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πŸ“ˆ The Cost of Doing Business Keeps RisingUK businesses are facing what the British Chambers of Commerce (BCC) has descri...
26/08/2026

πŸ“ˆ The Cost of Doing Business Keeps Rising

UK businesses are facing what the British Chambers of Commerce (BCC) has described as a β€œcost of business crisis”, with its latest research suggesting government policy alone has increased the costs faced by an average business by 70% over the past decade.

For a typical mid-sized business, that's estimated to mean around £827,000 of additional costs every year. 😳

Employer National Insurance, increases to the National Minimum Wage and pension auto-enrolment are among the biggest contributors.

The BCC warns that these rising costs are making businesses more cautious about investing and growing.

While businesses can't control every cost coming their way, there are areas you can review:

βœ”οΈ Pricing and margins
βœ”οΈ Supplier contracts
βœ”οΈ Operating efficiency
βœ”οΈ Customer profitability
βœ”οΈ Cash flow and forecasting

Sometimes the answer isn't simply β€œsell more” β€” it's making sure the work you're already doing is generating a healthy return.

The BCC has also launched a Cost Stack Calculator which businesses can use to see how their costs compare.

If rising costs are putting pressure on your business, we can help with cash flow forecasting, pricing and margin reviews or client profitability analysis.

Read more - https://ojwassociates.co.uk/cost-of-business-crisis-how-can-british-smes-protect-their-profit/
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πŸ“Š Making Tax Digital: First Quarter Figures Are InHMRC has published its first statistics since Making Tax Digital (MTD)...
24/08/2026

πŸ“Š Making Tax Digital: First Quarter Figures Are In

HMRC has published its first statistics since Making Tax Digital (MTD) for Income Tax became mandatory for many sole traders and landlords.

The first quarterly deadline passed on 7 August 2026, with 436,000 taxpayers submitting their first update on time.

However, HMRC says that by 12 August, more than 570,000 taxpayers had signed up β€” compared with an estimated 864,000 who were expected to be in the first wave. That means a significant number may still need to take action.

⚠️ From September, HMRC will begin signing up taxpayers who should be using MTD but haven't registered themselves.

If you're affected, it's better to get ahead of it rather than wait for HMRC to contact you.

Remember:

βœ”οΈ MTD applies to sole traders and landlords with qualifying income over Β£50,000 from April 2026
βœ”οΈ Quarterly updates are submitted using HMRC-recognised software
βœ”οΈ Quarterly updates do not replace your annual Self Assessment tax return
βœ”οΈ From April 2027, the threshold falls to Β£30,000
βœ”οΈ A points-based penalty system begins from April 2027

If you're unsure whether MTD applies to you, haven't registered yet or need help getting your records and software set up, please get in touch.

Read more here - https://ojwassociates.co.uk/making-tax-digital-what-the-first-quarter-statistics-mean-for-sole-traders-and-landlords/

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πŸ” Free Data Protection Training for SMEsDoes your business handle personal information but not have a dedicated data pro...
21/08/2026

πŸ” Free Data Protection Training for SMEs

Does your business handle personal information but not have a dedicated data protection expert?

The Information Commissioner's Office (ICO) has launched Data Protection Essentials β€” a free online training programme designed specifically for small and medium-sized organisations and sole traders.

The training covers practical, everyday areas such as:

βœ”οΈ Keeping records secure
βœ”οΈ Sharing personal information
βœ”οΈ Marketing and customer engagement
βœ”οΈ Reducing the risk of data breaches
βœ”οΈ Understanding your legal responsibilities

It's designed to be flexible and self-paced, making it easier to fit around the day-to-day running of your business.

πŸŽ“ Individuals who complete the training receive a digital certificate, while organisations can complete a short self-assessment and receive their own certificate too.

If your business handles personal data, this could be a simple and completely free way to improve your team's knowledge, reduce risk and build customer trust.

πŸ‘‰ Find out more from the ICO: https://ico.org.uk/for-organisations/advice-for-small-organisations/training-and-resources/data-protection-essentials/

Read more on our blog - https://ojwassociates.co.uk/free-ico-data-protection-training-available-for-smes/

🚨 Cyber Attack? What Happens Next?Having a plan for preventing a cyber attack is important. But knowing **what to do if ...
19/08/2026

🚨 Cyber Attack? What Happens Next?

Having a plan for preventing a cyber attack is important. But knowing **what to do if one actually happens** is just as important.

The National Cyber Security Centre (NCSC) has published new guidance to help businesses respond to and recover from a serious cyber incident.

The guidance covers three key stages:

πŸ”΄ **Immediate response** β€” what to do in the first few hours, including establishing who is in charge, assessing the situation and communicating with key stakeholders.

🟠 **Recovery** β€” setting up a structured recovery programme, investigating what happened and restoring systems safely.

🟒 **Rebuild** β€” getting back to normal while strengthening the business so it's better prepared for future attacks.

Cyber attacks aren't just an IT problem. They can disrupt operations, affect customers, create financial pressure and take a real emotional toll on the people involved.

The NCSC's guidance is a useful resource for business leaders who want to understand what recovery could look like **before they ever need it**.

πŸ‘‰ If your business relies on computers, cloud systems, email or online services, it's worth having a plan for what happens if they're suddenly unavailable.

Read more here - https://ojwassociates.co.uk/recovering-from-a-cyber-attack-what-should-your-business-do-next/

πŸ“ˆ More Sales Don't Always Mean More ProfitIt's easy to set ambitious sales targets and assume that more revenue will aut...
17/08/2026

πŸ“ˆ More Sales Don't Always Mean More Profit

It's easy to set ambitious sales targets and assume that more revenue will automatically mean more money in the bank.

But what if some of your products, services or customers are generating far less profit than others?

