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Social care tax hike heaps further pressure on business

Social care tax hike heaps further pressure on business The government’s tax hike to fund social care reforms is short-sighted given the challenges already facing firms, business leaders said today. A new UK-wide 1.25 per cent health and social care levy will be introduced from April 2022, based on national insurance contributions. The government says the move will generate £36bn towards social care reforms over the next three years in “the biggest catch-up programme in the NHS’ history.” The levy will be paid by working adults, including people over the state pension age - unlike normal national insurance, which is not paid by pensioners. Initially, national insurance contributions rates will go up by 1.25 per cent. But from April 2023, once tax systems have been updated, the levy will be separated, so that it appear separately on pay slips. At this point working adults above state pension age will start contributing. The government will also increase the rates of dividend tax by 1.

Employees fearful about return to work

Employees fearful about return to work - survey More than half of the UK’s workforce is not ready to return to work - with many being anxious or deeply concerned, according to a new survey. In a new report by workplace wellbeing specialists, BHSF, 45 per vent described their feelings about the return to work negatively. Only five per cent of employers have put in extra employee support services for those returning to a more normal work pattern. Challenges facing businesses are compounded by the fact that not all staff are comfortable raising health concerns with their line managers. Almost one-third (30 per cent) confirmed they would not feel comfortable discussing any mental health, physical health, grief or financial concerns with their line manager. When looking at concerns where workers are comfortable disclosing with their line managers, the reading is equally alarming. Only 41 per cent said they would discuss mental health concerns with their manager, while even fewer would discu

Eviction ban extension ‘a huge relief for tenants’

Eviction ban extension ‘a huge relief for tenants’ A ban on landlords evicting firms for unpaid commercial rent has been extended for another nine months, the government has announced. The ruling, which stops landlords taking tenants to court for non-payment, was due to end on 30 June. An extension was announced by Treasury Secretary Stephen Barclay, who said the delay in easing lockdown restrictions presented additional challenges to business. Raj Kandola (pictured) , head of policy at Greater Birmingham Chambers of Commerce, said: “The extension of the current scheme will come as a huge relief to commercial tenants up and down the country that have been knocked sideways by the pandemic and have faced crippling overheads. “We are also pleased to see the Government is committed to striking a balance between protecting landlords and supporting those businesses that need the most help – something that we’ve called for as part of our Keep Business Moving campaign for a number of months.

What Is the Difference Between Bookkeeping and Accounting?

What Is the Difference Between Bookkeeping and Accounting? Bookkeeping encompasses organising and recording financial information, while accounting involves taking the data, summarising it, analysing, consulting and reporting. This blog will outline the differences that exist between accounting and bookkeeping in detail so that you can tell them apart. Differences between a bookkeeper and accountant An accountancy firm is tasked with the work of assessing and interpreting the financial data of a particular company and reporting on it. For this reason, it’s worth noting that an accountant has greater skill sets compared to a bookkeeper. A bookkeeper has the primary responsibility of handling the recording of financial transactions of a company. An accountant has to hold a certification or degree in CPA. Moreover, his/her salary is better than that of a bookkeeper. In the real sense, a bookkeeper reports to an accountant. On the other hand, a bookkeeper does not need to have any formal

Meet five advisers who’ll help your business become ‘fit for finance’

Meet five advisers who’ll help your business become ‘fit for finance’ Charlie Gilbert Content Manager Enterprise Nation In our previous post, we covered the topic of how to use any money you raise – with the services of advisers being a crucial area small businesses should consider investing in. These services, however, are often needed before a business applies for funding. Take financial advisers and accountants, for example. Their job isn’t solely about helping you keep on top of your incomings and outgoings; it’s also about making you ‘fit for finance’ – in other words, helping position you as an attractive prospect to lenders or investors. They do this in myriad ways – from increasing profitability by helping you run your business more efficiently, to improving cashflow by advising on, and helping you implement, processes that keep cash in your business (automated payment collections, for example, or credit control). Some advisers will ensure you’re set up to scale by coaching