The Spring Budget & How it Affects You
The biggest change in the spring budget has been the increase in the national insurance primary threshold, but please note this is only from 6 July 2022.
What does the change mean to you?
Many small businesses operate with a simple two company structure to protect their assets.
If you're considering setting up a holding company to protect your assets, read our simple slides to see the different options and what's involved.
Omicron Grants – What Can I Claim?
The government has announced three additional grants in response to the Covid-19 omicron variant.
One is for businesses in the hospitality and leisure sectors and discretionary grants for other types of businesses have made available through your local council. The other is support if your employees have had to be absent due to coronavirus.
Business Grants in the hospitality & leisure sector
This is Darren.
Can I buy my staff a gift through the company?
Yes! You need to meet all of the following criteria:
A box of chocolates and a bottle of wine is perfectly acceptable, this are all tax-deductible too. If the company employs you, the company can buy you a gift too!
You may have heard it’s more efficient to have an all-electric company car but you don’t know how it works or what is involved. So let me break it down for you.
In the main, this comes down to how you currently fund the cars in your business. If you have employees with a company car already or claiming mileage, the benefits of switching to an electric car are huge. Not only are you saving the environment, but you can save thousands of pounds too.
National Insurance Rises “Care Levy”
(or what I personally consider the cost of covid).
I imagine a lot of you will feel, like me, this is unjust, unfair and not what was promised in the manifesto. Clients have asked me, how will this affect me? What can I do to avoid it? Well here’s everything you need to know:
I have worked with SME businesses for over a decade now, and if there's one thing all successful businesses have in common, it is a passionate, driven, nurturing head of the business. An owner/CEO without these qualities loses talent and can stagnate the company, losing market share to competitors. The CEO that cares will continually drive growth & develop their staff.
Large and medium employers have already started auto-enrolment with mixed results, with smaller businesses being staged up until 2018. Currently the opt out rate is less than 10%. This will add another financial burden onto already struggling smaller companies.
When is your auto-enrolment start date? You should receive a letter a year before letting you know to prepare. There is a lot of administration work involved in assessing your workforce and determining who is eligible for the workplace pension. Are you prepared?
Many entrepreneurs start their businesses doing something they have a passion for, and often they are perfectionists when it comes to their work. Too often they try to do all the work themselves and dislike to delegate anything. There is only so much work one person can do and if you want to drive your business forward it may be time to get some advice. If this sounds like you, give us a call and see what we can do to help you succeed.
Do you know where your business will be in 12 months? Or 3 years?
