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Taxation, Wages & Reliefs

  • Universal Credit taper rate will be cut by 8% no later than 1 December, bringing it down from 63% to 55% – allowing claimants to keep more of the payment.
  • A 50% business rates discount for the retail, hospitality, and leisure sectors in England in 2022-23, up to a maximum of £110,000.
  • Planned rise in fuel duty to be cancelled amid the highest pump prices in eight years.
  • The £1m Annual Investment allowance was extended from the end of the year to March 2023.
  • From 1 April 2023 the rate of the corporation tax banking surcharge will reduce from 8 per cent to 3 per cent, at the same time that the main rate of corporation tax increases from 19 per cent to 25 per cent. The effective rate of corporation tax paid by banking companies will increase broadly from 27 percent to 28 percent. 
  • National Living Wage to increase next year by 6.6%, to £9.50 an hour for 23 years and over. Minimum wages also increasing under 22.

Minimum wages for other age ranges will increase as follows:

21 to 22 year olds:  from £8.36 to £9.18 per hour

18 to 20 year olds: from £6.56 to £6.83 per hour

16 to 17 year olds: from £4.62 to £4.81 per hour A

Apprentices: from £4.30 to £4.81 per hour.

 

Investment and skills  

  • Mr Sunak confirmed that £1.4bn will be set aside for a Global Britain Investment Fund to help lure in foreign investment. The British Business Bank’s regional financing programmes will be increased to £1.6bn.
  • The Chancellor expanded R&D tax credits to help encourage investment in cloud computing and data costs. He added he will look at ensuring investment from the tax break is spent in the UK rather than overseas.
  • The Treasury is increasing spending on boosting skills by £3.8bn over this Parliament, a 38pc rise. It will include a £560m Multiply programme to improve adults’ basic math skills

 

State of the Economy and Public finances

  • Inflation in September was 3.1% and is likely to rise to average 4% over next year, OBR says
  • UK economy forecast to return to pre-Covid levels by 2022
  • Annual growth set to rebound by 6.5% this year, followed by 6% in 2022
  • Wages have grown in real terms by 3.4% since February 2020
  • Borrowing as a percentage of GDP is forecast to fall from 7.9% this year to 3.3% next year
  • Foreign aid spending projected to return to 0.7% of GDP by 2024-25

Government spending 

  • Whitehall departments to receive rise in overall spending, totalling £150bn over the course of this Parliament
  • Funding will rise by an average of £4.6bn for Scottish Government, £2.5bn for Welsh Government, and £1.6bn for Northern Ireland Executive
  • Levelling Up Fund will mean £1.7bn invested in local areas across the UK
  • Government backing projects in Aberdeen, Bury, Burnley, Lewes, Clwyd South, Stoke-on-Trent, Ashton under Lyne, Doncaster, South Leicester, Sunderland and West Leeds
  • Extra £2.2bn for courts, prisons and probation services, including funding to clear the courts backlog
  • Tax relief for museums and galleries will be extended for two years, to March 2024
  • Core science funding to rise to £5.9bn a year by 2024-25
  • £6bn of funding to help tackle NHS backlogs
  • £7bn for transport projects in areas including Greater Manchester, the West Midlands and South Yorkshire

Children and Education 

  • Schools to get an extra £4.7bn by 2024-25
  • There will be nearly £2bn of new funding to help schools and colleges to recover from the pandemic
  • Schools funding to return to 2010 levels in real terms – an equivalent per pupil cash increase of more than £1,500
  • £300m will be spent on a “Start for Life” parenting programmes, with an additional £170m by 2024-25 promised for childcare
  • A UK-wide numeracy programme will be set-up to help improve basic math skills among adults

Air travel 

  • Flights between airports in the UK nations will be subject to a new lower rate of Air Passenger Duty from April 2023
  • Financial support for English airports to be extended for a further six months

