Next year’s National Living Wage and National Minimum Wage have been hot topics of discussion with experts warning they must go up to meet the Government’s goal for it to match two thirds of median earnings.
As the Government attempts to balance its books, HM Revenue and Customs (HMRC) has revealed over 2.6 million taxpayers will be hit with tax bills on their savings.
In today’s interconnected world, cyber‑risk has gone from a simple technical concern to an existential threat for businesses.
Every business should be preparing itself to defend against cyber criminals, but the number of those doing so is worryingly low.
We consider the current state of cybersecurity and what more needs to be done to protect businesses.
How vulnerable are businesses to cybercrime?
Look at the news on nearly any given day, and you will find headlines concerning the latest business to fall victim to cybercrime.
You might think that this would inspire businesses to take every measure necessary to protect against cybercrime, but the opposite seems to be true.
The World Economic Forum has recently published its Global Cybersecurity Outlook for 2025, and the figures reported therein are troubling.
At the same time, cybercrime is on an unprecedented economic trajectory.
The report indicated that “scammers have siphoned away more than $1 trillion globally in the past year, costing certain countries losses of more than 3 per cent of their gross domestic product (GDP).”
Businesses should be aware that if cybercriminals can take such dramatic action against countries, that they are not safe.
As cybercrime is more efficient and effective than regular crime, there is little to stop cybercriminals from attacking businesses and organisations until they find success.
This can be done through social engineering, phishing scams, and hacking, though the former two are increasingly popular as humanity remains the greatest vulnerability within a system.
How can businesses protect themselves from cybercrime?
As mentioned, it is the people who work for your business that are the main vulnerability.
Technology developers and cybercriminals are in a constant arms race to surpass each other, so many cybercriminals take the easier route of simply asking for access to a network.
Training your staff is the best preventative measure, and cybersecurity training should be conducted with great regularity.
The World Economic Forum Report highlights the success of the Paris Olympic Games as a model for cybersecurity resilience.
It highlights how it “took two years of preparation, which included large-scale audits, penetration testing and cyber-crisis management exercises.”
Your business may not be as big a target as the Olympics, but if you handle any sensitive information, then it will feel as important as them.
The loss of revenue and reputation that comes from successful cyber-attacks can damage businesses for years, as trust takes a long time to be reestablished if it ever can be.
Cybersecurity has been too long overlooked and can have significant ramifications for businesses that do not engage with the matter seriously.
We are on hand to help you understand the importance of cybersecurity and the ways that it can impact your financial well-being.
Worried about the financial impact of a cyber attack on your business? Speak to our team today!
Many business owners assume artificial intelligence (AI) is only relevant for large corporations.
However, modern tools are already helping smaller firms reduce costs in subtle but powerful ways.
Better supplier pricing
Software can now track pricing trends across your industry, flagging when you are paying more than the market average.
For example, a commercial printer might discover that it is paying above-average for paper stock.
With this insight, it can renegotiate terms or source alternative suppliers, without compromising quality.
Smarter staff scheduling
Using historical data and seasonal patterns, planning tools forecast staffing needs more accurately.
A leisure centre, for instance, might notice spikes in footfall during school holidays.
Automated scheduling ensures the right number of staff are on shift, avoiding overtime costs during quiet periods.
Catching expense fraud
Claim-checking systems automatically flag unusual patterns in staff expenses.
Duplicate mileage, weekend travel or other policy breaches are identified early, preventing overpayments.
Trimming software waste
Unused or underused software subscriptions often go unnoticed.
Monitoring tools highlight where licences are not being used, helping you cut unnecessary costs without disrupting the team.
Tighter stock control
Demand forecasting tools analyse past sales, supplier timelines and seasonal behaviour.
This helps you order more accurately, avoid overstocking and reduce cash tied up in excess inventory.
These savings may seem small individually, but together they can make a real impact on profitability.
None of them require large-scale change, but all of them start with a simple review of your current systems and spending.
Looking to invest in AI and automation? Speak to our team about how to fund innovation.
For a long time, pensions have offered a tax-efficient way to pass on wealth to the next generation.
Under current rules, most defined-contribution pensions sit outside your estate for Inheritance Tax (IHT) purposes.
This can mean they are passed on entirely free from IHT, particularly if death occurs before age 75.
What changes are coming to IHT?
From 6 April 2027, unused pension funds and death benefits will, in most cases, be included in the value of your estate for IHT.
These assets will become liable to up to 40 per cent IHT, depending on the size of your estate and any available allowances.
The exemption that currently allows pensions to be passed to children and other beneficiaries without tax will largely disappear, remaining only when passed to a surviving spouse or civil partner.
The reform applies irrespective of residency. British expatriates living in countries such as Portugal, Spain, France, Cyprus, Malta, or elsewhere will not be exempt from these changes.
