April 2022 Newsletter Please get in touch if we can be of assistance with any of the issues raised e:firstname.lastname@example.org. 0800 019 1744
DO YOU KNOW OF ANYONE STARTING A BUSINESS?
Barringtons has helped many entrepreneurs turn their dream of running a business into reality. Most come to us as they have a good business proposition, not because they are experts in the financial aspects of running a business.
We take pride in utilising our expertise to develop feasible business plans. Along with it, comes bags of moral support.
Ask us about starting your new business.
Click here for more.
SPRING STATEMENT - THE KEY POINTS
With inflation rising and households facing the largest ever recorded cost-of-living squeeze, we offer a reminder of the key points:
Inflation is likely to average 7.4% for the rest of the year, rising from its current level of 6.2%
The economy is forecast to grow by 3.8% this year and then 1.8% in 2023 and 2.1% in 2024
To help the most vulnerable, Local Authorities will receive further government support of £500m for the Household Support Fund from April
Fuel duty was cut by 5p a litre
To counteract some of the impact of the impending 1.25% percentage point increase in National Insurance Contributions (NICs), the income level at which individuals start paying NICs will rise from £9,880 to £12,570 in July
The Employment Allowance, which gives relief against smaller businesses' employer NICs, increases from £4,000 to £5,000 this month.
Our blog has a summary, or to see in full go here.
ENERGY BILLS SUPPORT 2022
We have summarised the three main sources of government support:
A £200 discount on household energy bills this autumn. This will be paid back automatically over the next 5 years
A £150 non-repayable Council Tax Rebate payment for all households in Bands A-D in England
£144 million of discretionary funding for Local Authorities to support households who need support but are not eligible for the Council Tax Rebate
National Living Wage (23+) to increase from £8.91 to £9.50
National Minimum Wage (21-22) to increase from £8.36 to £9.18
National Minimum Wage (18-20) to increase £6.56 to £6.83
National Minimum Wage (16-17) to increase £4.62 to £4.81
Apprenticeship Wage to increase from £4.30 to £4.81
‘Help to Grow: Digital’ is a UK-wide scheme to help small and medium-sized businesses adopt digital technologies proven to increase productivity. There’s advice about what digital technology is best suited to your business and financial support, if your business is eligible, worth up to £5,000 towards the costs of buying approved digital technologies.
For more see here.
TIME TO CONSIDER YOUR OPTIONS
As we approach the beginning of the next fiscal year, from April 2022 to March 2023, what options do you have to rethink your planning options for your personal and business finances?
If you are interested in discussing your options, please call your local Barringtons office. Click through to see some options.
FINDING AND CHOOSING A PRIVATE COVID-19 TEST PROVIDER
The lists of and information about private test providers, to help you get private COVID-19 tests have been updated.
For more see here.
RELIGIOUS FESTIVALS, HOLY DAYS AND OBSERVANCES - GUIDANCE FOR EMPLOYERS
In the UK there are a wide range of different religions that both employers and employees may need to have some understanding of and how they may occasionally affect the workplace. See the guidance ACAS have produced for employers and employees on how to reduce the chance of religion or belief discrimination happening at work.
WOMEN MAKE UP NEARLY 40% OF FTSE 100 TOP TABLE ROLES
The UK has climbed to second in the international rankings for women’s representation on boards at FTSE 100 level, with new data showing nearly 40% of UK FTSE 100 board positions are now held by women, compared with 12.5% just 10 years ago.
The data has been published in a report by the government-backed FTSE Women Leaders Review, which monitors women’s representation in 24,000 positions on FTSE 350 Boards and in leadership teams of the UK’s biggest companies.
Click here to see.
AND FINALLY...GIFT AID DONATIONS TO HELP UKRAINE
The world has been outraged by events in Ukraine. One of the best ways to help is by donating cash through trusted charities and aid organisations, rather than donating goods.
There are a number of charities providing humanitarian relief in Ukraine, ideally this should be done via the Disasters Emergency Committee (DEC) Appeal:
If you are a UK taxpayer remember to tick the Gift Aid box and that will increase your donation by 25%.