Housing 

  • £24bn earmarked for housing, including £11.5bn for up to 180,000 affordable homes, with brownfield sites targeted for development
  • 4% levy will be placed on property developers with profits over £25m to help create a £5bn fund to remove unsafe cladding
  • £640m a year to address rough sleeping and homelessness

Theatres & Galleries: Tax Relief 

  • Tax relief worth £250m will be made available to theatres, galleries and other cultural organisations from April 2023 to help them recover from the pandemic

Alcohol 

  • Planned rise in the duty on spirits, wine, cider and beer cancelled
  • Simplification of alcohol duties will see the number of rates drop from 15 to six
  • Stronger red wines, fortified wines, and high-strength ciders will see a small increase in their rates
  • Rates on many lower alcohol drinks including rose wine, fruit ciders, liqueurs, lower strength beers and wines to fall
  • All sparkling wines to pay same duty as still wines of equivalent strength
  • Lower duty on draught beer and cider from containers over 40 liters will cut the rate by 5%

Friday Motivation

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 Journeys 

 

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 Journeys
Innovation Director

 

Reporting to the Co-Innovate Project Leader and the Operations Manager and working within the project team the Innovation Director will be responsible for developing links with SME’s in West and pan-London, conducting innovation diagnostics and following up with appropriate support proposals and mentoring.  Leading innovation workshops, developing collaborative opportunities and linking these businesses with the appropriate support within the University.  Developing good working relationships with the beneficiary companies to mentor them to achieve development objectives and the reporting requirements of the initiative is an essential part of the role.

Candidates will have extensive experience and track record of success in providing business support for innovation and new product development working at Director and senior management level.  It is anticipated that successful candidates will have business sector specific networks and experience which is relevant to the Co-Innovate project.  A genuine interest in design, innovation and an understanding of knowledge exchange between industry and academia from a commercial perspective is essential.

Click below for more information and how to apply.

 

Apply here

 

Co-Innovate Journeys
Project Co-Ordinator

 

Reporting to the Project Manager the Project Co-ordinators will work within the project team handling the administration functions required by EU funded projects which will include data collection and management for audit requirements, funding claims and maintaining the project databases.  The Co-ordinators will also arrange visits to businesses and liaise between academic support and companies engaged on the project, together with organising and marketing a programme of events and maintenance of the project website.

Candidates should demonstrate excellent administrative experience and have a genuine interest in knowledge exchange between industry and academia.

Click below for more information and how to apply.

 

Apply here
Co-Innovate with NatWest Webinars

Are you eager to grow your business but need the funding to make it happen? Are you confused by the different options for financing growth?

Take 90 minutes out of your busy day to learn more about why you need the funding, the sources of finance, and tips on putting an application together.

Experts at Brunel University London and NatWest are using their expertise to help get firms like yours in a better financial and sustainable position to thrive. This free online webinar will take you through:

  • How to plan when you need an injection of funding or do you rely on internal resources?
  • What type of funding is suited to different kinds of business expenditure?
  • How do I apply? Key things to include in any funding application.

You may be confused by the different types of finance for smaller companies. In this webinar, we introduce you to some of the main forms so you are better prepared when approaching your bank or lender.

Perhaps you are not sure if you qualify for a grant? Maybe loan financing is confusing? How do I meet the right Business Angel or Venture Capitalist? What about an overdraft, asset or invoice finance?

Come and find out the answers from our specialist guest speakers!

 

Register here

Now more than ever, it is vital that we all have the tools needed to stand out from the crowd, whether you are looking to pitch for an investment, partnership or your next contract.

Join us to learn and practice the key skills to design and execute an impactful Pitch!

 

Register here

 

 

Come and see us at the Great British Business Show?

 

Co-Innovate with NatWest Webinars

 

 

Are you eager to grow your business but need the funding to make it happen? Are you confused by the different options for financing growth?

Take 90 minutes out of your busy day to learn more about why you need the funding, the sources of finance, and tips on putting an application together.

