Due to Brexit, driver retirement and the enforced IR35 reform, there is now a shortage of Heavy Goods Vehicle (HGV) drivers in the UK – around 100,000, according to some estimates.
Business News
MTD for Income Tax delayed until April 2024, HMRC confirms
Making Tax Digital (MTD) for Income Tax will be delayed until April 2024, the Government has confirmed. Read more
Small developers invited to apply for up to £10 million in equity funding
Small and medium-sized developers have been invited to apply for up to £10 million in equity funding to build new homes.
Reduce your tax bill with these four ‘quick wins’!
It is all too easy to pay too much tax. That’s the case for PAYE employees with relatively straightforward financial affairs, but the risk is highest for people with more complex finances because they own a business, invest in property, or are a high earner.
Company insolvencies: over 8,700 chain stores have closed
Recent research shows that in 2021, over 8,700 chain stores have closed due to the major shift in online shopping – partly caused by the coronavirus pandemic. Read more
Start Up Loans helping rural and disadvantaged entrepreneurs access finance, data reveals
The Start Up Loans scheme has supported nearly 70,000 start ups and small businesses outside of London, new figures have revealed. Read more
What are year-end accounts and how can I prepare for them?
If you’re new to business, year-end accounts may seem like a daunting prospect. But with the right preparation, advice and approach, you will have nothing to worry about.
Chancellor to lay out plans in October Budget and Spending Review
The Chancellor of the Exchequer, Rishi Sunak, is expected to announce that the Government will be pumping extra billions into the economy when he sets out details of the Budget and Spending Review on October 27.
SME confidence is on the rise as employers make plans to expand their workforce
Official research has found increasing confidence amongst SME employers, with 26 per cent saying they expect to increase their employee headcounts over the coming year.
The findings from the Small Business Survey, carried out by the Department for Business, Energy and Industrial Strategy (BEIS), show that the number of small employers – those with fewer than 250 employees – that expect to employ more staff is more than two-and-a-half times those who expect to see their payrolls shrink.
Despite the impact of the pandemic, the proportion of employers expecting to take on more staff has already exceeded 2018 levels (25 per cent) and is approaching the 28 per cent recorded in 2019.
Meanwhile, the proportion of employers expecting to reduce their headcounts in the next year has fallen sharply from 16 per cent in 2019 to just 10 per cent this year – despite the furlough scheme coming to an end this month.
The accommodation and food, arts and entertainment, health, information and communication and administration were the sectors most likely to foresee rising numbers of employees.
The survey also uncovered optimism about the prospects for revenue growth, with 41 per cent of SMEs expecting turnover to grow in the coming year, while just 16 per cent expected to see a fall.
Around 67 per cent of SMEs reported that they had made a profit or surplus during their most recent financial year, with profitable businesses being relatively evenly spread across micro, small and medium businesses.
It’s great to see that confidence is rising among SMEs and that they are planning to grow. If you need support with your business strategy, please speak to us today.
Link: Longitudinal Business Survey: SME Employers – UK, 2020
Minimum wage non-payment excuses ‘outrageous’
The National Minimum Wage has been in place for more than two decades. It currently stands at £8.91 per hour for adults over the age of 23 (The National Living Wage), while the lowest figure is £4.30 per hour for an apprentice.
While a sizeable number of breaches will be down to errors or incorrect interpretation of the rules, a few unscrupulous employers are abusing it and have come up with some dubious excuses for not paying what is a legal requirement.
HMRC has listed published some outrageous excuses for not paying:
- She does not deserve the National Minimum Wage because she only makes the teas and sweeps the floors.
- The employee was not a good worker, so I did not think they deserved to be paid the National Minimum Wage.
- My accountant and I speak a different language – he does not understand me, and that is why he does not pay my workers the correct wages.
- My employee is still learning so they are not entitled to the National Minimum Wage.
- It is part of UK culture not to pay young workers for the first three months as they have to prove their ‘worth’ first.
- The National Minimum Wage does not apply to my business.
- I have got an agreement with my workers that I will not pay them the National Minimum Wage; they understand, and they even signed a contract to this effect.
- My workers like to think of themselves as being self-employed and the National Minimum Wage does not apply to people who work for themselves.
HMRC says it has issued more than £14 million in penalties to employers who failed to pay the correct rate of the National Minimum Wage or National Living Wage in the 2020/2021 tax year.
More than £16 million in unpaid salaries was also recovered which should have been paid to more than 155,000 workers across the UK.
If you are struggling with the current minimum wage obligations or need support with your payroll functions we can help. To find out more about the support we can offer, please contact us.
Link: HMRC reveals absurd excuses for not paying National Minimum Wage