We are delighted to announce that Dr. Anjulika Salhan has been selected to receive the Editor’s Choice award from CEO Insights (visit them at https://www.ceoinsightsindia.com). This award recognizes outstanding leaders who have demonstrated innovation and excellence across several key parameters while delivering high levels of customer satisfaction.

It is an annual distinction that showcases the exceptional leadership skills of individuals who have made significant contributions in their respective fields. We are honoured to have Dr. Salhan as part of our community and applaud her achievements in advancing her profession.

Dr Anjulika Salhan is currently the Managing Director at System Holdings, Salhan Accountants, and Xpert Technologies.

System Holdings are fintech specialists who use the latest tech to help all sorts of businesses across the world to be more flexible and meet their customers’ needs. System Holdings (system-holdings.co.uk)

Salhan Accountants offer an outstanding and comprehensive accountancy service that encompasses every aspect of finance from investment advice, HR outsourcing, budgeting, yearly accounts and tax litigation support to name a few. Services – Accountants Birmingham and Droitwich (salhanaccountants.co.uk)

Xpert Technologies provide software solutions that are changing the game for small and medium-sized businesses all over the UK. Xpert Technologies – Accountancy software for small businesses (xpert-technologies.co.uk)

As a fintech entrepreneur and two-time recipient of the English Women’s award, Anjulika is a dynamic individual who consistently pioneers new technological and software solutions to address complex challenges within the accountancy industry.

Her unwavering commitment to customer satisfaction and service excellence is the hallmark of her professional approach. We take great pride in having her as a valued member of our team, and we eagerly anticipate a promising future with her at the helm, driving progress through her innovative ideas and approaches.

Salhan Accountants are delighted to announce the acquisition of PA Chartered Accountants and we warmly welcome Paul and all the clients he brings with him.

PA Chartered Accountants, which has been led by Paul Alton, has a strong client base in the Midlands and offered an advisory service to families and businesses and a consultancy service to other accountants.

This acquisition is part of  Salhan Accountants continued strategy to increase its client base and continuously enhance its offerings to its clients. PA Chartered Accountants clients will gain from these service offerings and our years of experience.

We excited to announce today the launch of Xpert Training – https://xpert-training.xyz/

With the economy suffering, the job market has never been so competitive. Potential employees need to stand out from the crowd if they hope to secure a position. Alternatively, many individuals are turning to self-employment, creating their own position.

With this in mind, we at Xpert Training have created an e-learning system, offering a wide range of courses, aimed at providing specialised skills. Users can choose from over 800 courses, with content covering various aspects of entrepreneurship and professional development.

Everyone is different, and it’s for this reason why we have compiled an extensive platform of courses, covering many different essential skills. We built Xpert Training with eight categories of people in mind, in the hope of offering something for everyone. These categories include:

• Getting ready for a job
• People Skills
• Entrepreneurs
• Managers Training
• Employee Management
• Sales Training
• Logistics and Supply Chain
• Marketing Training

It’s worth noting that these are just starting points, and we recommend that users take a look at the course list as we offer a diverse portfolio.

Education can play a vital role in changing lives, and we want to play our part in this, utilising the power of online learning. Online courses offer flexibility and can be completed at home and with the advent of lockdown, this is more important than ever before. We believe that education is empowering, motivating and can really level the playing field, ensuring that everyone has a chance at the same opportunities in their chosen career.

Our platform provides high quality, enriching training courses, but we understand that affordability is also an important issue. Therefore, we offer competitive pricing, ensuring that our courses are as accessible to as many people as possible.

We at Xpert Training hope this is the first step in upskilling the nation!

If you have any questions about our platform or you’d just like more information on what we have to offer, please feel free to get in touch with our amazing customer service team.

Visit the website and take a look for yourself: https://xpert-training.xyz/

HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics, including:

• guidance for employers on RTI reporting obligations for payments made early at Christmas
• how salary sacrifice affects National Minimum Wage
• PAYE charge queries
• notice of change to effective date of new data requirements on employees’ hours
• the Administrative Burden Advisory Board – Tell ABAB Report 2024
• helping your employees prepare for retirement.

Please contact us for help with tax matters.

Internet link: Employer Bulletin

More than 10,000 payments worth £12.5 million have been made through a new digital service to boost people’s state pension, HMRC has revealed.

People have until 5 April 2025 to maximise their state pension by making voluntary National Insurance contributions (NICs) to fill any gaps in their NICs record between 6 April 2006 and 5 April 2018.

The service enables people to check if they have gaps in their NICs record, calculate if making a payment would increase their state pension, and then make a payment if they wish to do so.

