Accounting tax advice for family businesses in Gloucestershire

HMRC has just updated it’s tax advice for family businesses employing offspring.

HMRC has just updated it's tax advice for family businesses employing offspring.

Gloucestershire’s ESB Accountancy summarises the HMRC tax advise for paying family members is that payments needs to be systematic, recorded, and contemporaneous.

Formality is the best approach – think about payment by bank transfer so figures tie in exactly, use payslips and record work done and when thus creating an unambiguous audit trail in place.

What family businesses don’t want to do is what Mr Nicholson did. Payment was made in cash and in kind. He paid for his son’s university grocery shop, provided food when visiting, paid for home insurance and gave cash. He blurred the boundaries. It’s something clients can do all too frequently, and it won’t seem wrong until it all goes wrong. Use this case to make thepoint.

In his conclusion, the tribunal judge commented:
‘Had the business owner paid his son on a more time-recorded basis or had there been some form of methodology in calculating the amount payable and an accurate record maintained of the number of hours his son worked, then as with any family member on the payroll of a business, it is unlikely that the expense would have not satisfied the provisions of s 34TMA.’

The takeaway message from the Nicholson case is this: the claim need not have failed, but it did require a tightening up of procedure to pass HMRC’s tax rules.

Family Business Tax Legislation

The relevant legislation is ITTOIA 2005, s. 34 for unincorporated businesses and CTA 2009, s. 54 for companies.
Section 34(1) of ITTOIA 2005 provides:
‘In calculating the profits of a trade, no deduction is allowed for–

(a) expenses not incurred wholly and exclusively for the purposes of the trade,or
(b) lossesnotconnectedwithorarisingoutofthetrade.’And s.34(2):
‘If an expense is incurred for more than one purpose, this section does not prohibit a deduction for any identifiable part or identifiable proportion of the expense which is incurred wholly and exclusively for the purposes of the trade.’

Mr Nicolson’s claim failed because the payments he made were dual purpose: to reward his son for work done and to support him at university. Mr Nicholson ‘expanded on his grounds of appeal’ at the tribunal hearing. This really wasn’t a good idea. It was tantamount to reading a script entitled ‘duality of purpose’. He explained how ‘as a father he had a vested interest in his son’s progress in life and wanted to make sure that he was giving him the best chance to succeed in his education…without the wages his son would not have been able to maintain his university studies.’

On the other hand, had he – subject to the proviso about methodology above–simply made payments to his son for work done in the business, and let the son use the money as he chose ,that would have been quite legitimate.

If remuneration is not at an arm’s-length commercial rate, HMRC will expect apportionment between the wholly for business purpose part – assumed to be a commercial rate for the job – and the gratuitous element, due to family relationship, which is disallowed.

Family businesses tax advise conclusion

Paying family wages is an effective and permissible way of supporting family members and maximising tax relief in owner-managed businesses. But plans can come badly adrift unless arrangements are properly documented and adhered to.

Please talk to us at ESB Accountancy to discuss making the most of your family business tax rates – with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

New 2018 Accounting Tax Rates in Gloucestershire

New HMRC 2018 Tax Rates in Gloucestershire by ESB Accountancy come into effect this month.

New HMRC 2018 Tax Rates in Gloucestershire by ESB Accountancy come into effect.

2018 Personal allowance tax rates

The personal allowance increases to £11,850 for the 2018/19 tax year. As for 2017/18, the personal allowance is reduced by £1 for every £2 by which adjusted net income exceeds £100,000. This means that anyone with income in excess of £123,700 in 2018/19 will not receive a personal allowance.

2018 Income tax rates and thresholds

The basic rate band is increased to £34,500 for 2018/19, raising the rate at which higher rate tax becomes payable to £46,350. As for 2017/18, the additional rate threshold remains at £150,000.

The rates of income tax in the UK (excluding Scotland) are unchanged for 2018/19, with the basic rate remaining at 20%, the higher rate at 40% and the additional rate at 45%.