With the current IHT thresholds frozen until at least 2030, more families will be drawn into the IHT net as asset values rise with inflation.
What can you do now?
Pensions containing property or illiquid investments may also require careful planning to avoid rushed asset sales.
Act now, not in 2027!
Early planning can reduce your tax exposure and spare your family from administrative delays later.
Speak to us today to make sure your pension plans are still working for your future.
Grants are available to businesses in a wide variety of sectors, but unfortunately, too many businesses miss out on this vital form of funding.
An overreliance on loans puts your business in the risky position of struggling to repay debts during periods of poor cash flow. Grants offer a much safer form of funding.
Unlike traditional bank loans, grants are sources of funding that do not have to be repaid.
Usually designed to support businesses in specific, high-growth sectors, grants may be provided by local or national Government, thinktanks, private companies, charities and more.
Unfortunately, many common obstacles affect businesses’ ability to access grant funding.
To successfully secure a grant for your business, it is essential to understand these barriers to funding.
Common obstacles to grant funding and how to overcome them
A frequent occurrence is businesses applying for grants they are not eligible for – wasting valuable time and effort.
To avoid this, read and re-read the grant criteria to make sure your business is eligible. If in doubt, contact the grant funder to discuss your application.
Make sure you provide essential details about your business and its financial performance, using quantifiable evidence and statistics to back up your claims.
Another common pitfall is the use of jargon in grant applications.
While this may seem to give the image of expertise and authority, using complex jargon and acronyms can make it difficult for the grant funder to read your application.
Instead, opt for clear, understandable language that ensures the reader knows exactly what you are talking about.
Finally, make sure you meet the deadline!
These are typically very strict for grants, and a funder is unlikely to allow extensions, so make sure you submit your grant application in plenty of time before the deadline.
Support with your grant application
With any grant application, getting your business facts and financial figures right is important from the outset.
You need to be sure of your numbers and of your business’s capacity for growth.
An experienced accountant can advise you on your financial position and support you with accessing grant funding.
The UK unemployment rate has increased to 4.7 per cent from March to May 2025, while the annual growth in employees’ average earnings has slowed to five per cent, according to recent data from the Office for National Statistics (ONS).
Job vacancies also fell in June to 727,000 – the 36th consecutive month of decline.
While this evidences a huge challenge for the working-age population out of work, there are also several problems that businesses could face in the months to come.
Interest rate cuts
It is widely expected that the Bank of England will continue to cut its base rate.
This should make borrowing cheaper, enabling businesses to access and repay loans more securely.
However, lower interest rates could also mean a decreased return on your business savings and investments.
Further employment challenges
Businesses across many sectors are already facing employment challenges due to the recent increase in employer National Insurance Contributions (NICs).
Redundancies, shorter working hours, and replacing permanent contracts with agency roles have become increasingly common, especially in the service and hospitality industries.
The next few months are likely to see more businesses making tough decisions around recruitment.
Restructuring, reviewing staff salaries, and cutting overtime may be necessary for businesses to stay afloat.
However, while these choices may help to cut costs, they could harm your business’s efficiency and service quality.
Make sure any recruitment cost-cutting measures do not lead to a more damaging effect on your brand and reputation, as these are what will affect your business’s performance in the long run.
Budgeting and financial management will be more important than ever
With a range of fiscal and employment challenges ahead, effective budgeting and financial management for businesses will be more important than ever.
If you’re concerned about employment costs and keeping your business financially healthy, seeking advice from an experienced accountant is essential.
Don’t let employment costs get out of hand. Contact us today for urgent advice and guidance.
The Employment Rights Bill looks set to come into law by the end of the year.
Now is the time for any business that hires staff to sit up and take notice, as the bill will impact the way that your business operates.
We are going to explore some of the more notable aspects, so that your business can plan ahead and stay compliant.
What are the big changes coming in the Employment Rights Bill?
As the name would suggest, the Employment Rights Bill is focused on giving workers more rights and better protections in the workplace.
One of the main ways this is being implemented is with the removal of qualifying periods for a lot of protections, replacing them with day-one protection instead.
This means that every worker will be entitled to:
The Bill also seeks to provide increased stability for workers by banning any new zero-hour contracts and forcing employers to change contracts to fixed hours upon the request of the employee.
This is coupled with a ban on ‘fire and rehire’ practices and a greater right to equal pay for agency workers, though this will require them to have worked for twelve weeks.
Bereavement leave is being extended to cover pregnancy‑loss before 24 weeks to give grieving parents more of an opportunity to recover from their loss.
What does this mean for businesses?
The main considerations centre around compliance.
You will need to ensure that you have updated your employees’ contracts to better reflect their rights within the workforce and ensure your payroll processes are equally aligned to account for this reform.
