The International Monetary Fund (IMF) has released its annual review of the UK economy and the message this year is more positive than many might have expected. The IMF has upgraded its forecast for UK growth in 2025 to 1.2%, noting that “an economic recovery is underway.”
The Federation of Small Businesses (FSB) has recently updated its guidance on Employers’ Liability insurance – a useful reminder of the rules and risks around a business insurance that is legally required in the UK.
If you run your own company, you might have the option to take a bonus either as salary or as a dividend. But which one leaves you better off? The answer depends on several factors: how much profit your company has, your existing income, the current rates of tax and National Insurance, and whether you’re taking advantage of available allowances.
The National Cyber Security Centre (NCSC) has released new guidance on how to properly retire old digital systems and devices – a process known as decommissioning. The guidance is aimed at IT teams, but there are useful takeaways for any small business that uses computers, software or online systems.
Thousands of farmers in England are set to benefit from a £30 million uplift to Higher Level Stewardship (HLS) payments from January 2025. This could mean more money in your pocket for the work you’re already doing to protect the environment and maintain the countryside.
The government has set out new plans aimed at helping small and medium-sized housebuilders get projects moving faster and with fewer hurdles. For housebuilders that have found themselves stuck in a slow, expensive planning process for a small site, these changes might be of interest.
The Chancellor of the Exchequer, Rachel Reeves, delivered her Spring Statement last week in which she outlined the government’s economic plans, including spending decisions, tax policies and efforts to boost growth while managing public finances. The Statement came on the back of the latest forecasts prepared by the Office for Budget Responsibility (OBR).
The Spring Statement announced that Making Tax Digital for Income Tax (MTD for IT) regime will be further extended to smaller businesses. Making Tax Digital for Income Tax (MTD for IT) is a government initiative that requires self-employed individuals and landlords with income over a certain limit to keep digital records and submit quarterly tax updates to HM Revenue and Customs (HMRC) using compatible software.
Recent initiative organised by Natural England aligns with growing research showing that time spent in nature can have profound effects on mental and physical health. But while these workshops are targeted at children and their families, the benefits of nature are just as relevant for business owners.
The recent disqualification of television personality Ant Middleton and his wife, Emilie Middleton, as company directors provides valuable lessons for business owners. Their company, Sway and Starting Limited, failed to pay over £1 million in taxes, despite receiving more than £4.5 million in income. The company eventually went into liquidation, with a significant overdrawn director’s loan account.
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