2018 Dividend tax rates

The dividend tax rates for 2018/19 remain at 7.5% to the extent that dividend income falls in the basic rate band, at 32.5% to the extent that dividend income falls in the higher rate band, and at 38.1% to the extent that dividend income falls in the additional rate band. However, the dividend allowance – the band within which dividends are taxed at a zero rate – falls from £5,000 to £2,000 from 6 April 2018.

The dividend allowance was reduced from £5,000 to £2,000 with effect from 6 April 2018.

The dividend allowance is effectively a zero-rate band and dividends that are covered by the allowance are received free of tax. All individuals are entitled to a dividend allowance, regardless of whether they pay tax at the basic, higher or additional rate.

Many personal and family companies extract profits in the form of dividends once a small salary has been taken. Where possible, it is advantageous to ensure that the dividend allowance for 2017/18 is not wasted and, if necessary, declare and pay a dividend prior to 6 April 2018 in order to mop up any unused dividend allowance.

Assuming dividends of at least £5,000 are taken each tax year, the reduction in the dividend allowance from £5,000 to £2,000 will increase the tax paid on dividends by a basic rate taxpayer by £225, that payable by a higher rate taxpayer by £975 and the dividend tax payable by an additional rate taxpayer by £1,143.

2018 Capital Gains Tax Rates

The exempt amount for capital gains tax purposes is increased to £11,700 for 2018/19. The rates of capital gains tax remain at 10% to the extent that total taxable income and gains does not exceed the basic rate limit and at 20% where income and gains are more than the basic rate limit. Higher rates of, respectively, 18% and 28%, apply to gains on residential property.

2018 Corporation tax

The rate of corporation tax for the financial year 2018 (the year starting on 1 April 2018) remains at 19%.

VAT threshold

The VAT threshold is frozen at its current level of £85,000 for two years from 1 April 2018. The VAT de-registration threshold remains at £83,000.

2018 National Insurance contributions

For 2018/19 the lower earnings limit for Class 1 National Insurance purposes is increased to £116 per week, the primary and secondary thresholds are increased to £162 per week and the upper earnings limit is increased to £892 per week. The upper secondary threshold for under 21s and the apprentice upper secondary threshold, both aligned with the upper earnings limit, increase to £892 per week for 2018/19.

The main primary rate of Class 1 contributions remains at 12%, the additional rate remains at 2% and the secondary rate remains at 13.8%.

The National Insurance employment allowance remains at £3,000 for 2018/19.

The Class 2 small profits limit rises to £6,205 for 2018/19 and the weekly rate of Class 2 contributions increases to £2.95 per week.

The rate of voluntary Class 3 contributions increases to £14.65 per week for 2018/19.

The lower profits limit for Class 4 contributions increases to £8,424 for 2018/19 and the upper profits limit increases to £46,350. The main rate of Class 4 contributions remains at 9% and the additional rate remains at 2%.

Please talk to us at ESB Accountancy to discuss making the most of your tax rates – with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

What will MTD mean for Glos VAT registered businesses?

ESB Accountancy takes a look at what digital records will be acceptable under MTD for VAT for Gloucestershire businesses.

ESB Accountancy takes a look at what digital records will be acceptable under MTD for VAT for Gloucestershire businesses.

A new draft VAT Notice 700/21 has been published by HMRC giving guidance on what records must be kept digitally within ‘functional compatible software’ in order to comply with the requirements of Making tax Digital (MTD) for VAT.

By mandating digital record-keeping and filing, the Government expect to reduce the amount of tax lost through error and failure to take reasonable care.

MTD will affect businesses with a turnover of more than the VAT registration threshold of £85,000 per annum from 1 April 2019.

However, such businesses must remain within MTD for VAT, even if their turnover drops below £85,000. Businesses that are VAT registered, but have a turnover of less than £85,000 per annum will not be required to participate in MTD, but can do so voluntarily.

Under MTD for VAT, functional compatible software will be used to maintain the mandatory digital records, calculate the return and submit it to HMRC via an Application Programme Interface of API..

