Tel: 01492 593345 | Email: contact@garethhughes.co.uk | The Round House, Glan-Y-Mor Rd, Llandudno Junction, Conwy LL31 9SN
Gareth Hughes & Co is the trading name of Gareth Hughes & Company Ltd, registered in England and Wales, Company number 06248470. Registered Office: The Round House, Glan-y-Mor Road, Llandudno Junction, Conwy, LL31 9SN.
Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details of our audit registration can be viewed at https://www.auditregister.org.uk under reference number C001524264
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MANY FIRMS STILL FACING RECRUITMENT PROBLEMS
/in Financial /by Matthew WilliamsMany UK firms are still facing hiring issues as a result of challenging economic conditions, according to a report from the British Chambers of Commerce (BCC).
73% of firms surveyed by the BCC reported having recruitment problems, with businesses in the hospitality sector the most likely to report challenges.
The construction and manufacturing industries are also experiencing issues, and 72% of retail businesses said they have had recruitment problems.
Adverse economic conditions are restricting investment in workplace training, the BCC found.
Jane Gratton, Deputy Director of Public Policy at the BCC, said:
‘The scale of the recruitment crisis remains huge, despite a welcome fall in the number of firms reporting hiring problems.
‘We have just under a million job vacancies in the economy, and skills shortages are damaging businesses’ ability to operate profitably – as well as impacting the wellbeing and morale of remaining staff.
‘Businesses and the government need to work together to resolve this problem. Bringing more people back into the workforce, with rapid retraining programmes and comprehensive support, will help. While many employers remain sharply focused on investment in training, most businesses need more help to get the workforce skills they need.’
Internet link: BCC website
JEREMY HUNT CUTS NATIONAL INSURANCE IN AUTUMN STATEMENT
/in Financial /by Matthew WilliamsChancellor Jeremy Hunt has announced a bigger than expected cut in national insurance in his autumn statement. The main rate for employee Class 1 national insurance will go down from 12% to 10% from 6 January 2024.
HMRC state that “This measure will have a positive impact on individuals, households and families across the United Kingdom by providing a tax cut for around 29 million individuals in tax year 2024 to 2025.
An average employee on £35,400 will receive a tax cut in the 2024 to 2025 tax year of over £450.”
More details on the reduction can be found at https://www.gov.uk/government/publications/changes-to-national-insurance-contributions-from-6-january-2024
National Living Wage & National Minimum Wage increases from April 2024
/in Financial /by Matthew WilliamsThe government have confirmed the increases to the national minimum wage and national living wage that will come into effect from 1 April 2024, the increases were as follows:
This will mean that an employee who is 21 or older who is working 37.5 hours a week will earn £22,308 a year from 1 April 2024, an increase of £1,989 a year compared to the current rate.
Please do not hesitate to contact us at Gareth Hughes & Co on 01492 593345 if you have queries with regards to this or any other payroll matter.