HMRC data shows:

• 51% of taxpayers topped up one year of their NICs record
• the average online payment is £1,193
• the largest weekly State Pension increase is £107.44.

After the 5 April 2025 deadline, people will only be able to make voluntary contributions for the previous six tax years, in line with normal time limits.

Emma Reynolds, Minister for Pensions, said:

‘We want pensioners of today and tomorrow to enjoy the dignity and support they deserve in retirement. That’s why I urge everyone to check if they could benefit by filling gaps before the deadline passes. Using our online tool means only a few clicks could make a huge difference to your future.’

Check your pension here.

Internet link: GOV.UK

The new Growth and Skills Levy must end the ‘cycle of policy failure’ in addressing Britain’s chronic skills shortages, according to the Resolution Foundation.

The think tank says the government must get its design and implementation right if it’s to boost the number of apprenticeships after years of decline and ensure that Levy funds go to young people who need it most.

The Foundation says that Britain’s chronic skills shortages are underlined by the fact that the share of job vacancies caused by firms finding it hard to recruit people with the right skills or qualifications has more than doubled over the past decade from 16% in 2011 to 36% in 2022.

Skills shortages aren’t just preventing firms from recruiting either: an increasing share of workers are judged by their current employers to not have the right level of skills required to do their job.

Louise Murphy, Senior Economist at the Resolution Foundation, said:

‘For too long, well-intentioned reforms have failed to end the cycle of failure when it comes to addressing chronic staff shortages across Britain.

‘One-in-three vacancies today stem from firms not being able to find people with the right skills, while too many young people struggle to find a route into skilled work that doesn’t involve university.

‘The new Growth and Skills Levy offers a fresh chance to break this cycle. But the government must get the detail right if it’s to avoid repeating the same policy mistakes.’

Internet links: Resolution Foundation

The government’s Make Work Pay Bill lacks a pro-growth element and will increase economic inactivity, the Federation of Small Businesses (FSB) has warned.

The business group says that the legislation, particularly around day one dismissal rights, risks deterring small employers from taking a chance on someone who has had a significant period out of the workplace, shutting those doors and deepening social exclusion

It warns that the Bill is rushed and poorly planned while dropping 28 new measures onto small business employers all at once leaves them scrambling to make sense of it all.

There are already 65,000 fewer payroll jobs since Labour took power, and the new government is sending out a ‘troubling signal to businesses and investors’, the FSB adds.

Tina McKenzie, Policy Chair at the FSB, said:

‘The Chancellor has the opportunity to lead the way in adding a pro-business, pro-employment element to Make Work Pay in her upcoming Budget. This should include a rise in the Employment Allowance, pegging it to future rises in the National Living Wage. It should also include the reintroduction of the small business rebate for Statutory Sick Pay.

‘Sufficient time should be taken to avoid this becoming a hastily cobbled-together Act of Parliament. We look forward to more engagement and the start of a full consultation on each individual measure to ensure the voice of small employers is heard.’

Internet links: FSB

Businesses have been banned from withholding tips or service charges from their staff under new rules that came into force on 1 October.

All tips, whether in cash or by card, must now be shared between workers by law in Britain, with millions of workers such as those working for cafes, pubs, restaurants, taxi companies and hairdressers most likely to benefit.

If an employer breaks the law and retains tips, a worker will be able to bring a claim to an employment tribunal.

The law means tips must be passed to employees by the end of the following month from when they were received.

The Department for Business and Trade has predicted the new law will mean a further £200 million will be received by workers rather than their employers.

Minister for Employment Rights Justin Madders said: 

‘When you tip someone for good service, you expect them to keep all their tip. They did the work – they deserve the reward.

‘This is just the first step of many in protecting workers and placing them at the heart of our economy. We will be introducing further measures on tipping to ensure workers get their fair share of tips.

‘Britain’s outdated employment laws require an urgent update. This Government will ensure they are fit for the modern economy and deliver on our plan to Make Work Pay.’

Internet link: GOV.UK

Over three million workers will receive a pay boost after Chancellor Rachel Reeves confirmed the National Living Wage will increase from £11.44 to £12.21 an hour from April 2025.

The 6.7% increase is worth £1,400 a year for an eligible full-time worker. The National Minimum Wage for 18 to 20-year-olds will also rise from £8.60 to £10.00 an hour. This £1.40 increase will mean full-time younger workers eligible for the rate will see their pay boosted by £2,500 next year.

The government says this is the first step towards aligning the National Minimum Wage and National Living Wage to create a single adult wage rate.