The complete set of digital records to meet MTD requirements does not all have to be in one piece of software. If there is a digital link between the pieces of software, records can be kept in a range of compatible digital formats.

Functional compatible software is a software program or set of compatible software programs that must be able to:

  • record and preserve electronic records in an electronic form;
  • provide to HMRC information and returns from the electronic records in an electronic form and by using the API platform; and
  • receive information from HMRC.

Businesses must keep the following information digitally:
business name;

  • the address of the principal place of business;
  • VAT registration number; and
  • a record of any VAT accounting schemes used.

For each supply made the business must record:
the time of supply;

  • the value of the supply; and
  • the rate of VAT charged.

For each purchase received the business must record:
the time of supply;

  • the value of the supply including any VAT that is not claimable; and
  • the amount of input tax claimed.

The transfer of data from the mandatory digital records through to receipt of information by HMRC must be digital. Information can only be submitted to HMRC via APIs, this can be from software, bridging software or API enabled spreadsheets.

To show the link between the output tax in business records and the output tax on the return, the business must have a record of:

  • the output tax owed on sales;
  • the output tax owed on acquisitions from other EU member states;
  • the tax due under the reverse charge procedure;
  • the tax that needs to be paid following a correction or error adjustment; and
  • any other adjustment required by VAT rules.

To show the link between the input tax in the business records and the input tax on the return the business must have a record of:

  • the input tax claimable on business purchases;
  • the input tax allowable on acquisitions from other EU member states;
  • the tax reclaimable following a correction or error adjustment; and
  • any other necessary adjustment.

Please talk to us at ESB Accountancy to discuss the filing of your MTD VAT tax returns – with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

Tax Accounting Rules for Employers in Glos

ESB Accountancy outlines some Tax Rules for Employers in Cheltenham, Gloucestershire.

ESB Accountancy outlines some Tax Rules for Employers in Cheltenham, Gloucestershire.

Same tax rules for all

The same rules now apply to tax expenses and benefits regardless of how much the employee earns and whether he or she is a director. The old £8,500 threshold was abolished from 6 April 2016. Since that date, employees who were previously P9D employees are taxed on any benefits in kind that they receive in the same way as for P11D employees.

This means that benefits such as company cars and private medical insurance are now taxable if the employee earns less than £8,500.

No more P9Ds

As a result of the changes, 2015/16 is the last tax year for which P9Ds are required. From 2016/17, where an employee has received a taxable benefit in kind, you will need to use form P11D to tell HMRC about that benefit, unless you have opted to tax it through the payroll.

Payrolling for 2017/18

Although it is now too late now to start payrolling for 2016/17, looking ahead to next year, if you want to deal with some or all of the taxable benefits that you provide through the payroll instead of reporting them to HMRC on form P11D after the end of the tax year, you need to register to do so by 5 April 2017. Speak to your adviser about what benefits can be payrolled and whether payrolling is for you.

New exemption for deductible expenses

A new exemption replaced the dispensation regime from 6 April 2016. It is available for expenses which would be fully deductible if the employee met the expense from his or her own pocket. Items such as business travel qualify. The exemption, which applies to qualifying paid and reimbursed expenses, is given automatically. Unlike the old dispensations, you no longer need to apply.

Trivial benefits tax rules

The long awaited exemption for trivial benefits came into effect from 6 April 2016. Broadly, a benefit is trivial if the cost of providing it is £50 or less. Benefits that count as ‘trivial’ can be ignored and do not need to be reported to HMRC.

Items such as a bunch of flowers sent to an employee on her birthday or a bottle of wine given to employees at Christmas may pass the ‘trivial’ test. However, for directors and employees of close companies, the trivial benefits exemption is capped at £300 per individual per year.

Please speak to your adviser to discuss how you can make best use of these new exemptions or talk to us at ESB Accountancy to discuss your tax returns and the benefits of planning ahead – with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

Self Assessment Tax Deadline looms on 31st January

The Self Assessment Tax Deadline looms on 31st January 2018- only 15 days away!