Experts at Brunel University London and NatWest are using their expertise to help get firms like yours in a better financial and sustainable position to thrive. This free online webinar will take you through:

  • How to plan when you need an injection of funding or do you rely on internal resources?
  • What type of funding is suited to different kinds of business expenditure?
  • How do I apply? Key things to include in any funding application.

You may be confused by the different types of finance for smaller companies. In this webinar, we introduce you to some of the main forms so you are better prepared when approaching your bank or lender.

Perhaps you are not sure if you qualify for a grant? Maybe loan financing is confusing? How do I meet the right Business Angel or Venture Capitalist? What about an overdraft, asset or invoice finance?

Come and find out the answers from our specialist guest speakers!

 

Register here

 

 

Now more than ever, it is vital that we all have the tools needed to stand out from the crowd, whether you are looking to pitch for an investment, partnership or your next contract.

Join us to learn and practice the key skills to design and execute an impactful Pitch!

 

Register here

 

 

Come and see us at the Great British Business Show?

 

 

Europe’s largest Business Show is back for 2021, returning to London’s ExCeL on the 24th & 25th of November, helping small businesses grow and develop. The 43rd edition of the show will reveal the secrets of business adaptation, innovation and survival as we recover from the pandemic.

Come and meet the Co-Innovate team along with over 500 other exhibitors and 200 seminars including Co-Innovate’s and Brunel University’s Professor Robert Holdway who will be talking about Collaborative Innovation. The seminar will highlight techniques your business can undertake to reduce risk and target innovation. It will also focus on specific business challenges including Sustainability and how Brunel University London Co-Innovate programme collaborates with industry.

We look forward to seeing you on the 24th & 25th of November.

 

Tickets here

 

 

How can Co-Innovate help?

 

Whether you are in the process of future planning, diversifying, or are seeking support within a new area, Co-innovate can provide a range of expertise.

Your business could be the perfect candidate for help and support through the Co-innovate programme. We work with partner organisations like NatWest to gather and share expertise with owner-managers like you.

Why not get to know us better? Register for this event and see what we might do for you. When you have registered we will be in touch and will provide you with the joining instructions.

Any questions? Please contact co-innovate@brunel.ac.uk

 

Contact us

 

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:

  • Received more than a million referrals from the public about suspicious contact, nearly half offering bogus tax ”rebates” or “refunds”
  • Worked with the telecoms industry and Ofcom to remove nearly 2,460 phone numbers being used to commit tax phone scams.
  • received 441,954 reports of phone scams in total, 117% up on the previous year.
  • Reported more than 13,315 malicious webpages for takedown; and
  • Asked internet service providers to take down 441 COVID-19 scam web pages.

At the end of July 2021, HMRC published a webpage to help taxpayers check that the contact they have received is genuinely from HMRC.

https://www.gov.uk/guidance/check-genuine-hmrc-contact-that-uses-more-than-one-communication-method 

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.

Pensions Changes?
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

 Details

REGISTER: https://www.eventbrite.co.uk/e/digital-creative-network-west-tickets-170156232873

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.

Speakers

  • Andy Morton, Head of Development Partnerships at JCDecaux
  • Johanna Byrane, Head of Business Development at Twickenham
  • Nasri Atallah, Co-founder & Producer at Last Floor Productions
  • Sarah Mosses CEO of Together Films
  • Wouter Sleijffers, CEO at EXCEL Esports.

Programme:

16:00 – Short talks by TV/Film, media and the digital creative industry + Q&A

17:00 – Networking commences

17:30 – Event ends

The Digital Creative Network Community:

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.

0208 753 7710

Visit our website

Kall Kwik Chiswick,
Unit 1, 37 Colville Road, Acton,
Chiswick, London, W3 8BL

sales@kallkwik-chiswick.co.uk
kallkwik.co.uk/chiswick

 

 

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:

    • What does the end of furlough mean for employers?
    • How is the end of furlough going to affect the business landscape?
    • Will we enter recession when furlough ends?

