Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. UK economy impacted by Brexit as severely as the pandemic According to the Office for Budget Responsibility chairman, Richard Hughes, leaving the EU impacted the UK economy as badly as the COVID-19 pandemic, reducing output by around 4%. He also suggested that it’s comparable to other recent economic shocks,… Read more
As a small business owner, you’re likely already aware of the importance of keeping your finances in order. Financial management goes deeper than paying your bills on time and collecting on invoices (although those are also important). It involves regularly checking up on your financial situation to make sure your accounts are in order, your records are up-to-date, and you’re spending within your budget. Among those activities, financial reconciliation plays… Read more
Chancellor Jeremy Hunt, has introduced the UK’s 2023 budget. The budget addresses key areas such as corporate taxation, energy prices, research and development, and employment schemes. With these measures, the government says it aims to encourage people who have left the workforce to re-enter it. Pensions tax reforms Hunt announced the scrapping of the £1 million cap on the amount people can save for their pensions before being taxed extra.… Read more
Starting a business is not for the faint of heart. A certain level of stress comes with carrying the responsibility of ensuring your company’s success. If things go wrong, it all falls back on you. That said, the freedom and sense of accomplishment of running your own business make the challenges well worth it. With good planning and strong business practices, you can avoid the pitfalls and drive your business… Read more
It is well established that financial literacy is a key component of financial independence. The more you know and understand about finance, the better equipped you are to make important decisions. Historically, women have had lower financial literacy scores than men for many reasons, including social norms, a lack of access to resources, and needing to focus on other issues. That said, women are living longer than men and studies… Read more
Deciding to purchase something to help your business is a big decision. It can be difficult to part with hard-earned money, especially in the early days. To understand the right time to invest by purchasing something for your business, you must calculate whether the Return on Investment (ROI) would be profitable. The cost is the amount of money you spend making the purchase, plus any indirect costs (such as training… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Getting over-50s back to work isn’t working The government is trying to fix chronic staff shortages by enticing people in retirement back to work, but a new survey shows that long-term sickness and pressure on the NHS are keeping this group out of the workforce and signal more significant… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Brexit may have hit us harder than we thought Bank of England policymaker Jonathan Haskel says the UK suffered more of a productivity slowdown than other large economies because of Brexit – to the tune of £29bn, or £1,000 per household. The Treasury disputes these figures. Heathrow gets busier… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. How to make your money work as inflation soars The price of everything is higher than it was a year ago. The Guardian explains where to put whatever money you have left to see the best returns. Rishi Sunak calls for stability and unity It’s official – Rishi Sunak… Read more
Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change. But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for some tips on how to avoid a disastrous payroll system migration. 1. Give the project the time it needs… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. The pound, the economy, and mortgages – what happened It was a dramatic week in business and economy news. The BBC created this explainer to help us get a grasp on all that happened. Chancellor Kwarteng U-turns on 45p tax cut The proposed tax cut was for people earning… Read more
There are a few different methods that employers use to pay their employees, and while they may have similarities, they each also have their own implications for your business and its employees. On top of that, there may be a blended model at play, in which you offer two types of compensation at once, such as a wage and bonuses. How you pay your employees will impact your finances and… Read more
There are many types of insurance for individuals, and choosing the right ones for you can be overwhelming. These policies are distinct, yet they often overlap. It’s smart to review your personal insurance policies any time you have a significant life event. This ensures that you and your loved ones are cared for should you find yourself unable to work. Read on for a brief explanation of the different types… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. European gas shortages will continue for years to come The Chief Executive of Shell has warned that gas shortages across Europe are likely to continue for years. Rising prices and continuing energy rationing will carry on as cuts in supply due to the war in Ukraine continue. Asda to… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Former PM campaigns on the cost of living crisis Former Labour prime minister Gordon Brown is warning that people will go hungry and cold this winter, as the cost of living crisis worsens. He says that in his hometown of Fife, he is seeing a level of poverty “that… Read more
There comes a time for every small business to raise their prices. While it may seem scary, remember that it’s your job to keep prices fair, both for you and your customers. That means you have to charge prices that work for you and allow you to remain in business. Read on for six reasons to raise your prices. Your costs have grown The thing about inflation is that everyone… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Billions of pounds worth of benefits left on the table every year It’s estimated that £15bn worth of benefits go unclaimed every year, with some perceiving access as a handout they shouldn’t accept. The MoneyHelper website can help you see if you are entitled to unclaimed benefits and can… Read more
It seems that every news outlet is sounding the alarm about high inflation these days. While it might sound like it’s time to panic, you don’t have to. With a few adjustments, you can handily fight off inflation and possibly even benefit from the current economic climate. Read on to discover 5 ways you can combat inflation and make your money work harder for you. Find out what you spend… Read more
When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up most of your time. This is when it makes sense to outsource your payroll. While… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Russia and Ukraine sign deal to resume grain export to world markets The UN and Turkey managed to help Russia and Ukraine come to an agreement last week that will reopen Ukrainian Black Sea ports for grain exports, raising hopes that an international food crisis aggravated by the Russian… Read more