The Self Assessment Tax Deadline looms on 31st January- only 15 days away!

2018 Tax Deadlines:

31 January – for any tax you owe for the previous tax year (known as a balancing payment) and your first payment on account.
31 July for your second payment on account. If you prefer to pay regularly throughout the year, you can use a budget payment plan.

Ways to pay your tax

Make sure you pay HM Revenue and Customs (HMRC) by the deadline. You’ll be charged interest and may have to pay a penalty if your payment is late.

The time you need to allow depends on how you pay:

  • You can no longer pay at the Post Office.
  • Same or next day
    online or telephone banking (Faster Payments)
    CHAPS
    by debit or credit card online
    at your bank or building society
    You need a paying-in slip from HMRC to pay at a bank or building society.
  • 3 working days
    Bacs
    Direct Debit (if you’ve set one up with HMRC before)
    by cheque through the post
  • 5 working days
    Direct Debit (if you haven’t set one up with HMRC before)
    If the deadline falls on a weekend or bank holiday, make sure your payment reaches HMRC on the last working day before (unless you’re paying by Faster Payments or by debit or credit card).

Problems with payment services-  beware online payment services are frequently slow during busy times.

Overall the sooner that you compile your tax return, file it online and make your payments the better.

Please talk to us at ESB Accountancy to discuss the filing of your tax returns and the benefits of planning ahead – with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

Cheltenham Bookkeepers and Accountants ESB wishes you a Merry Christmas

Cheltenham Bookkeepers and Accountants ESB wishes you a Merry Christmas and a Happy New Year

Cheltenham Bookkeepers and Accountants ESB wishes you a Merry Christmas and a Happy New Year

Cheltenham and Gloucester bookkeepers and accountants ESB wishes you a Merry Christmas and a Happy and Prosperous New Year for 2018.

So if you would like some help with your bookkeeping and accounting calculations for your organisation from someone with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

Small Business Tax Planning in Gloucestershire

Small Business Tax Planning in Gloucestershire by ESB Accountancy

Small Business Tax Planning in Gloucestershire by ESB Accountancy

Taxation is moving to a digital age in Glos.

Under the Government’s Making Tax Digital strategy, most businesses will be required to keep track of their tax affairs digitally and to update HMRC at least quarterly.

To comply with your requirements in the new digital age, you will need to keep digital tax records and record and categorise your receipts and expenses.

Apps and software will be available for these purposes. It will be essential that you update your records on an on-going basis so that you are able to provide the information to HMRC on time for each quarterly update.

Getting ready for Making Tax Digital

Although you will not need to start providing HMRC with digital updates until April 2018, it is not too early to start planning for the transition to a digital tax world.

It is advisable to discuss with your tax adviser sooner rather than later what Making Tax Digital will mean for you and what changes you need to make to your existing processes to ensure that you will be able to comply with your digital reporting requirements.

Introduction to Making Tax Digital

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs – meaning the end of the annual tax return for millions.

Every individual and business now has access to their own personalised digital tax account and these are being regularly expanded and improved.

HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world, modernising the tax system to make it more effective, more efficient and easier for customers to comply.

Please talk to us at ESB Accountancy to discuss the structuring of tax efficiencies and the benefits of planning ahead – with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

New NI termination payments tax rules

The rules on the tax and National Insurance (NI) treatment of termination payments is changing from 6 April 2018 ESB Accountancy explains.

The rules on the tax and National Insurance (NI) treatment of termination payments is changing from 6 April 2018 ESB Accountancy explains.

Gloucestershire accounting and bookkeeping experts ESB Accountancy explains that payments made on the termination of an employment are treated differently depending on whether the payment is a payment of earnings, such as normal wages and salary, or a compensation payment, such as damages for loss of office.

Payments taxed as compensation payments benefit from a £30,000 tax-free exemption and are only taxable to the extent that they exceed £30,000. The £30,000 exemption does not apply to payments taxed as earnings.

It is not always easy to determine whether a termination payment is one of earnings or a compensation payment benefitting from the £30,000 exemption.

