Home > News
Jun 202109

Getting back to business

business plan

We are seeing a lot of restrictions being eased and it is the closest to normality for a very long time. The bonus of the sunshine is something to make the most out of. While we enjoy ourselves and plan for an entertaining summer, we should not forget about business. We should take steps in to planning on how to bounce back stronger.

 

As the country opens slowly and the opportunity arises to mingle with other business owners, you should make time to try and attend where businesses are likely to be. Nearer the end of 2021, we are likely to see trade fairs taking place, with all businesses on the same boat, getting the business name out there.  

 

If you do not have the budget or time to be a part of the trade show, then you should try and attend as a visitor. It will be a great way to connect and being a visitor will give you the freedom on your timing as you can leave when you feel like you have made the most out of the day. Who knows, you may even bump into some familiar faces, for a long-awaited catchup.

 

Our usual go to for these types of events are The Welsh Business Show, Zokit and Introbiz. Some may have updated dates for the events, some may be posting later. Keep an eye out on social media as we are sure there will be a buzz. Click here to look at what is out there with trade fairs https://10times.com/cardiff-uk/business-consultancy/tradeshows

 

To get your company to achieve the highest levels, you may need a hand by employing staff. This may seem a scary step to take, especially if this will be your first time employing someone. There are many things to consider. Due to the disruption of jobs during the pandemic, the government have introduced a Kickstart scheme. This scheme is to provide funding to create new jobs for 16- to 24-year-olds on Universal Credit.

 

It does not matter on the size of your business, everyone can apply. The funding will cover:

·        100% of the National Minimum Wage (or the National Living Wage depending on the age of the participant) for 25 hours per week for a total of 6 months

·        Associated employer National Insurance contributions

·        Minimum automatic enrolment pension contributions

Further funding is available for training and support so that young people on the scheme can get a job in the future.

 

More info on how to apply, please click here https://www.gov.uk/guidance/apply-for-a-kickstart-scheme-grant

 

If you already have staff, and are bringing them back in to work, remember the furlough scheme is flexible and available until 30 September 2021. You will have to contribute for any hours worked by your employees. From 1 July 2021, the level of grant will be reduced, and you will be asked to contribute towards the cost of your furloughed employees’ wages. To be eligible for the grant you must continue to pay your furloughed employees 80% of their wages.

 

 

June 2021

July 2021

August 2021

September 2021

Government contribution

80%

70%

60%

60%

Employer contribution for hours not worked

No

10%

20%

20%

Employee receives for hours not worked

80%

80%

80%

80%

 

You can continue to choose to top up your employees’ wages above the 80% for the hours not worked at your own expense. This is completely up to you and not a requirement.

 

Let us try and finish 2021 strong and push past this pandemic. It has been tough for everyone, but with planning and preparing, we can start looking ahead.

Apr 201812

Changes to Employment Tax from 6th April 2018

The Employment Tax laws are changing again, and they will take place from 6th April 2018. It is important that all employers are aware of these changes and consider how this will impact your company. You should also make any necessary communication with your staff.

 

Auto Enrolment

All employers will have to provide a workplace pension for all staff members Cross Accounting Service | Blog

Home > News
Sep 202229

Stamp Duty in Wales

We highlighted the main aspects of last weeks mini budget. If you missed it, click here to find out what the mini budget means for your finance. The Chancellor spoke of Stamp duty and how he intends to support 200,000 home buyers from paying any tax on when they buy a house. In England, no stamp duty is paid currently on first £250,000 and for first time buyers, this is increased to £425,000.


The Welsh government have also followed and raised the threshold on Stamp duty here in Wales. Officially known as Land Transaction Tax, this is paid if you buy a property or land over certain price threshold in Wales.


If you already own one or more residential properties, then there are different rules, and you may need to pay the higher residential rates. However, if you’re replacing your main residence, the higher rates may not apply. 


The new Land Transaction Tax thresholds are to come in on 10th October 2022.


Purchase Price Bands (£)

Percentage Rate (%)

Up to 225,000

0

Above 225,000 and up to 400,000

6

Above 400,000 and up to 750,000

7.5

Above 750,000 and up to 1,500,000

10

Above 1,500,000

12

Sep 202223

Mini budget 2022

budget, general business

The chancellor Kwasi Kwarteng has claimed that he has made the biggest tax cuts in a generation. So, what is in his mini-budget?

National Insurance

With the cost of living on the rise it is paramount that the Government step in to help. The biggest announcement from this mini budget is the reversal of National Insurance levy that was introduced in April 2022 by ex-chancellor Rishi Sunak. The extra 1.25% increase was going to be used to help fund health and social care. With the latest turnaround, the funding for health and social care will now come from general taxation. 

The reversal means an extra £330 per year for nearly 28 million people and will start from 6th November 2022. National Insurance is a tax paid by employees, employers and the self-employed. Employees pay National Insurance on their wages as well as income tax, employers pay extra NI contributions for staff, and the self-employed pay National Insurance on their profits.

Income Tax

There are also cuts in basic rate of income tax. Currently at 20% for everyone that earns above the personal allowance, from April 2023 this will be down to 19% Government estimates 31 million people will be getting an extra £170 a year in their pay packets.

45% higher rate of income tax abolished for England, Wales, and Northern Ireland taxpayers and a one single higher rate of income tax of 40% from April 2023.

Corporation Tax

Companies will also benefit as the rise in corporation tax has been cancelled. Corporation tax was due to be increased from 19% to 25% in April 2023, however, now this will not go ahead.

Benefits

Rules around the benefit system have also been changed. Benefits can be reduced if people don’t actively search for job commitments. Around 120,000 more people on universal credit to be encouraged to actively seek more work, the over 50’s to be given extra time to work with coaches to help them in the return to work.

Shopping

Overseas visitors will also benefit as VAT-free shopping to be introduced. This will encourage visitors to spend more while in the UK. Planned increases in the duties on beer, cider, wine, and for spirits have also been cancelled.

Stamp Duty

Stamp duty is paid when people buy a property. No stamp duty is paid currently on first £250,000 and for first time buyers, this is increased to £425,000. This is currently for England, we will have to wait and see what the Welsh Government do for us.

Energy

Energy bills was the one that worried most homeowners. There will be a freeze on energy bills which the government claims will reduce inflation by 5%

Total cost for the energy package to be expected around £60bn for the 6 months from October.

Click here to find out all the other information covered in the mini-budget.

Mar 202223

National Insurance Levy and Minimum Wage

2022 is the year where we move passed the pandemic. We have to think positive. It has been a long and difficult two years. We must pick ourselves up and get back on track. Whatever goals we had, we must try to achieve these, even if we have to tweak our usual processes to create an environment to allow us to progress. 


As April gets closer, the new financial year starts and with it some revised rules and regulations. We talk about the changes in national minimum wage and the introduction of the social levy care. The social levy is a 1.25% charge on National Insurance from April 2022. The rate also affects Employers National Insurance, and the dividend rates will also change in line with the new social care levy of 1.25%

 

Why is this levy being introduced?

 

The funds from the social care levy will be used for care homes and funding for pensioners. This includes several reforms to how people pay for adult social care in England, supported by £5.4 billion of investment over the next three years.

 

The National Insurance contributions rates will decrease back to 2021 to 2022 tax year levels and will be replaced by a new 1.25% Health and Social Care Levy where the revenue will be ringfenced to support UK health and social care bodies.

 

This will affect us all.

 

The new rates for National Insurance are below:

 

 

Rate from April 2022

Current Rate

Employee NIC

13.25%