Check out our latest edition of Let’s Talk Business! May 2022
Check out our latest edition of Let’s Talk Business! May 2022
Co-Innovate Journeys is a project based at Brunel University building on the internationally renowned work of Brunel University London. The project promotes innovation and provides advice and guidance to London-based small and medium sized enterprises. In particular, the project will equip the participating companies with open innovation techniques and access to Brunel Academics, Students, laboratories, testing and prototyping facilities.
|Co-Innovate with NatWest Webinars|
Taxpayers are being urged to remain cautious of digital approaches claiming to be from HMRC, as tax-related scams have almost doubled in the past 12 months. Writing to voluntary and community sector groups this week, HMRC’s Head of Cyber Security, Mike Fell, starkly warned: “These crimes often target the busy, unwary or vulnerable, but anyone can become a victim.”
He confirmed that the coronavirus pandemic had given criminals a “fresh hook for their activity”, with more than 460 COVID financial support scams detected by HMRC since early 2020, mostly by text message.
Furthermore, in the last year HMRC:
At the end of July 2021, HMRC published a webpage to help taxpayers check that the contact they have received is genuinely from HMRC.
The page confirms that the number that HMRC texts from has changed recently, alongside detailing how taxpayers may be contacted for various ongoing research projects, including on off-payroll working and on corporation tax reliefs.
It also lists how it contacts taxpayers as part of standard processes, such as issuing statutory notices requesting information and contacting VAT-registered businesses that no longer need to hold a registration number.
The autumn Budget will take place on 27 October 2021
Capital gains tax rates to rise?
Increasing capital gains tax, possibly by aligning with income tax rates, would be a more visible tax rise but may not collect a great deal relative to the total tax take. Announcing a tax rise for say April 2023, could incentivise asset owners to sell up in 2022/23 and bring a nice cash boost for the Treasury in the short term. However, in the light of the NIC increase, perhaps making technical changes that cut back CGT reliefs is a more likely option.
More taxes on Businesses?
As we know corporation tax is already set to rise substantially in 2023 and various forms of pandemic support (from furlough to business rates relief) are being phased out this autumn, The main rate of corporation tax will be increased to 25% from April 2023 for companies with profits of at least £250,000. At the same time, a new small companies’ rate of 19% will apply to companies with profits of up to £50,000. It doesn’t seem likely that the Chancellor would risk many more business tax increases. But that doesn’t mean that the Government can’t increase its tax take from businesses in other ways.
HMRC is already highly focused on tax errors and avoidance related to pandemic support and the government might offer a ‘disclosure facility’ to all those coming forward to correct mistakes in the short term –
Similar facilities addressing thorny issues such as collecting unpaid tax on offshore assets have been successful revenue raisers in the past.
What more incentives is the Chancellor going to give to help Businesses grow?
Super Deduction & R&D Tax Reliefs
The post pandemic recovery will be high on the Chancellor’s agenda but it is unlikely that there will be many more measures like the capital allowances super deduction announced in the March Budget. The review and consultation into improving the UK’s R&D tax reliefs may result in announcements of enhancements to R&D reliefs – perhaps even higher rates of relief.
Kickstart Scheme Extension till March 2022
Short extensions of the Kickstart scheme and apprenticeship grant scheme. There may be successor schemes for 2022 to replace these.
Special Work Visa
The Government has also announced special work visa schemes for EU workers to reduce skills gaps in the short term – for example, a special scheme to increase the number of HGV drivers.
Tax Relief Investments
It is also possible that venture capital tax reliefs for investors (EIS, SEIS etc.) will be enhanced to boost business investment now that the UK is not restricted by EU rules.
Business Rates Rising from April 22?
Reform of Business Rates is a can that has been kicked down the road so many times that many question whether true reform will ever take place. The Chancellor promised to publish the final findings of the Government’s Business Rates Review this autumn – having delayed the final report due to the ongoing pandemic.
The Government has already announced that it will “temporarily” set aside the triple lock for the state pension because the current high rates of wages growth would push up pensions faster than general inflation. State pension will probably increase in line with inflation.
Where creativity meets Technology in West London!
Thursday 7 October, 2021 4:00 – 5:30
A network for those in TV/Film, media and the digital creative space in West London
Following its successful launch in April, the Digital Creative Network West returns representing an exciting opportunity to convene large anchor organisations, startups and academia and accelerate innovation in West London.
West London is one of the most important global clusters for creative industries with a competitive advantage of superior connectivity, major studios, international screen corporates, strong ecosystem and in-demand talent. We are seeking to promote innovation and collaboration amongst industry, academia and government to address the shared priorities of increasing the supply of skilled workers, increasing studio space, and fostering sustainability.
