Companies could soon see changes to the way they file their accounts as part of incoming legislation to help tackle money laundering and other illicit activity.
A new scheme to help businesses with their energy bills is set to be introduced.
On 9 January 2023, the Government confirmed the Energy Bills Discount Scheme (EBDS) will come into force from 1 April 2023 and will run through to 31 March 2024.
2023 looks as though it is going to be another year of high inflation. The Office for Budget Responsibility (OBR), which advises the government on its economic plans, forecasts that the Consumer Price Index (CPI) inflation for 2023 as a whole will be 7.4%, down from 9.1% in 2022, but far from the Bank of England’s target of 2%.
In a trading environment which is becoming increasingly more challenging, it is important that hospitality business owners maximise their income in the periods that they are open.
Hotel, restaurant and public house owners are currently looking hard at their profit and loss accounts. In these testing times, without adequate working capital, owners must look to their balance sheets for options that will allow them to trade.
Financial Planning Consultant, Marcus Dodds, looks at the consequences of making early pension withdrawals during these unsettled and challenging times.
There are various economic factors impacting the increase in wages, with some changes to taxation and minimum wages to arrive in April 2022. Action is needed to navigate your company through these changes. Before we talk about minimising risk, we’ve put a brief overview of the impact to the payroll cost of your business to come.
Covid-19 has forced us all to think about our own financial situation. The need for financial resilience, stability and control has become front of mind for many when faced with job insecurity or the possibility of falling ill and becoming incapable of working. Furlough is now a thing of the past we hope as we move out of the pandemic to the endemic phase, Omicron notwithstanding.
Unless the Chancellor responds to requests from the hospitality industry, starting the 1st of April the VAT rate for most goods and services within the hospitality industry will increase from 12.5% to 20%, this reverses the temporary rates that were in place since June 2020.