Welcome to the October 2022 News Update from Prestige Business Management
October 2022 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs.
A lot has happened this month so some of our blogs may be out of date. We have done our best to update information everywhere it needs to be. This is our most up to date analysis.
Key Dates Coming Up
Corporation tax due – 1 November
for accounting periods ended 31 January 2022 where not payable by instalments
Corporation tax due – 2 November
Deadline for submitting P46 (Car) for quarter ending 5 October 2022
National Insurance rates change – 6 November
The 1.25% increase to NI is to be removed
VAT returns and payments due – 7 November
for month or quarter ended 30 September 2022
CIS returns due – 19 November
for month ended 5 November 2022
PAYE, NICs, student loan deductions and CIS deductions due – 22 November
for month ended 5 November 2022 paid electronically
Deadline for amending corporation tax returns – 30 November
for accounting periods ended 30 September 2020
Inheritance tax due – 30 November
for deaths in May 2022
All Change at 10 and 11 Downing Street
Former Prime Minister Liz Truss appointed Jeremy Hunt as the new chancellor on 14 October, following her removal of her once close ally Kwasi Kwarteng, after his mini budget received criticism. She then announced her resignation as leader of the conservative party on 25 October. Former chancellor Rishi Sunak has now taken over as Prime Minister, setting a number of precedents. He represents not only the youngest, and wealthiest Prime Minister to take office, he is also the first person of colour to hold the position. He formerly fulfilled the role of chancellor between 13 February 2020 to 5 July 2022. Mr Sunak becomes the third Prime Minister to take office this year and Mr Hunt becomes the fourth appointed chancellor in 2022.
Fiscal Statement Delayed
We had expected a fiscal statement to be made today, on 31 October 2022. However this will now be postponed until 17 November. Further to this, the statement will be upgraded to a full Autumn Statement. There are several reasons for the delay. Firstly the very recent appointment of Mr Sunak as Prime Minister. The delay will give the incoming prime minister a chance to review and approve the plans drawn up by Mr Hunt’s Treasury. This may also come as a relief to ministers, who are presented with a menu of 104 options to be considered, with the goal of cutting spending. Plus the latest economic plan will now be published alongside a new set of economic forecasts from the Office for Budget Responsibility. This 2.5 week delay will also allow markets to stabilise and for measuring figures to be published. Mr Hunt says, “it’s also extremely important that [this] statement is based on the most accurate possible economic forecasts and forecasts of public finances.”
Postal Strike Dates in November
Royal Mail workers will hold further days of strike in November over pay and working conditions. These strikes will cover crucial shipping dates, including Black Friday on 25 November and Cyber Monday on 28 November. Workers have already staged regular walkouts from August through October, only one was cancelled, out of respect for the Queen’s death in September. If your business is likely to be affected, plan ahead by placing orders with suppliers early, or placing a disclaimer on your website explaining extended delivery times if you are a distributor.
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How to Write a Gifted Deposit Letter – 24 October 2022
Buying a new home is exciting. Home ownership represents bold new beginnings, longevity, stability and hopefully a good value investment. However the whole process needs due care and attention from start to completion. Common mistakes can easily knock your homeownership plans off track. It’s all too easy to include errors when you’re in a hurry to secure an offer on your dream house. Additionally some mortgage providers are becoming more strict about who they will lend to. So make sure you avoid these common pitfalls to give yourself the best chance of having your perfect mortgage accepted. Fortunately here we outline how to prepare for your perfect mortgage. Read the guide in full.
Latest Mini-Budget Reforms – 19 October 2022
An annual general meeting (AGM) is a yearly gathering of a business’s directors and shareholders. Your business’s AGM is an opportunity for your shareholders to meet, vote and discuss the direction in which to take the business’s activities. At your AGM directors will present information about the company’s performance and strategy at an AGM and shareholders with voting rights can vote on relevant decisions.Typically new appointments to the board of directors, executive compensation, dividend payments and the selection of auditors. Depending on the scale and scope of your business, there is usually time allocated within the meeting for shareholders to quiz the directors and to express their concerns. Find out more here.
How to Prepare of Changes to National Insurance – 10 October
Increases to National Insurance Contributions, which were introduced by Mr Sunak are still due to be removed in November. Recent increases in National Insurance Contributions (NI) are still due to be reversed, as per Mr Kwateng’s mini budget. In April 2022 a 1.25% increase in national insurance contributions (NIC) came into effect. This was originally proposed to help fund the growing health and social care bill. The rate was expected to drop back in April 2023, when the Health and Social Care Levy was planned to come into effect. However in his first budget, being named the mini budget, Mt Kwateng announced that he would bring this decrease forward, taking effect in November 2022 instead, and that the plans for the Health and Social Care Levy are now called off. Nearly 28 million people in the UK will benefit from the cut, receiving an additional £330 in income per year, according to the Treasury. This is how employers can prepare for these changes to national insurance. Here is what you need to know.
Mini Budget Report 2022 – 3 October 2022
The government announced their September 2022 mini budget. Chancellor Kwasi Kwarteng said, ‘we need a new approach for a new era, focused on growth’. His aim was to build around three priorities: reforming supply within the economy, maintaining responsible management of public finances and tax cuts to boost growth. Read in full here.
Client Referral Programme
We pride ourselves in treating our loyal clients with top notch perks and services. Our client referral programme is one way that we like to give back and reward you for doing business with us. You can recommend a friend to receive, up to £100 cash reward, per referral! All you have to do is recommend us – and make sure they tell us you sent them. We’ll do the rest
October Top Tips
With news updating all the time, it’s easy to burn out with information overload. Although it’s important to keep up to date with what applies to you, it can also feel overwhelming. Which is why we cherry pick what matters most to our clients. Here are our top tips for managing information overload.
Good time management involves regularly asking yourself, “Is this worth my time, or is this something I should delegate?” This is important to maintain productivity where your attention is most valuable.
The human brain can remember approximately seven things at any given time. Narrowing down your priorities for the day into the top three to five things that matter most to you. This will feel easier to tackle and achieve than your entire long list. If you find yourself with time to spare you can pick an extra task to complete. Or just enjoy a small break.
Value your time
Considering the importance of a task can help you assess how much time to invest in it. Sometimes you may need to keep working at it until everything is perfect. At other times simply stop because it’s good enough for how important it is.
Limit your time
Set parameters on tour time. It’s easy to get sucked into information and choice overload. This eats up your time at the start of a project and more choice can make it harder to get the job done. Set a limit on research time and just get going.
Schedule related tasks together
Moving between unrelated tasks, on the other hand, creates a cognitive burden. Working on related tasks in regular intervals can greatly improve your productivity. This means you can focus your relevant skills and achieve more deep work in one area without spending time switching tasks.
Prestige Business Management Works for You
At Prestige Business Management we can help your business understand the best solutions for the success of your business. Find out what we can do for you. Call us today on 0203 773 2927.