Whilst the Chancellor’s measures are all welcome, they are just a drop in the ocean compared to the massive increase in input costs faced by farmers in recent months.
Whilst the support for Business was less apparent during Rishi Sunak’s Spring Statement, the focus was on consultation over the summer with a view to cutting taxes and encouraging investment for business in the Autumn.
The Chancellor confirmed that from 6th July he will raise the NIC threshold for employees and the self-employed, so that it matches the £12,570 income tax personal allowance, which will help many taxpayers who are currently facing a cost-of-living squeeze.
It has been reported in the Financial Times that the Chancellor is preparing to face pressure from the PM to offer new help to households while balancing the fears that inflation could rise to 7% in May.
This new regime is designed to be proportionate, penalising businesses who persistently miss their submission obligations, rather than those who make occasional mistakes. This is good news for businesses who make occasional late returns or payments, as the penalties in these circumstances will be relatively small.
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.
The National Cyber Security Centre (NCSC) has advised business owners to take action following Russia’s invasion of the Ukraine. With the cyber threat heightened, the NCSC has said that organisations should act on improving their resilience and bolster their online defences.