Xeinadin

The Bank of England has just announced a reduction in the base rate from 5% to 4.75%, marking the second cut this year. This move aims to support economic growth amid easing inflation pressures.

The Chancellor referred to today’s announcement as a “Budget for Growth” – but for many UK employers, it could prove the opposite.

The most significant change impacts employers’ national insurance contributions, where an increase in the rate from 13.8% to 15% was widely anticipated. However, the reduction of the threshold from £9,100 to £5,000 adds an unexpected burden, translating to an additional cost of £615 per employee.

While small businesses may benefit from reliefs, this policy will heavily impact the broader SME sector, raising concerns about the UK’s competitiveness in attracting talent.

Read on for a detailed breakdown from the Xeinadin tax team...https://xeinadin.com/blog/autumn-budget-2024-summary/

With Keir Starmer’s government already ruling out hikes in income tax, national insurance and VAT as it tries to shield ‘working people’ from further cost of living increases, speculation has turned to what tax levers Chancellor of the Exchequer, Rachel Reeves might look to pull instead...

Read more here: https://xeinadin.com/blog/who-would-be-hit-hardest-by-capital-gains-tax-rises/

As of 1 October 2024, employers must pass on 100% of tips to workers without deductions (except tax/NI). A new code ensures fair distribution, with tips paid by the end of the following month.

Read more here: https://xeinadin.com/blog/tips-and-gratuities-employment-allocation-of-tips-act/

NHS GPs in England will receive £11.8bn in government funding in 2024/25 in a stopgap arrangement introduced to give the new Labour administration time to draw up its long-term funding plans in the wake of the general election.

While this brings some relief, the BMA warns it won’t fully address the real-terms income loss since 2019. The sector remains in limbo as GPs await a long-term plan to tackle workforce shortages and budget pressures.

Read more on what this means for practices here: https://xeinadin.com/blog/what-the-stopgap-gp-contract-means-for-practices/

We’re excited to share some of our recent press coverage we have had over the last couple of months.

A huge thank you to everyone who’s supported our journey so far. Take a look at the links below and stay tuned for more updates!

The Yorkshire Post: https://www.yorkshirepost.co.uk/business/professional-services-firm-xeinadin-acquires-three-haines-watts-offices-in-yorkshire-4800110
Business Money: https://www.business-money.com/announcements/xeinadin-acquires-three-haines-watts-offices-in-yorkshire/
Accountancy Today: https://www.accountancytoday.co.uk/2024/09/19/xeinadin-acquires-clay-shaw-thomas/
Business Live South West: https://www.business-live.co.uk/professional-services/carmarthen-accountancy-firm-clay-slaw-29968573
Business Sale Report: https://www.business-sale.com/news/business-sale/xeinadin-announces-26th-acquisition-in-two-years-226476
Business News Wales: https://businessnewswales.com/welsh-firm-clay-shaw-butler-joins-xeinadin/
Accountancy Age: https://www.accountancyage.com/2024/10/01/qa-xeinadins-ceo-derry-crowley-on-the-firms-27th-acquisition-in-two-years/
Accountancy Age: https://www.accountancyage.com/2024/09/20/accountancy-age-celebrates-this-years-35-under-35/

Our very own CEO, Derry Crowley joins Accountancy Age to share his insights on our ambitious M&A strategy and what we look for in a potential partner after securing our 27th acquisition in two years!

"By targeting firms that are well-respected locally, we can ensure that we’re integrating businesses that align with our ethos of exceptional client service and cultural fit."

Read more here: https://www.accountancyage.com/2024/10/01/qa-xeinadins-ceo-derry-crowley-on-the-firms-27th-acquisition-in-two-years/

Building on the spirit of , October marks Black History Month in the UK and Ireland. At Xeinadin, we are shining a light on Black history through sharing helpful resources, stories, and conversations internally that promote inclusion and education.

As we celebrate Black History Month we’re reminded that diversity drives innovation and excellence, and shows how different perspectives make us stronger and help us to succeed.

We are thrilled to announce the acquisition of three Haines Watts offices in the towns of Grimsby, Scunthorpe and Hessle enhancing our existing presence in the region.

The acquisition will bring 23 colleagues from Haines Watts into Xeinadin’s professional services business under the continued leadership of its existing management team. The business will be known as the Xeinadin Humber offices.

"The team, led by Partner Jennifer Toulson, are consummate professionals with a track-record of delivering exceptional services for local businesses. They fit in with the ethos of our company and I look forward to seeing them thrive as part of Xeinadin." Derry Crowley, CEO of Xeinadin.

Read more here: https://xeinadin.com/xeinadin-acquires-three-haines-watts-offices-in-yorkshire/

As part of National Inclusion Week this week, our offices came together to take part in supporting the campaign with Inclusive Employers.

Each of our offices were encouraged to pick a day this week where people can bring in a dish that represents their cultural heritage or nationality. We also tested our knowledge by taking part in an Inclusion quiz, a fun and engaging way to deepen our understanding of inclusivity and challenge ourselves to think differently.

Take a look at some of the delicious dishes our colleagues made this week! 🥘🍲🍜

We had a wonderful morning yesterday at our Stockport office, greeting both new and familiar faces at our latest event.

Our business advisors guided attendees in taking steps to enhance the value of their businesses in our Systems for Growth session.

These free, interactive sessions provide valuable networking opportunities, along with practical advice and support to help you grow personally and professionally. To find out about our next available session, visit: https://xeinadin.com/events-rise/ and secure your spot!