You need to ensure that you do not accidentally infringe upon any of these rights, otherwise, you could face tribunal action, which could lead to compensation costs.
From a financial perspective, the change to the way contracts are managed could be a concern for some businesses.
If your business relies on zero-hour contracts, then you need to assess your financial structure to ensure that you can manage with the new fixed-hour contracts.
There is increasing concern that enhanced leave rights and guaranteed‑hours contracts could increase wage bills and employer National Insurance contributions, as well.
This is set to be felt hardest by SMEs, many of which are already facing pressures from inflation.
As the Bill makes its way through the House of Lords, now is the time for your business to prepare.
While your employees will likely welcome the added protections, a lack of preparation could leave your business in financial trouble as a result.
Seeking professional guidance is the best way to minimise any negative impact that the Employment Rights Bill could have on your business.
Protect your business and understand the cost of your new obligations by speaking to our team today.
If you have concerns about the long-term state of the British financial infrastructure, you are not alone, as the Business and Trade Committee (BTC) shares your concerns.
It can be confusing trying to keep pace with the changes to Companies House since the introduction of the Economic Crime and Corporate Transparency Act 2023 (ECCTA).
The biggest concern around these changes is that if any slip under the radar, you face penalties and fines for noncompliance.
We know that Companies House is committed to tighter scrutiny and greater transparency, but what this looks like is still being ironed out.
As such, we are going to break down the changes that have happened recently, those that are coming soon, and those that may never come to pass.
What has changed with Companies House?
2025 has been a big year of changes for Companies House, as we see the conclusion of the first big wave of reform.
January saw the ability for individuals to apply to suppress a residential address.
This is especially useful for those who may have used their home address, back when the rules around registered addresses were more relaxed.
This is a positive change that allows people to secure their personal data now that standards have shifted.
In the spirit of data protection, overseas entities also gained the ability to apply to protect trust member details if certain criteria were met.
Another positive change saw the increased ease of access to Companies House services through the GOV.UK One Login.
Starting in February, Users of the Find and Update Company Information service were able to use the same login as for other Government services.
This allows for a more streamlined approach to corporate filings in a secure environment.
Springtime saw the focus shift towards identity verification, laying the groundwork before the mandatory deadline in the autumn.
For the first time, third-party providers performing identity verification on behalf of clients had to be registered as Authorised Corporate Service Providers (ACSPs).
This was done to crack down on misfiling, enhance overall compliance and keep an eye out for money laundering all in one move.
With the ACSPs established, anyone who would need their identity verified to make Companies House filings could voluntarily do so.
Remember, if you are:
· A director
· A Member
· A general partner
· A managing officer
· A person with significant control
· Or someone who files for the company, like a company secretary
You will need to have your identity verified to ensure you can file with Companies House.
We are a registered ACSP Services provider, so we are able to complete the Companies House identity verification on your behalf, saving you the time and distraction of this additional compliance.
What are the upcoming changes?
As mentioned, the biggest upcoming change is the mandating of identity verification.
From the autumn, we have the end of the voluntary registration for identity verification.
All new directors and People with Significant Control (PSCs) will need to verify their identity, while existing ones will have to do so within 12 months.
This means that, by autumn 2026, all relevant identities must be verified, and Companies House will begin clamping down on those that are not.
Before that, though, we have a relatively minor change to round out the summer.
By the end of August, trust-related information on the register will be made available on request.
This is another transparency measure aimed at letting the public know who is involved in businesses, especially those with ties overseas.
Looking ahead to 2026, there is much we do not yet know.
One of the few confirmed changes is the targeting of Limited Partnerships.
These entities will need to file details about partners and control structures with Companies House and will have to verify identity using an ACSP.
Unlike other businesses, they will not be able to self-verify their identity and must use an ACSP.
More information about the upcoming changes in the next five years will be released in the 2025-2030 strategy, which is due to be released later this year.
What changes have been scrapped?
One of the most controversial changes to Companies House regards the publication of Profit and Loss (P&L) forms.
As these are highly sensitive documents, many small businesses are uncomfortable about them being publicly accessible, with many fearing it will sound the death knell for competition.
There have been reports that such measures have been delayed or scrapped, but it is worth noting that this has not been officially decided one way or the other just yet.
All we know for now is that these proposals are deeply unpopular and the Government seems aware of this.
Whether that means it will listen to the will of the people is another matter entirely, though, so it is not quite time to breathe a sigh of relief just yet.
We are on hand to help guide you through the changes to Companies House so that you can stay compliant.
When the 2025-2030 strategy comes out, we will be there to break it down and help you understand what the future holds.
Until then, be sure to get in touch for professional support to help your business thrive.
Don’t get caught out by Companies House changes. Speak to our team today!
