The payment of National Insurance contributions entitles people to certain state benefits such as the state pension, maternity allowance and bereavement benefits. NICs are payable if you are: aged over 16; an employee earning more than £190 a week (2022/23); self-employed with profits over £6,725 (2022/23). In order to get a full state pension, you…
A quick list of the changes to taxes and related legislation from April 2023 – These have been in the pipeline for a few years now, the impending March 2023 budget may alter some of these. ** Now updated for March 2023 budget** £900 Cost of Living Payment for households on means-tested benefits in 2023-24…
If you live in the UK, you will be very aware of the current economic and political situation that we’re currently being faced with. The announcement on the 6th of September of the new Prime Minister and Chancellor of the Exchequer’s appointment, Liz Truss and Kwasi Kwarteng respectively signalled the start of a new…
With a turbulent start to September 2022, the announcement of a new Prime Minister, and new Chancellor, It was expected that there would be some changes to existing policies as the new government starts to make its claim on the economy of the Nation. There was some delay in this due to the passing…
In business, cash is king. If you don’t have enough cash on hand, it can be difficult to meet your obligations and keep your business running smoothly. That’s why it’s important to take steps to increase your business’s cashflow. Here are ten tips to do just that. Increase your prices Increasing your prices for your…
Key measures the Chancellor announced yesterday include: • a one-off non-taxable Cost of Living Payment of £650, made in two instalments, from the Department for Work and Pensions (and HMRC for Tax Credits customers) to provide additional support to more than 8 million people in receipt of income-related benefits. DWP will make a separate additional…
Earlier today Chancellor Rishi Sunak announced some economic updates and changes following the UK’s current inflation rise at the start of 2022. He also announced the publishing of a “Tax plan”, that ensures the government will take a “Principled approach to cut taxes” which will help the government to achieve their “overarching ambition to reduce…
During the Covid 19 Pandemic Bounce Back loans were designed to enable businesses to access finance quicker than traditional business loans. The application process was very simple and allowed businesses to apply for loans from £2,000 to 25% of their turnover, to a maximum loan of £50,000, at a fixed low interest…
The Bounce Back Loan Scheme (BBLS) was launched to support small and medium businesses to access emergency finance quickly during the coronavirus outbreak, enabling them to borrow between £2,000 and £50,000 with no repayments in the first year, and the interest accrued being covered by the government. For loans larger than £50,000, the Coronavirus Business…
Following on from the closing of the Bounceback and Cbil loan schemes on the 31st March 2021, the replacement to these has been announced. From the 6th April 2021, applications for the new Recovery Loan Scheme will open, allowing businesses to access loans between £25,000 and £19 million, with 80% of this being guaranteed to…