A **12-month profit improvement plan** can help you look beyond turnover and focus on what really drives your bottom line.

You could look at:

βœ” Which products and services are most profitable
βœ” Which customers generate the strongest returns
βœ” Whether your pricing needs reviewing
βœ” Where margins could be improved
βœ” Which costs could be reduced
βœ” Whether you're focusing your time and resources on the right areas

And sometimes, a small improvement in your **gross profit margin** can have just as much impact as a significant increase in sales.

The key is turning the numbers into action β€” then reviewing your progress throughout the year and adjusting your plan as you go.

If you'd like help putting together a **12-month profit improvement plan** for your business, we'd be happy to help.

Read more on our blog - https://ojwassociates.co.uk/why-every-business-needs-a-12-month-profit-improvement-plan/

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πŸ“… Budget 2026 Date Announced!The Chancellor has confirmed that **Budget 2026 will take place on 28 October 2026**.Alongs...
14/08/2026

πŸ“… Budget 2026 Date Announced!

The Chancellor has confirmed that **Budget 2026 will take place on 28 October 2026**.

Alongside the Budget, the Office for Budget Responsibility (OBR) will publish its latest economic and fiscal forecasts, giving us a clearer picture of the government's plans for the economy, taxation and public spending.

For businesses and families, the Budget could bring changes that affect everything from tax and business costs to investment and household finances.

We'll be keeping a close eye on the announcements and will share our analysis as the details emerge. πŸ‘€

In the meantime, if you're concerned about how existing or proposed tax measures could affect you or your business, get in touch. We're always happy to talk through your circumstances and help you plan ahead.

Read more - https://ojwassociates.co.uk/budget-2026-date-announced-what-could-it-mean-for-you-and-your-business/

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πŸ“¬ Received a Letter from HMRC About Your National Insurance Record?HMRC is contacting some self-employed individuals who...
12/08/2026

πŸ“¬ Received a Letter from HMRC About Your National Insurance Record?

HMRC is contacting some self-employed individuals whose National Insurance (NI) records may contain gaps that could affect their State Pension.

If you receive a letter, it's worth checking:

βœ” Your State Pension forecast
βœ” Your National Insurance record
βœ” Whether you have any missing qualifying years
βœ” Whether making voluntary NI contributions could increase your future State Pension

The good news? Receiving a letter doesn't automatically mean you need to pay anything. Many people already have enough qualifying years to receive the full State Pension.

However, for some individuals, there may be an opportunity to fill gaps dating back as far as 2015/16, potentially increasing retirement income.

If you're unsure whether making voluntary contributions is worthwhile, we'd be happy to review your position and help you make an informed decision.

Read more - https://ojwassociates.co.uk/hmrc-writing-to-self-employed-people-about-national-insurance-gaps/

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πŸ’· Got a Side Hustle? Don't Forget About the Tax RulesWhether you're selling handmade products, baking celebration cakes,...
10/08/2026

πŸ’· Got a Side Hustle? Don't Forget About the Tax Rules

Whether you're selling handmade products, baking celebration cakes, designing wedding stationery, photographing events or earning extra income from a hobby, it's worth checking if you need to tell HMRC.

If you earn more than Β£1,000 from your side hustle during the tax year, you may need to:

βœ” Register for Self Assessment
βœ” Complete a tax return
βœ” Pay tax on your profits

Remember, the Β£1,000 trading allowance covers all your side hustle income combinedβ€”not each activity separately.

Selling unwanted personal belongings is usually different, but if you're buying or making items to sell for a profit, or providing paid services, you may be considered to be trading.

Not sure if your side hustle needs to be declared? We'd be happy to help you understand your obligations and avoid any surprises.

Read more on our blog - https://ojwassociates.co.uk/do-you-need-to-pay-tax-on-your-side-hustle/

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🀝 Does Your Business Have a Shareholders' Agreement?When starting a business with others, it's easy to focus on the exci...
07/08/2026

🀝 Does Your Business Have a Shareholders' Agreement?

When starting a business with others, it's easy to focus on the excitement of growing together. But what happens if circumstances change?

A well-written shareholders' agreement helps protect both the business and its owners by setting out how important decisions will be made and what happens if someone wants to leave.

A good agreement can cover:

βœ” Ownership and shareholder rights
βœ” Decision-making responsibilities
βœ” Share transfers
βœ” Succession and exit planning
βœ” Dispute resolution
βœ” Business funding
βœ” Protecting confidential information

Having these conversations early can help prevent costly disputes later and give everyone greater certainty about the future.

If you're setting up a new company or reviewing your existing business structure, we'd be happy to help you consider the financial and tax implications before an agreement is put in place.

Read more - https://ojwassociates.co.uk/why-every-business-with-multiple-owners-needs-a-shareholders-agreement/

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⏰ Self Assessment Payment ReminderIf you're a sole trader or company director who pays tax through Self Assessment, don'...
05/08/2026

⏰ Self Assessment Payment Reminder

If you're a sole trader or company director who pays tax through Self Assessment, don't forget that your second payment on account is due by 31 July 2026.

Payments on account are advance payments towards your next tax bill and are usually based on your previous year's tax liability.

It's worth remembering:

βœ” The payment is normally 50% of your previous year's tax bill (excluding Capital Gains Tax and student loan repayments).
βœ” If your income has fallen, you may be able to reduce your payments on account.
βœ” If you're struggling to pay, HMRC may be able to offer a Time to Pay arrangement.

Missing the deadline could result in interest being charged, so it's important to check what's due and make payment on time.

If you need help calculating your payments, reducing them correctly or arranging extra time to pay, we're here to help.

Read more - https://ojwassociates.co.uk/self-assessment-payment-reminder/

πŸ“ž 01527 368220
πŸ“§ [email protected]

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