Thorntons Accountants

More than 600 employers have been named and shamed by the Government for failing to pay their staff the national minimum wage, with penalties totalling £7 million issued.

B&Q and Five Guys among firms which paid staff below minimum wage More than 600 companies underpaid staff, with £4m returned to workers, according to the government.

Yesterday The Guardianuardian published an article looking at how a court case could result in the end of a tax avoidance scheme called 'box shifting'.

The practice involved temporarily placing boxes in empty commercial properties to establish a period of ‘occupation’, before removing them again and claiming a further period of empty property rates relief.

The Court of Appeal has ruled that this is not genuine occupation, which could have implications for commercial property owners. More information here:

The London office, the empty boxes and the £1bn tax loophole Exclusive: How a court case over an unoccupied office block could end a widely used tax avoidance scheme

Could your side-hustle land you in hot water?

HMRC has issued a reminder, that anyone who earns more than a £1000 through secondary incomes and 'side-hustles' need to complete a return.

HMRC reminds people with side hustles to register for self assessment - News Article Barnsley : Thorntons HMRC is reminding people with side hustles that they will need to tell it if they earn more than £1,000. The Help for Hustles campaign aims to assist individuals with side hustles to 'get their tax right, quickly and easily'. New entrants to self assessment should register for the 2025/26 tax year ...

More than one million young people in the UK are now not in employment, education or training (NEET).

With support and funding available to encourage businesses to play their part in solving the problem, research from the Resolution Foundation has suggested targeted employment subsidies could prove to be more cost-effective than broad employer tax breaks:

Targeted subsidies are needed for firms to tackle Britain's NEETs crisis - News Article Barnsley : Thorntons Targeted subsidies, rather than expensive tax breaks, are the most cost-effective way of supporting employers to get young people into work, according to Resolution Foundation analysis. The think tanks warns that the number of young people not in employment, education or training (NEET) passed one m...

This morning OFGEM has confirmed that the domestic energy price cap will increase in October by 4%. The increase is likely to add £60 to the average annual household bill.

Household energy bills to hit three-year high as Ofgem announces 4% rise from October A household using a typical amount of gas and electricity will pay £60 a year more, regulator Ofgem says.

Figures released this morning by the Office for National Statistics have revealed that the government borrowing in July increased to £1.8 billion. The figures also revealed that total national debt is close to £3 trillion:

UK borrows more than expected in July as Healey prepares for first Budget Chancellor John Healey said the government is 'committed to meeting our fiscal rules'

Data released by the Office for National Statistics this morning has revealed that inflation has risen to 2.9%. The increase has been attributed to the continued uncertainty in the Middle East contributing to the rising costs of energy and fuel:

Jump in energy bills drives UK inflation to highest rate for four months The cost of things is now rising at a faster pace compared with last month.

On behalf of all of us at Thorntons Accountants, we’d like to pass on our best wishes to everyone receiving their today. Whether you are celebrating or commiserating, today marks the first step of your next journey. Whatever path you choose, we wish you every success for the future.

The Government has announced reforms to small business finance. Amongst the measures introduced includes an expansion of the Growth Guarantee Scheme, designed to help SME businesses overcome barriers to finance. New measures include:

- The option to increase maximum term loans from six years to ten years for loans of up to £1.1 million.
- Provision of an additional £2bn of lending

Government unlocks major finance package for small businesses - News Article Barnsley : Thorntons Significant reforms to small business finance have been announced by the government. The centrepiece of the plans is an expansion of the British Business Bank's (BBB) Growth Guarantee Scheme (GGS) which provides a 70% government guarantee on commercial loans to SMEs of up to £2 million. The scheme ...

Future public sector procurement contracts are likely to place greater emphasis on local community impact, such as the creation of new jobs and apprenticeships, according to a announcement yesterday:

Government procurement rules to put focus on UK jobs and skills Successful bids for government contracts will have to include more UK jobs, local skills and opportunities for young people.