Prospero Accounting Ltd

Alextra Tax E-News
Spring Budget 2024

On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) forecasts, the Chancellor had his work cut out.

Headlines included further cuts in National Insurance Contributions for workers and the self-employed, a slight increase in the VAT registration threshold and an increase in thresholds to reduce the number of people affected by the high-income child benefit charge. There has also been a cut in capital gains tax for higher earners disposing of residential property. However, income tax rates and thresholds remained static and inheritance tax continues to apply to the largest estates.

READ FOR MORE INFORMATION -https://www.prosperoaccounting.com/wp-content/uploads/2024/03/Tax-E-News-Spring-Budget-2024.pdf

Alextra Insights
Navigating recession: Key considerations for your business

The Office of National Statistics released official figures last week showing the UK is now officially in recession.

Gross domestic product (GDP) for the October to December 2023 quarter dropped by 0.3%. This followed a fall in the July to September 2023 quarter of 0.1%. A fall in GDP in two or more consecutive quarters constitutes a recession.

Experts will generally assess the health of an economy on a number of factors, rather than solely look at the headline GDP rates. However, the “recession” word quickly takes hold in news headlines and brings apprehension and uncertainty with it.

While it may be a time for concern, proactive measures can mitigate its impact and even present opportunities for growth. Here are some key things for businesses to look at when navigating the onset of a recession.

READ FOR MORE INFORMATION -https://www.prosperoaccounting.com/wp-content/uploads/2024/02/Alextra-Insights-England-19-Feb-2024-1.pdf

Implementing a new strategy in your business can often seem like a daunting task. You are already busy, as is your team. But staying still and being outsmarted by your competition is also not an option. Click here to read a brilliant story about how Henry Ford implemented the price simplification strategy in his business with unprecedented success and how you can do the same - https://www.prosperoaccounting.com/4-helping-hands-to-help-you-choose-the-right-simplification-strategy-for-your-business/

Download the full report - https://prosperoconsultancy.co.uk/latest-resource-download

Alextra Insights
Unlocking your business value: Strategies for Growth

According to consultancy Cornwall Insight, domestic energy prices are predicted to drop in April with analysts predicting that there could be a further fall in the summer. This is good news all round, as energy prices have been a significant factor in the UK’s high inflation rate. A drop in energy prices could lead to a drop in interest rates, and with it a more positive outlook in the economy.

In the wake of a more positive economic outlook, businesses are often presented with opportunities for expansion and growth. But also, because there is a more favourable lending environment, or more eager investor interest, then it can be a more favourable time to exit a business.

READ FOR MORE INFORMATION - https://www.prosperoaccounting.com/resources/prospero-press/

In today's complex world, simplicity is key to success. Simplifying your business can lead to increased sales, profits, and growth, just like some of the world's most successful brands. Want to learn how to simplify your business strategy? Check out this article to discover how global brands like Amazon, IKEA, and Uber have made simplicity a cornerstone of their success. Click here to read more: https://www.prosperoaccounting.com/simplify-your-prices-or-your-proposition-which-strategy-will-work-for-you/

Should you be simplifying your value proposition to make it easier for your customers to understand your pricing and your offer?
Click here to remove the barriers for your customers and make their interactions with you effortless. - https://www.prosperoaccounting.com/resources/bitesize/

Prospero Press
Wishing you all a Happy Christmas and prosperous New Year!

Christmas is a season of enjoying the simple things that make life beautiful. May you have great memories that will permanently touch your heart.

We wish you so much joy during this season and all through to the New Year.

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Reporting PAYE information in real time – Early Christmas Payments

Some employers pay their employees earlier than usual over the Christmas period. This can be for a number of reasons, for example, during the Christmas period the business may close, meaning workers need to be paid earlier than normal.

READ FOR MORE INFORMATION - https://www.prosperoaccounting.com/resources/prospero-press/

Are you truly enjoying your journey as a business owner? Or do you often find yourself longing for more success, higher profits, and more quality time for the things you love?
Find out how you can grow your business and Request a copy of 'Our Business Growth Solutions' brochure here - https://www.prosperoaccounting.com/resources/

Click here to discover 5 questions you can ask your team to help identify whether they are high-impact players or not. Their response will help you build a plan for enabling them to go from just contributing to your business to making a real impact - https://www.prosperoaccounting.com/resources/bitesize/

Prospero Press
Changes to UK company law

The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023 and will introduce a number of changes over the next few years.

READ FOR MORE INFORMATION - https://www.prosperoaccounting.com/resources/prospero-press/

How your team respond to everyday challenges in your business will determine the type of player they are.

Click here to discover how to build the habits and practices of high-impact players into more of your team so that can help you build a successful business- https://www.prosperoaccounting.com/resources/bitesize/