Join us for a series of online inspirational talks from industry leaders with sector-leading expertise to serving film clients worldwide, Esports talks from industry leaders with sector-leading expertise to serving film clients worldwide, Esports giants and more! Followed by Q&A & networking opportunities to meet like-minded creatives in the borough.
Who should come: All those who work in TV/Film, media, gaming and the wider digital creative space in West London (or close enough!) – regardless of size of organisation. If you love innovation, care about collaboration, want to solve common challenges and enjoy meeting like-minded creatives, this is the place for you.
16:00 – Short talks by TV/Film, media and the digital creative industry + Q&A
17:00 – Networking commences
17:30 – Event ends
The West London Boroughs (via West London Alliance), Creative Enterprise Zone West, West London Business, Film London and London and Partners, are working together to promote the West London sub-region as the “Screen Capital”, a globally significant cluster recognised as a world-leader for talent, innovation and sustainability in the TV/Film industry.
West London and the surrounding environments have a competitive advantage with superior connectivity, major studios, international screen corporates, strong ecosystem and in-demand talent. While this cluster has grown organically over the years, there is now a need for collaboration amongst industry, academia and government to address the shared priorities of increasing the supply of skilled workers, increasing studio space, promoting networks, innovation and sustainability.
Here’s a recap of the DCN launch back in April, which featured speakers from Sky, UK TV, Brompton Technology, Garden Studios and Avolites: https://www.youtube.com/watch?v=liYd_PlXFR8
The Digital Creative Network West was launched by Upstream, Creative Enterprise Zone West. If you’re not on the DCN mailing list, then you’re missing out! Sign up here.
They say you shouldn’t judge a book by its cover but when you’re trying to create a good impression we feel perhaps you should. From stapled booklets to perfect bound brochures we offer a wide range of options for you.
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If you’ve got a story to tell get in touch with the team at Kall Kwik. We’ll help you get in your customers’ good books.
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|This is your personal invitation to the Timeless IMS Business Heads Together Summer Series, with special guest – Gus Saggu. Gus is a NED & Board Adviser, Executive board leader, Fellow of the Association of Chartered Certified Accountants (FCCA)
The last 18 months have been challenging for business leaders, in every possible way. With planning for the next 12 – 36 months in mind, what concerns you most? n our conversations with business leaders, these are the most commonly raised concerns:
If these are issues you’re dealing with, we’d love for you to join us for the third ‘Business Heads Together’ summer series event.
|Friday, 24th September, 11:30am – 12.30pm
NED & Board Adviser, Executive board leader, Fellow of the Association of Chartered Certified Accountants (FCCA)
|Places are limited to 20 per session, specifically to make it personable; and for your thoughts and contributions to be shared and discussed.
Very Limited Places! Reserve your seat here.
Michael Ramlakhan, Founder & MD of Timeless IMS
|National insurance contributions and dividend tax rates will increase by 1.25 percentage points across the UK from April 2022, with the projected £12bn annual income to be ringfenced to pay for health and social care.
Prime Minister has confirmed that rates of national insurance are to be increased to pay for the impact of the coronavirus pandemic on the NHS and to address the long-standing funding gap for health and social care.
From 1 April 2022
There will be a temporary 1.25% increase in class 1 (employee)
Class 4 (self-employed) national insurance contributions (NIC 1.25% increase in class 1 secondary NIC paid by employers (so 2.5% in total).
The 1.25% increase will also apply to class 1A and class 1B NIC paid by employers.
Primary Threshold for Employed or Employees
The increase will apply to employed (include deemed employees) and self-employed individuals and partners earning above the class 1 primary threshold / class 4 lower profits limit (currently £9,568 in 2021/22).
Employers will pay the additional 1.25% for employees earning above the class 1 secondary threshold (currently £8,840 in 2021/22). Existing reliefs and allowances from employer’s secondary class 1 NIC will apply to the levy including the £4,000 employment allowance
Health & Social Care Levy
From April 2023, the increases will be legislated separately as a “health and social care levy” and NIC rates will return to 2021/22 levels. The levy will be hypothecated in law, meaning that the revenues will be ringfenced for health and social care. over state pension age in employment or self-employment, who are currently exempt from paying NIC.
The levy, including the temporary NIC increase in 2022, will be legislated for shortly.
1 April 2022, taking rates to:
The tax-raising measures and their impacts are outlined in the government’s plan for health and social care, which was published alongside the Prime Minister’s speech. It estimates that of the £12bn revenue expected to be raised each year, £11.4bn will come from the levy.
HM Treasury’s analysis of the impacts of the measures concludes that households with the highest 20% of incomes will contribute more than 40 times that of those with the lowest 20% of income, with more than one-third of the overall tax increases coming from the top 10% of households.
Meanwhile, individuals with assets of less than £20,000 will not make any contribution to care costs from savings or the value of their home (an increase from £14,000), and those with assets between £20,000 and £100,000 will be eligible for means-tested support.