In particular, payments referred to as ‘payments in lieu of notice’ cause difficulty in practice, not least because the term is used to describe payments that differ in nature.

Under the current rules, payments in lieu which the employee is contractually entitled to receive, or which the employee has an expectation of receiving (for example, where there is a long standing company practice of making payments in lieu of notice), are taxed as earnings and do not benefit from the £30,000 exemption.

By contrast, payments for which there is no contractual entitlement or expectation and which take the form of damages for the failure to give proper notice, benefit from the £30,000 exemption.

The treatment of payments in lieu of notice is to change from 6 April 2018 onwards. From that date, the payment is compared to the pay that the employee would have received had the employment continued throughout the notice period.

Where the termination payment is not more than the pay that the employee would have received in the notice period had the employment not been terminated, it is taxable in full. Any excess over what would have been payable had the employment continued is treated as a compensation payment and will benefit from the £30,000 exemption.

Essentially, any earnings payable until the end of the notice period are taxed in full as earnings from the employment.

The way in which compensation payments are treated for National Insurance purposes is also changing from 6 April 2018. Prior to that date, no National Insurance is payable on termination payments treated as compensation payments rather than as earnings.

However, from 6 April 2018, employer National Insurance contributions will be payable on compensation payments made on the termination of employment to the extent that they exceed the £30,000 tax-free threshold – although the payments will remain free of employee’s National Insurance.

The employee will pay tax on compensation payments in excess of £30,000 (as now) and the employer will pay employer’s National Insurance.

Please talk to us at ESB Accountancy to discuss the structuring of tax-efficient termination packages and the benefits of planning ahead – with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

Dividend Allowances for Company Directors explained

The new tax rules for dividend allowances for Company Directors in 2018 is explained by ESB Accountancy.

The new tax rules for dividend allowances for Company Directors in 2018 is explained by ESB Accountancy.

The current regime for taxing dividends has been in place since 6 April 2016. Under the rules, all taxpayers, regardless of the rate at which they pay tax, are eligible for a ‘dividend allowance’.

Although termed an ‘allowance’, in reality the dividend allowance is a nil rate band and dividends sheltered by the allowance are taxable at a zero rate.

The dividend allowance is set at £5,000 for 2016/17 and 2017/18, enabling all taxpayers to receive dividend income of £5,000 tax-free (on top of any dividends that are covered by the personal allowance).

Once the dividend allowance (and the personal allowance) have been used up, dividends are taxed at 7.5% to the extent that they fall within the basic rate band, 32.5% to the extent that they fall within the higher rate band and 38.1% to the extent that they fall within the additional rate band.

The dividend allowance is to fall to £2,000 from 6 April 2018.

This will impact on anyone who receives company dividends, either from investments or as part of a profit extraction strategy from a personal or family company.

Dividends are a popular and tax-efficient method of extracting profits from a personal or family company.

Where profits are extracted in this way, it is sensible to plan ahead to ensure that the higher dividend allowance available for 2017/18 is not wasted.

Where shareholders in personal or family companies have taken dividends of less than £5,000 in 2017/18, and where retained profits are sufficient, consideration should be given to paying a dividend before 6 April 2018 in order to mop up any unused dividend allowance for 2017/18.

For 2018/19 onwards, the allowance is only £2,000.

Paying a dividend after 6 April 2018 rather than before may mean (depending on the size of the dividend) that it is taxable where previously it was tax-free.

Assuming that dividends of at least £5,000 continue to be paid in 2018/19 (and the personal allowance is utilised elsewhere), the reduction in the dividend allowance will increase the tax payable by a basic rate taxpayer by £225, a higher rate taxpayer by £975 and an additional rate taxpayer by £1,143.

Talk to us at ESB Accountancy about tax efficient profit extraction policies and the benefits of planning ahead – with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

Business Services Costs rise in Gloucestershire

The costs for business services rose in Gloucestershire over the summer.

