Entries by Matthew Johnson

Some good news for small business – but is it enough?

The raising of the VAT threshold for small businesses announced by Jeremy Hunt in his Budget statement is undeniably welcome news. However, raising it to £90,000 falls short of the £100,000 figure that the Federation of Small Businesses had been calling for. Also, it has to be pointed out this is the first increase in […]

Businesses unprepared for new EU trade rules

A large number of small and medium-sized businesses in the UK are unprepared for new EU regulations coming their way, according to a recent survey. The study by the British Chambers of Commerce (BCC) also showed that the difficulties facing British firms in using the Trade and Co-operation Agreement (TCA) have not eased. The report, […]

Transport firm’s 10-year growth drive

A successful transport/logistics business is celebrating a milestone anniversary. February 2024 marks 10 years since Fenn Logistics Limited was acquired by current managing director Gary Major. WNJ acted for the current MD during the acquisition process in 2013/2014 and today retains a very close relationship with the company, providing it with accountancy, taxation and business […]

Inflation falls but when will we see interest rate cuts?

The latest UK inflation figures, published last month, showed a sharp fall to 3.9 per cent in the year to November 2023. As we move into 2024, the big question being posed by businesses is, when will interest rates start to head in the same downward direction? The welcome fall in overall inflation – down […]

SOME GOOD NEWS FOR BUSINESS – BUT WILL IT SPARK GROWTH?

The raft of 110 announcements made by Jeremy Hunt in his Autumn Statement included some welcome good news for small businesses and the self-employed. Small business owners and those that work for themselves have felt the pressure of the cost-of-living, high inflation and the continuing impact of the pandemic over the past year. So the […]

Chancellor commits to National Living Wage increase

Chancellor Jeremy Hunt used the Conservative Party conference to announce that the National Living Wage is set to rise to two-thirds of average earnings. He has committed to the Low Pay Commission’s latest recommendations, with latest forecasts showing a pay boost next year worth more than £1,000 for two million low-paid workers. Successive rises also […]

New boost for pension saving

A Private Members’ Bill to help millions save more into their pension and start saving sooner has cleared Parliament and been granted Royal Assent. The bill introduces powers to reduce the age for being automatically enrolled and enable pension saving from the first pound earned. Since its introduction in 2012, automatic enrolment has transformed UK […]

Late payment interest rates rise

The interest charged on late tax payments has been hiked from 7.5 per cent to 7.75 per cent – the highest rate since 2001. This latest rise followed the Bank of England’s August interest rate rise to 5.25 per cent. The base rate rose by 0.25 percentage points as the bank continued to respond to […]

Costly and stressful: Are you prepared for a tax investigation?

Hundreds of thousands of innocent taxpayers have been targeted in investigations by HM Revenue & Customs (HMRC), according to a report in the Daily Telegraph. In its report earlier this month the national newspaper revealed that two in five taxpayers targeted by investigations are innocent. Responding to the report an HMRC spokesperson said: “Our compliance […]

Small businesses in the tax gap

The amount of unpaid UK tax has remained at an all-time low of 4.8 per cent, HM Revenue and Customs (HMRC) has revealed. Its annual statistics also show that small businesses account for more than half the reported gap. HMRC’s ‘Measuring Tax Gaps’ publication estimates the difference between the total amount of tax expected to […]