Category: Business

Comments Off on UK grows but remains in ‘precarious place’

UK grows but remains in ‘precarious place’

UK grows but remains in ‘precarious place’

Growth remained sluggish between April and June 2023, with GDP growing by 0.2% in the second quarter of 2023 following a 0.1% rise in the first. Monthly estimates also show that GDP grew by an estimated 0.5% in June 2023 after falling by 0.1% in May and rising by 0.2% in April. Growth of 1% … Continued

Comments Off on Geopolitics prompt importers to alter supply chains

Geopolitics prompt importers to alter supply chains

Geopolitics prompt importers to alter supply chains

One in five British importers have altered their supply chains because of geopolitical tensions, particularly with China, new research suggests. A survey by the Institute of Directors (IoD), found that 20.5% of importers have altered their supply chains because of tensions abroad, while a further 14.5% were considering doing the same. Just 42.4% of importers … Continued

Comments Off on UK economy remains on shaky ground

UK economy remains on shaky ground

UK economy remains on shaky ground

Monthly GDP fell by 0.1% in May after growth of 0.2% in April, according to the Office for National Statistics (ONS), suggesting the economy remains on shaky ground. In the three months to May 2023, GDP has “shown no growth” when compared with the three months to February, the ONS added. The services sector also … Continued

Comments Off on Employee share schemes under review

Employee share schemes under review

Employee share schemes under review

The Government is running a call for evidence on how to simplify and widen accessibility to employee share schemes. The Treasury is inviting comments on ‘save as you earn’ (SAYE), the company share option plan (CSOP) and the share incentive plan (SIP) until 25 August 2023. Through the call for evidence, ministers aim to improve … Continued

Comments Off on Government extends VAT exemption for pharmacists

Government extends VAT exemption for pharmacists

Government extends VAT exemption for pharmacists

The VAT exemption for pharmacists has been extended to medical services carried out by supervised, non-registered staff as of 1 May. Prior to the measure, the exemption only applied to medical services carried out by registered health professionals. The new zero-rating rules now mean that all staff can provide their service exempt from VAT under … Continued

Comments Off on ICAEW calls MTD quarterly reporting “disproportionate”

ICAEW calls MTD quarterly reporting “disproportionate”

ICAEW calls MTD quarterly reporting “disproportionate”

The Institute of Chartered Accountants for England and Wales (ICAEW) is urging HMRC to rethink the quarterly reporting model for Making Tax Digital for income tax self-assessment (MTD for ITSA). In a letter to HMRC, the representative body is asking the Government to review the quarterly reporting process for the upcoming extension of MTD. According … Continued

Comments Off on New business rates bill aims to “let communities thrive”

New business rates bill aims to “let communities thrive”

New business rates bill aims to “let communities thrive”

The Government has introduced a new bill to modernise business rates across the country. Following feedback from businesses calling for a fairer system, the new Non-Domestic Rating Bill, announced on 29 March, will support businesses by incentivising property investment and introducing more frequent valuations. A new business rates improvement relief will remove barriers for businesses … Continued

Comments Off on Chancellor outlines four ‘Es’ for economic growth

Chancellor outlines four ‘Es’ for economic growth

Chancellor outlines four ‘Es’ for economic growth

Speaking at Bloomberg’s European HQ in London on 27 January, Chancellor Jeremy Hunt outlined plans to grow the UK economy and turn the country into “one of the most prosperous countries in Europe”. Hunt set out four ‘pillars’ for growth, including ‘enterprise’, ‘education’, ‘employment’ and ‘everywhere’. Ideas include turning the UK into the next ‘silicon … Continued

Comments Off on Inflation remains a key concern for business

Inflation remains a key concern for business

Inflation remains a key concern for business

Soaring inflation remained a key concern for businesses at the end of 2022, according to the latest quarterly economic survey from the British Chambers of Commerce (BCC). Of the 5,600 firms surveyed – 92% of which are SMEs – 80% said that inflation was a growing worry for their business in Q4 of 2022. Nearly … Continued

Comments Off on Chancellor reveals new energy discount for businesses

Chancellor reveals new energy discount for businesses

Chancellor reveals new energy discount for businesses

The Government has announced a new energy bills discount scheme (EBDS) for UK businesses, set to replace the current energy bills relief scheme (EBRS) once it ends in March. The new support package will last from 1 April 2023 to 31 March 2024, giving organisations a discount on high wholesale prices instead of capping energy … Continued