PM set to raise National Living Wage to £9.42 an hour
Boris Johnson is expected to increase the National Living Wage to £9.42 an hour – but some small firms may struggle to cover the cost.
The rise will be introduced as part of the government’s plans to end the “low-wage, low growth economy”.
This increase however could be a problem for the already struggling small businesses who will need to find the extra money to pay their employees.
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Businesses welcome back workers as furlough ends
The wave of job cuts many expected at the end of the furlough scheme has not happened, early data suggests.
Other evidence also suggests that the number of job losses as a direct result of the end of furlough was lower than had been feared.
There were fears that businesses with many furloughed workers would incur a high amount of redundancy, this however hasn’t been the case for many businesses who have taken everyone back.
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Hospitality and tourism bosses plead for VAT rate freeze at 12.5%
Hospitality and tourism bosses are pleading with the government to permanently lower the VAT rate on businesses in their sectors to help safeguard thousands of jobs.
The VAT was temporarily cut to just 5% in July 2020 to help struggling business through the pandemic. On the 1st of October 2021 they have now increased this to 12.5% and is set to rise to pre-pandemic level of 20% in April 2022.
The Chancellor, Rishi Sunak stated that returning the rate to 20% “risks derailing the recovery at a time when businesses are still in survival mode”.
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The aim of Accsys Accountants is to help our clients grow their businesses, by ensuring their finances do not get in the way of growth. We are Accountants in Maidstone, Kent who offer different level of services to suit all types of company, including Accounts, Tax Advice, Bookkeeping and Payroll and we do all of this through a fixed fee service with unlimited support.