The minimum hourly wage for an apprentice is also boosted next year, with an 18-year-old apprentice in an industry like construction seeing their minimum hourly pay increase by 18%, a pay rise from £6.40 to £7.55 an hour.    

Ms Reeves said:

‘This government promised a genuine living wage for working people. This pay boost for millions of workers is a significant step towards delivering on that promise.’

Internet link: HMRC

Business groups have reacted to Chancellor Rachel Reeves’ Autumn Budget speech.

The Confederation of British Industry (CBI) said that the Chancellor ‘had difficult choices to make to deliver stability for the economy’.

Rain Newton-Smith, Chief Executive of the CBI, commented:

‘A more balanced approach to our fiscal rules which prioritises capital investment should help to unlock private sector investment in our infrastructure and net zero transition over the long-term.

‘While the Corporation Tax Roadmap will help create much needed stability, the hike in National Insurance contributions (NICs) alongside other increases to the employer cost base will increase the burden on business and hit the ability to invest and ultimately make it more expensive to hire people or give pay rises.’

Meanwhile, Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), labelled the fiscal event a ‘tough Budget for business‘. She continued:

‘While some protection for smaller firms is welcome, the increase in employer NICs will place a further cost burden on business. This, coupled with a 6.7% increase in the National Living Wage (NLW) means many firms will find it more challenging to invest and recruit in the short-term.

‘But the Chancellor has looked to offset the upfront hit on firms by outlining a longer-term framework to provide stability for the economy.’

The Institute of Directors (IoD) branded the Autumn Budget as offering ‘short-term pain for the business community’.

Roger Barker, Director of Policy at the IoD, said:

‘The government has chosen to impose a significant new tax burden on business as a means of achieving an immediate boost to its public sector spending priorities. The risk is that this will exert a negative impact on business confidence, with worrying implications for the economy’s future growth trajectory.’

Internet links: CBI BCC IoD

Chancellor Rachel Reeves pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’ in the Autumn Budget.

The Budget, which was Labour’s first in over 14 years and the first ever delivered by a female Chancellor, saw £40 billion in tax announcements. 

Ms Reeves repeated her claims that the government had inherited a £22 billion ‘black hole’ in the public finances from the Conservatives. 

Pre-Budget speculation had centred on the likelihood of increases to employers’ National Insurance contributions (NICs), Capital Gains Tax (CGT) and Inheritance Tax (IHT).

The Chancellor announced an increase to the rate of employer NICs by 1.2 percentage points to 15% from 6 April 2025. However, the Secondary Threshold – the level at which employers become liable to pay NICs on each employee’s salary – will reduce from £9,100 per year to £5,000 per year.

CGT on non-residential assets will increase from 10% to 18% for those paying the lower rate, and 20% to 24% for those paying the higher rate for disposals from 30 October 2024. These new rates will match the residential property rates. The CGT rates applicable to assets qualifying for Business Asset Disposal Relief (BADR) and Investors’ Relief will remain at 10% this year, before rising to 14% from April 2025 and 18% from April 2026.

The IHT nil rate band remains unchanged at £325,000 although from April 2027 inherited pension pots will be brought into the IHT net. The government says this will remove a distortion which has led to pensions being used as a tax planning vehicle to transfer wealth rather than their original purpose to fund retirement.

From April 2026, agricultural property relief and business property relief will be reformed. The highest rate of relief will continue at 100% for the first £1 million of combined business and agricultural assets on top of the existing nil rate bands, fully protecting the majority of businesses and farms. The rate of relief will reduce to 50% after the first £1 million. 

The Chancellor also confirmed that VAT will be in on private school fees and abolishment of the non-dom tax regime.

Ms Reeves said she would protect living standards by unfreezing the thresholds on Income Tax and NICs from 2028 while she extended the cut in Fuel Duty for another year. 

Reeves said:

‘The choices I have made today are the right choices to restore stability to our public finances, to protect working people, to fix our NHS and to rebuild Britain.

‘That does not mean that these choices are easy, but they are responsible.’

Internet link: GOV.UK

We are thrilled to announce that System Holdings, our parent company, in partnership with Intellect AI, has been named the winner in the “Innovative Use of Software and IT” category at the prestigious 2024 Robotics and Automation Awards. The ceremony, held on November 6th at the iconic De Vere Grand Connaught Rooms in London, brought together the brightest minds and leading innovators in the field of AI.

This recognition stands as a testament to the dedication, creativity, and hard work of our entire team and partners. Competing against the best AI and automation companies in the UK, this achievement highlights our commitment to pushing the boundaries of technology.

Here’s to more milestones and shared successes in the future!