Coronavirus: Update on Support available for Businesses

Following further announcements on Monday this week from the Government, we have sifted through these and provide you with a summary of the latest developments for business and support available. We expect this will evolve further in the coming days/weeks. Financial Support Business interruption loan scheme – we are told this will be available from […]

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Coronavirus: Managing your business through unprecedented times

Whilst we have had lots of advice about how to protect ourselves from the virus we thought it would be worth providing some advice about how to tackle business continuity issues arising from coronavirus. Please do contact any of us if you need advice or want to talk through concerns/options. This update will cover; employees, […]

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State Benefits Increased

Many State Benefits have been frozen, or increases limited, for a number of years. The Government have however decided to increase many State Benefits from 2020/21 including Child Benefit. The amount payable in respect of the oldest child has been increased to £21.05 and £13.95 for each subsequent child. Note however that you may have […]

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NIC Changes

Employees and the self-employed will not pay national insurance contributions (NIC) on the first £9,500 of earnings from 2020/21, a significant increase from the £8,632 limit in 2019/20. Note that employers will be required to pay 13.8% on earnings over £169 per week, £8,788 per annum. The employment allowance that can be set against employers […]

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No change to personal allowance or income tax rates

Personal Allowance The personal allowance for 2020/21 is frozen at £12,500, the same as in 2019/20. The higher rate tax threshold is also frozen at £50,000. Income Tax Rates The basic rate of income tax and higher rate remain at 20% and 40% respectively, and the 45% additional rate continues to apply to income over […]

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More Rates relief for Small businesses

There has again been much lobbying from the small business sector to reduce business rates to enable traditional retailers in particular to compete with internet traders. The Chancellor announced a long term review of the future of business rates, but in the meantime there are some very welcome measures to assist small businesses. The 100% […]

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Quickbooks and Xero News

Both Quickbooks and Xero have just released (or are about to release) purchase invoice/receipt capture software, within their systems (Quickbooks version is called ‘Receipt capture’ Xero’s is called ‘Hubdoc’). These work by taking pictures (with smart phone or scanning in/uploading to the software), the software then optically recognises the supplier name, date, amount, VAT, description […]

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Things to be aware of on the tax front at the moment

Budget day is 11th March. The rumours are circulating about what the new Chancellor will announce in his budget and the feeling is that there will be some sort of tax increases on the horizon. Given that the current Government said they wouldn’t increase Income Tax, VAT or National Insurance the speculation is that Capital […]

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Is flexible working the key to success?

A big challenge for many businesses – particularly those in rural areas – is how to recruit and retain the best staff. Here at Hudson LM, we have adopted an innovative flexible working approach for our staff, which was first established in America and has revolutionised how we work. The Results Only Work Environment (ROWE) […]

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