Steps for employers to remain compliant with National Minimum Wage increases
In the recent Budget, Chancellor Rachel Reeves announced that National Minimum Wage (NMW) rates would increase as of April 2025.
Simple ways to invest in your team this Career Development Month
This month is Career Development Month, a perfect opportunity to focus on upskilling your team.
What the Autumn Budget 2024 means for SME owners
From higher employer National Insurance (NI) contributions to increases in Capital Gains Tax (CGT) rates, the changes announced in last week’s Budget have obvious implications for owners of small and medium-sized enterprises (SMEs). These changes call for a careful financial strategy that can turn potential challenges into opportunities for resilience and growth. Strategic workforce planning…Read More
How to ease the pressure within your business this Stress Awareness Day
Today marks UK Stress Awareness Day and a good time to reflect on how stress affects your business – and what you can do about it. Running a business is challenging enough without the added pressure of cash flow, payroll, and compliance concerns weighing on your mind. Here are some ways to tackle common stress…Read More
Why regular financial forecasting is so important
If you want to secure the long-term success of your business, we highly recommend doing some financial forecasting. Whether you are managing growth, anticipating seasonal fluctuations, or preparing for new opportunities, regular financial forecasting allows you to stay on top of your finances and make informed decisions. Without a clear financial forecast, it’s often difficult…Read More
How to expand your business without financial strain
Expanding a business is something many entrepreneurs dream of, but it is much easier said than done. Scaling up requires careful financial planning to avoid placing unnecessary strain on your business, as without a strategic approach, growth can lead to cash flow problems or even insolvency. So, how can you grow your business confidently while…Read More
Business owners face new challenges as Chancellor raises National Insurance and Capital Gains Tax, says FFT
One of Manchester’s leading firms of accountants, FFT, is urging employers to prepare for the serious impact of the Chancellor’s Autumn Budget. Rising to address Parliament, Rachel Reeves recognised that the Government had a responsibility to “restore stability to our economy” in response to the “black hole” left by the Conservative Party. While employees may…Read More
Autumn Budget 2024
A new Government, a new Chancellor and a new approach to the UK’s fiscal policies. Rachel Reeves entered her first Budget with a strong message that her measures would lead to “an economy that is growing, creating wealth and opportunity for all”. To achieve this, she made it clear that the “only way to drive…Read More
What impact will the Budget have on inflation?
As we approach the Budget, due to be announced on 30 October, one of the key concerns is the potential impact on inflation. With recent data showing a sharp drop in the UK’s inflation rate, Chancellor Rachel Reeves faces a challenging balancing act as she prepares to unveil her plans. According to the latest Office…Read More
Could the Budget affect dividend tax? A closer look at potential impacts
Dividends have long been an important income stream for investors, business owners, and retirees alike. However, with the Government facing financial pressure to plug gaps in the economy, dividend tax could be targeted in the upcoming Budget. Current dividend tax and the dividend allowance At present, dividend income is taxed at three different rates, depending…Read More
Six months left – Are you missing out on increasing your state pension?
The deadline for voluntary National Insurance (NI) contributions is fast approaching, leaving you with little time to fill gaps in your NI record to maximise your state pension. HM Revenue & Customs (HMRC) has reminded taxpayers that the window to fill these gaps dating back to 6 April 2006 will close on 5 April 2025.…Read More
How to avoid Lifetime ISA withdrawal penalties from HMRC
Lifetime ISAs (LISAs) have become a popular way to save for a first home or retirement, offering a 25 per cent Government bonus on contributions. However, if you withdraw money for anything other than these specific purposes, you could face penalties from HM Revenue & Customs (HMRC). A freedom of information (FOI) request has revealed…Read More
What pension tax reforms could we see in the October Budget?
For months, there was speculation that the upcoming Budget could bring major changes to pension tax relief, specifically a move towards a flat rate of tax relief for pension contributions. While nothing has yet been confirmed, reports in The Guardian suggest that these plans have now been dropped, leaving many wondering what this means for…Read More
What are the benefits and challenges of a Management Buyout?
The upcoming Budget could see a rise in Capital Gains tax (CGT) rates so that they align with Income Tax rates. This rumour has led to many business owners considering the sale of their business before they are subject to these higher rates. For those considering an exit strategy, one option available is a Management…Read More
What are PAYE Settlement Agreements and how can they benefit employers?
PAYE Settlement Agreements (PSAs) are a convenient tool for employers, allowing them to cover the tax and National Insurance contributions (NICs) on specific benefits provided to employees.
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