The costs for business services rose in Gloucestershire over the summer.
According to the Office for National Statistics (ONS) the whole economy Index of Labour Costs per Hour (ILCH), seasonally adjusted, increased by 1.4% in Quarter 2 (Apr to June) of 2017, compared with Quarter 2 2016 and recorded 0.9% growth compared with the previous quarter, Quarter 1 (Jan to Mar) 2017.

Wage costs per hour worked increased by 1.2% in Quarter 2 2017 compared with Quarter 2 2016 and non-wage costs per hour worked increased by 3.9%.

Labour costs per hour in the private sector increased 1.3% in Quarter 2 2017 compared with the second quarter of 2016, while public sector labour costs per hour increased by 2%.

The financial and insurance activities industry saw the largest increase in Quarter 2 2017 compared with Quarter 2 2016, of 8.8%.

The arts, entertainment and recreation industry had the largest decrease in Quarter 2 2017 compared with Quarter 2 2016, of 3.8%.

All of which means that organisations in Gloucestershire will have to pay more for their business services administration- bookkeeping, accounting, payroll and pension administration.

Estimates from the ONS’s Labour Force Survey show that, between February to April 2017 and May to July 2017, the number of people in work increased, the number of unemployed people fell, and the number of people aged from 16 to 64 not working and not seeking or available to work (economically inactive) also fell.

There were 32.14 million people in work, 181,000 more than for February to April 2017 and 379,000 more than for a year earlier.

The employment rate (the proportion of people aged from 16 to 64 who were in work) was 75.3%, the highest since comparable records began in 1971.

There were 1.46 million unemployed people (people not in work but seeking and available to work), 75,000 fewer than for February to April 2017 and 175,000 fewer than for a year earlier.

The unemployment rate (the proportion of those in work plus those unemployed, that were unemployed) was 4.3%, down from 4.9% for a year earlier and the lowest since 1975.

Latest estimates show that average weekly earnings for employees in Great Britain in nominal terms (that is, not adjusted for price inflation) increased by 2.1%, both including and excluding bonuses, compared with a year earlier.

Latest estimates show that average weekly earnings for employees in Great Britain in real terms (that is, adjusted for price inflation) fell by 0.4%, both including and excluding bonuses, compared with a year earlier.

All of which means that the growing burden of payrolls, pensions payments and administrative burden on businesses here in Cheltenham, Gloucestershire and the South West has never been greater.

So if you would like some help with your payroll calculations for your organisation from someone with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

Glos business services accounts grow

Gloucestershire (Glos) business services accounts grow to record levels.

Gloucestershire (Glos) business services accounts grow to record levels.Demand for business services in Gloucestershire is still growing according to the Office of National Statistics (ONS) as local employment is at record levels.

Cheltenham Business Services

According to the ONS there were 465 men and 250 women looking for work in Cheltenham at the latest monthly count in July. This represents 1.4% of the Cheltenham male population and 0.7% of the female population.

Year on year this is a 0.1% decline for Cheltenham men and a 0.1% decline for women.

Cotswold Business Services

According to the ONS there were 210 men and 140 women looking for work in the Cotswolds at the latest monthly count in July. This represents 0.7% of the Cotswold male population and 0.5% of the female population.

Year on year this is a 0.1% decline for Cotswold men and a 0.0% decline for women.

Forest of Dean Business Services

According to the ONS there were 365 men and 230 women looking for work in the Forest at the latest monthly count in July. This represents 1.4% of the Forest male population and 0.8% of the female population.

Year on year this is a 0.1% decline for Forest men and a 0.0% decline for women.

Gloucester Business Services

According to the ONS there were 745 men and 445 women looking for work in Gloucester at the latest monthly count in July. This represents 2.0% of the Gloucester male population and 1.2% of the female population.

Year on year this is a 0.3% decline for Gloucester and a 0.0% decline for women.

Stroud Business Services

According to the ONS there were 285 men and 155 women looking for work in Stroud at the latest monthly count in July. This represents 0.9% of the Stroud male population and 0.5% of the female population.

