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Business News

From time to time, we produce information for clients on a number of topical and important issues, some of which can be found below:

Small firms struggle with workplace pensions - February 12, 2016
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A survey by the Federation of Small Businesses (FSB) has found that nearly half of the employers who must set up a workplace pension scheme for their staff in the next two years are confused about their responsibilities. The FSB’s survey revealed that 45 per cent of those asked were unclear on the rules relating … Continue reading Small firms struggle with workplace pensions


Employment Allowance set to rise - February 12, 2016
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The Employment Allowance that enables employers to reduce their NI bill by £2,000 is being extended from 6 April 2016 to £3,000. However, HM Revenue & Customs (HMRC) has advised that single-director companies will be excluded. The news follows a technical consultation that closed on 3 January 2016. An extract, indicating the adjustment, was published on … Continue reading Employment Allowance set to rise


Audit exemption for small companies - February 12, 2016
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The Government has considered responses to questions posed on the audit exemption threshold in its discussion paper on the implementation of the Audit Directive (2014/56/EU) and the Audit Regulation (Regulation 537/2014) and raised the audit exemption threshold. This means that companies with a turnover up to £10.2 million, a balance sheet total of up to … Continue reading Audit exemption for small companies


Businesses aren’t prepared for the National Living Wage - January 18, 2016
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From 1 April this year every business will need to pay employees over the age of 25 the new statutory National Living Wage (NLW) of £7.20 per hour. Following this change, full-time members of staff working 37.5 hours per week who are currently on the national minimum wage will see their wages increase by £975 … Continue reading Businesses aren’t prepared for the National Living Wage


Late payment terms remain miserable for small businesses - January 18, 2016
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Efforts to eliminate the problem of late payments in the small to medium-sized enterprise (SME) sector is not working, according to a new study by invoice specialists Tungsten Network. The Prompt Payment Code Advisory board was set up to support and advise the Government on strengthening the Prompt Payment Code, which encourages businesses to pay … Continue reading Late payment terms remain miserable for small businesses


Government to raise auto-enrolment upper limit - January 18, 2016
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From April 2016, the Department for Work and Pensions (DWP) is raising the qualifying earnings upper limit for auto-enrolment from its 2015/16 value of £42,385 to £43,000 in 2016/17. The lower limit qualifying earnings band will remain at £5,824 and the earnings trigger will be frozen at £10,000 for 2016/17. The qualifying earnings band sets … Continue reading Government to raise auto-enrolment upper limit


FRC calls for clear year-end reports from smaller firms - December 17, 2015
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The Financial Reporting Council (FRC) is calling on smaller listed companies to write concise and understandable year-end reports with clear explanations of how they generate cash flow as well as detailed information about accounting policies. The call is part of the FRC’s year-end advice aimed at 1,200 smaller listed and Alternative Investment Market-quoted companies as … Continue reading FRC calls for clear year-end reports from smaller firms


Businesses would struggle if interest rates rise - December 17, 2015
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A new report by insolvency trade body R3 has revealed that as many as one-in-five businesses might find themselves in difficulty if interest rates were to rise by at least one percentage point in the next 18 months. The findings from R3’s latest Business Distress Index, a long-running survey of a nationally representative sample of … Continue reading Businesses would struggle if interest rates rise


UK manufacturers concerned as exports decline - December 17, 2015
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The strength of the pound and a weakening global economy is having a significant impact on UK manufacturers, leading to a decline in demand for their goods overseas, according to a new report. The Confederation of British Industry’s (CBI’s) latest study into the state of British manufacturing has revealed that companies in the sector expect … Continue reading UK manufacturers concerned as exports decline


Autumn Statement 2015 - November 25, 2015
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Statement Summary For the third time in 2015, the Chancellor of the Exchequer has taken to the despatch box to update the Commons and country as a whole on the state of the nation’s finances. There was a lot of debate ahead of today’s Autumn Statement about the approach that George Osborne would take. Would … Continue reading Autumn Statement 2015


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