The big Budget surprise and an announcement that was not leaked in advance was the introduction of a national living wage to be set at £9 per hour by 2020 for people aged 25 and older. A rate of £7.20 an hour will be introduced in April 2016 (which is 50p an hour more than was expected from the National Minimum Wage (NMW) due in October).
With the ‘National Living Wage’ set to come into play in April 2016, it is vitally important for businesses to prepare themselves. As the old adage goes: fail to prepare, prepare to fail. The government have committed to a national living wage (NLW) of £9 an hour by 2020 for all workers over the age of 25. With the ‘National Living Wage’ set to come into play in April 2016, it is vitally important for businesses to prepare themselves. As the old adage goes: fail to prepare, prepare to fail. The government have committed to a national living wage (NLW) of £9 an hour by 2020 for all workers over the age of 25.
In an era when innovation is key to capturing a competitive edge in the globalised economy, it is worrying for the future of UK growth that according to the Office for National Statistics, Britain spent less on R&D than the rest of the EU in 2012.
George Osborne’s first post-election budget showcased the arrival of the National Living Wage. In theory this sounds great – a higher wage which sees employees be able to keep up with the cost of living, however the repercussions for businesses and the economy as a whole could be damaging.
Nowadays, e-commerce is more accessible for businesses than ever before. Case in point, last year alone, an astonishing 34.8 billion e-commerce transactions were processed. If you are not selling your products online, you are missing out on a potentially huge market.
It is an obvious cliché that every business has different needs when using an accountant. Nevertheless, running a successful business is difficult enough in the current challenging economic environment without having to learn the accounting / tax rules, regulations and laws that you need to comply with.
Posted on 24th July 2015 in Finance Management.
If you’re among the thousands of small and medium-sized enterprises (SMEs) who haven’t yet reached the point of mandatory auto-enrolment in a workplace pension scheme, you may well be thinking that there’s plenty of time to get this in place. Be warned – it’s later than you think!
Until recently auto enrolment (AE) only affected the largest employers in the UK. However over the next year or so the smaller businesses that make-up the bulk of employers in the UK will be reaching their pensions auto-enrolment staging dates. In this article, I will offer advice when dealing with third parties during the AE process.
How we pay for stuff is changing. In a relatively short period of time, shoppers have become accustomed to waiving a card over a terminal to make small purchases. Last year alone, Brits spent more than £2.3 billion using contactless cards and that figure looks set to rise significantly this year as a growing number of retailers and consumer embrace the contactless card.
Smaller businesses are at a crossroads. Pensions Auto Enrolment (AE) is fast approaching and every organisation that employs at least one member of staff will need to take action, irrespective of size or turnover.
In a revealing piece of research, the British Venture Capital Association highlighted the fact that 2,200 companies in Britain that are currently being financed by private equity (PE) or venture capital (VC).
Following the two rulings made by an Employment Tribunal (ET) and the Employment Appeal Tribunal (EAT) recently, there have been several discussions concerning holiday pay and how it should be calculated.