National Minimum Wage

UK businesses facing ‘historic’ levels of financial distress

The number of UK businesses in “critical” financial distress has rocketed 50.2% quarter-on-quarter to 46,853 in Q4 in what has been a “worrying surge”, according to Begbies Traynor. The sharp quarter-on-quarter increase was driven by a “substantial” growth in distress in 21 of the 22 sectors covered by the firm’s Red…

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Scottish corporate insolvencies down 2.3% YOY

Corporate insolvency numbers (liquidations and receiverships) in Scotland fell by 2.4% in Q3 2024-2025, compared with Q3 2023-2024, to a total of 285. The number of corporate insolvencies also decreased by 8.9% compared with the previous quarter’s total of 313. Furthermore, personal insolvency numbers (bankruptcies and protected trust deeds) in…

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UK businesses profit growth to stall, Grant Thornton predicts

UK businesses’ profit growth expectations remain low and many are looking to review employee costs across the board including implementing hiring freezes, Grant Thornton UK has revealed.   The firm’s latest Business Outlook Tracker, which surveyed 800 UK businesses in December 2024, found that the increasing employment costs announced in the…

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Accountancy industry warns businesses may struggle following budget

Yesterday (30 October) chancellor Rachel Reeves increased employers’ national insurance contributions in a bid to help raise as much as £40bn in taxes as part of the Autumn Budget.  Employers’ national insurance contributions will rise by 1.2%, from 13.8% to 15%. In addition, the threshold at which businesses start paying…

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Budget: Increases to employers’ NI and minimum wage

The Chancellor Rachel Reeves has increased employers’ national insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power.Employer national insurance contributions will…

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Today’s news in brief – 5/09/2024

Hayward Wright, a Worcestershire-based accountancy firm, has acquired Cannock-based Ansell Munden, expanding its team to 33 and increasing its presence across the West Midlands and Staffordshire. The acquisition strengthens Hayward Wright’s offerings, including interim finance director support and restructuring services. Ansell Munden, which brings expertise in sectors like not-for-profit, will…

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UNW appoints new senior employment taxes specialist

Newcastle-based chartered accountancy and business advisory firm UNW has added to its Employment Taxes team Parm Bhachoo as senior employment taxes specialist. Bhachoo will bring a wealth of experience and a unique perspective to the team gained from a 15-year career working both as an in-house specialist resource and at…

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SMEs targeted by HMRC crackdown on National Minimum Wage non-compliance

Small and medium-sized businesses (SMEs) in 11 UK regions are being targeted as part of an HMRC crackdown on perceived non-compliance with the National Minimum Wage (NMW). Businesses in Belfast, Birmingham, Bradford, Cardiff, Cornwall, Cumbria, East Anglia, Glasgow, Liverpool, the North East and Watford are being checked by the tax…

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Enhancing tax oversight with data-led compliance

As HMRC conducts its role as overseer of the UK’s tax environment, it continues to look at ways to enhance compliance amongst the business community. One way is the use of data to bolster enforcement efforts. John Lewis, senior consultant – tax investigations at Markel Tax explores the issue of…

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Azets appoints UK lead for National Minimum Wage

Azets has announced that experienced employment tax specialist, Kyle Newton, will join the firm as a director to support clients across the UK in ensuring their compliance with National Minimum Wage (NMW) legislation. Based in Leeds, Newton will lead the firm’s newly formed NMW service line and help clients nationwide…

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