the same level of profit?
It is very easy to reduce prices, but in doing so, this will affect your gross profit margin. Yes, it might be that you actually increase unit sales, but will this increase your bottom-line profit, or will you make less money? How much harder might you have to work to sell more? To […]
Employers must take “reasonable steps” to prevent sexual harassment
New legal duty in force Employers now have 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 has already taken place, then an employer would need to take action […]
The annual staff Christmas Party – watch for any tax implications
As a business owner, it is only natural to consider things from a financial perspective. One example is planning your Christmas party. While many prioritise the enjoyment of the party itself, understanding these financial implications can help you make the most of your budget and even enhance your festive celebrations. The Christmas party qualifies as […]
Agricultural and business property relief
What happened in the Budget? Changes to inheritance tax were announced in the Budget that have caused consternation and resulted in protests by farmers and business owners across the UK. What exactly is changing and what could this mean for you? What are agricultural and business property relief? Agricultural property relief (APR) is a type […]
The 2024 Budget and changes to National Insurance
The ramifications of the Chancellor’s Budget announcements regarding Employer’s NI changes are now clear. These come into effect from April 2025. For those that employ staff, some businesses will be winners, but there will be many losers too. NI is currently paid on earnings over £9100, but this will drop to earnings over £5000 from […]
No VAT payable if paying by cash!
How often have you heard this? How often have you seen someone actually put this on their invoices!!! You may have come across this frequently in the building trade, but there are anecdotal reports of other businesses such as lawyers asking for payment in cash too (which they would collect to save it going to […]
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 on encouraging the wider use of e-invoicing, with the goal of […]
Capital Gains and losses?
The current annual capital gains exempt amount is £3,000. However, we may see this alter in the October budget. Be aware that if you realise gains and losses in the same tax year, losses will be offset against gains before the exempt amount is applied. So if gains are covered by the exemption, losses could […]
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 close loopholes so that all tips go directly to workers. […]
Surprising drop in inflation for September
Will it lead to interest rate cuts? The government published the Employment Rights Bill in October, which is intended to help deliver economic security and growth to businesses, workers and communities across the UK. The Office for National Statistics (ONS) reports each month on inflation and other economic indicators each month. During October they reported […]