Year on year this is a 0.1% decline for Stroud men and a 0.0% decline for women.

Tewkesbury Business Services

According to the ONS there were 330 men and 215 women looking for work in Tewkesbury at the latest monthly count in July. This represents 1.1% of the Tewkesbury male population and 0.7% of the female population.

Year on year this is a 0.2% decline for Tewkesbury men and a 0.1% decline for women.

Which means the growing burden of payrolls, pensions payments and administrative burden on businesses here in Cheltenham, Gloucestershire and the South West has never been greater.

So if you would like some help with your payroll calculations for your organisation from someone with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.

Bookkeeping and Accountancy Services Demand at Record levels

Demand for bookkeeping, accountancy and business services are at record levels.

Demand for bookkeeping, accountancy and business services are at record levels.

According to the Office for National Statistics’ latest research the UK unemployment rate fell to 4.4% in the 3 months to June 2017 – the lowest it has been since 1975.

The employment rate reached a new record high of 75.1% and the inactivity rate fell to a new record low of 21.3%.

Real average weekly earnings fell by 0.5% in the 3 months to June 2017, both excluding and including bonuses as consumer price inflation continued to outpace growth in wages.

Estimates from the Labour Force Survey show that, between January to March 2017 and April to June 2017, the number of people in work increased, the number of unemployed people fell, and the number of people aged from 16 to 64 not working and not seeking or available to work (economically inactive) also fell.

There were 32.07 million people in work, 125,000 more than for January to March 2017 and 338,000 more than for a year earlier.

Estimates from the Labour Force Survey show that, between January to March 2017 and April to June 2017, the number of people in work increased, the number of unemployed people fell, and the number of people aged from 16 to 64 not working and not seeking or available to work (economically inactive) also fell.

There were 32.07 million people in work, 125,000 more than for January to March 2017 and 338,000 more than for a year earlier.

UK employment rate reaches a new record high

Estimates from the Labour Force Survey show that there were 32.07 million people in work in the 3 months to June 2017, which was 338,000 more than for a year earlier and 125,000 more than for January to March 2017. There was an increase in full-time employment (up 91,000) to a record high of 23.58 million and part-time employment (up 34,000) to 8.49 million compared with 3 months ago.

There was an increase in the number of people in self-employment (up 21,000) since the 3 months to March 2017. By age category, there were increases in the number of employees for three age groups: 25 to 34, 35 to 49 and 50 to 64.

The level of employment decreased for three age groups: 16 to 17, 18 to 24 and 65 and over. The employment rate was 75.1% in the 3 months to June 2017, the highest since comparable records began in 1971.

UK unemployment rate falls to its lowest since 1975

The unemployment rate declined by 0.2 percentage points in the 3 months to June 2017 compared with 3 months ago to 4.4%, its lowest since 1975. The total unemployment level decreased by 57,000 compared with 3 months ago to 1.48 million. Unemployment decreased for three age groups: 16 to 17, 25 to 34 and 35 to 49, it increased for three age groups: 18 to 24, 50 to 64 and 65 and over. A fall in unemployment was accompanied by a fall in inactivity.

Total inactivity level decreased by 64,000 since the 3 months to March 2017 to 8.77 million. The inactivity rate for 16 to 64 year olds decreased by 0.2 percentage points since 3 months ago to a record low of 21.3%. Inactivity decreased for three age groups: 18 to 24, 25 to 34 and 35 to 49 and increased for three age groups: 16 to 17, 50 to 64 and 65 and over. The next section analyses some longer-term trends in economic inactivity.

Which means the growing burden of payrolls, pensions payments and administrative burden on businesses here in Cheltenham, Gloucestershire and the South West has never been greater.

So if you would like some help with your payroll calculations for your organisation from someone with several decades of financial experience here in Gloucestershire you can either ring us now on  – email us on edith@esbaccountancy.co.uk or click the Contact Us buttonpayroll bookkeeping services small business help contact esb accountancy gloucestershire cheltenhamor please fill the form at the bottom of the contact us page.