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.
Joined by well-respected industry leaders and Gus Saggu, this is an opportunity for business captains to discuss, share, find common ground and kindred support.

Friday, 24th September, 11:30am – 12.30pm
Gus Saggu
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.

Kind regards,

Michael Ramlakhan, Founder & MD of Timeless IMS
A fellow business leader.

 

Budget 2021 included a temporary increase to capital allowances for companies: 

• 130% ‘super-deduction’ in terms of the acquisition of most brand new (unused) plant and machinery that is eligible for the usual main rate pool allowance of 18%.
• 50% ‘first-year allowance’ for other expenditure (on brand-new items) that would otherwise be eligible for the 6% ‘special rate pool’.
• There is no limit on the expenditure, unlike with the 100% annual investment allowance (AIA).
• It applies for eligible expenditure incurred on or after 1 April 2021 but before 1 April 2023.

So, if your Business/Company buys a brand-new van for £30,000 in July of its year ended 31 December 2021, and it is otherwise eligible for the super-deduction, the allowance for tax purposes will be:
£30,000 x 130% = £39,000

The effective rate of corporation tax relief on qualifying super-deduction expenditure will be:
19% x 1.3 = 24.7%. Broadly, 25%.

*Note special rules for the super-deduction where the acquisition is in a chargeable period ending on or after 1 April 2023: the 130% rate is reduced towards 100% by reference to the extent of the chargeable period that goes beyond 31 March 2023.

Beware the clawback provisions 
There are, of course, super-clawback provisions, which apply to subsequent disposals of assets that enjoyed either the 130% super-deduction or the 50% first-year allowance for special-rate assets. A separate balancing charge is deemed to arise on disposal, rather than (typically) proceeds being taken against the standard pools.
In terms of super-deduction assets, while the initial relief enhancement rate of 130% is reduced towards 100% to the extent that the chargeable period of acquisition extends past 31 March 2023, a corresponding uplift factor to the balancing charge is increased from 100% to as much as 130%, to the extent that the period of disposal starts before 1 April 2023.

Conclusion 
In situations where the company has the choice, the order of priority will generally be:
1. Super-deduction at 130%.
2. AIA at 100% (prioritised in favour of expenditure that would otherwise qualify for the enhanced special rate of 50%).
3. Enhanced special rate of 50%, effectively where the AIA has run out.

Those companies that hope to benefit from the super-deduction may want to consider shortening their accounting periods to 31 March 2023 to avoid restricting the 130% enhancement for qualifying expenditure towards the end of the period of availability.

 

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 

Employee 

There will be a temporary 1.25% increase in class 1 (employee)

Self Employed 

Class 4 (self-employed) national insurance contributions (NIC 1.25% increase in class 1 secondary NIC paid by employers (so 2.5% in total).

Employer 

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.

Dividend Taxes 

1 April 2022, taking rates to: 

  • 8.75% for basic rate taxpayers (Current 7.5%) Under £50,000 Incomes
  • 33.75% for higher rate taxpayers(Current 32.5%) £50K + till £150K
  • 39.35% for additional rate taxpayers(Current 38.1%) £150K +
  • The £2,000 dividend allowance will remain.

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.

Stickers are a great way to add some colour and pizzazz to otherwise dull and plain packaging. Adding a well-designed label can help your products stand out on the shelf and promote your brand. If you’re looking for stickers look no further than Kall Kwik.

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Removable labels are perfect when the label is going to be removed and you don’t want to leave a sticky residue. Need a sticker for products or outdoor use? Permanent’s the way to go.

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Kall Kwik. Call the team now and we’ll come up with the best solution for you.

0208 753 7710

or, visit our website!

Kall Kwik Chiswick,
Unit 1, 37 Colville Road, Acton,
Chiswick, London, W3 8BL
sales@kallkwik-chiswick.co.uk
kallkwik.co.uk/chiswick