National Insurance
This coverage explores the impact of National Insurance policies and changes on the UK retail sector, focusing on employer contributions, payroll costs, regulatory compliance, and workforce planning. Reporting highlights how retailers adjust strategies to manage costs and meet obligations — providing insight for executives, managers, and HR professionals overseeing financial and operational planning.
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Oct- 2024 -23 OctoberEconomy
M&S boss calls tax rises ‘the easy way out’ ahead of budget
M&S CEO Stuart Machin has accused chancellor Rachel Reeves of “taking the easy way out” amid reports she is considering a slew of tax increases in the budget. In an open letter written in The Times, Machin stated that he hoped reports of an increase in employer national insurance contributions…
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Sep- 2024 -27 SeptemberNews
Amazon UK pays corporation tax for first time since 2020
Amazon’s main UK division has paid corporation tax for the first time since 2020 following the end of a ‘super-deduction’ tax break, The Guardian has reported. The group’s UK services paid £18.7m in “current tax” last year on sales of £27bn. This marks a shift from the £7.8m tax credit…
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May- 2024 -24 MayEconomy
Retail sales slump 2.3% in April amid wet weather
Retail sales fell by 2.3% in volume over April, following a fall of 0.2% in March, as the retail sector was hampered by ongoing wet weather over the period. According to the Office for National Statistics (ONS), sales volumes were down across most sectors, with non-food stores particularly “doing badly” as…
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Mar- 2024 -7 MarchEconomy
Budget will ‘do nothing to turbocharge investment’, says BRC
The British Retail Consortium (BRC) has stated that the latest Budget announcement will “do nothing to turbocharge investment and growth in communities”. This comes after Chancellor Jeremy Hunt revealed his Spring Budget without many big giveaways for retail businesses. Hunt resisted calls from business leaders to reduce business rates, reintroduce…
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6 MarchEconomy
Chancellor cuts NI by a further 2p as part of Spring Budget
Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance, falling from 10% to 8% from 6 April, as part of his Spring Budget for “long-term growth”. The reduction in National Insurance is expected to save the average worker £450 a year, or £350 for those who are…
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5 MarchFeatures
What are the effects of VAT taxes on the tourism industry?
The term “tourism tax” has recently been used to refer to taxes imposed on goods and services supplied to international tourists. Up until 31 December 2020, VAT-free shopping enabled international visitors in the UK to get a VAT refund on goods purchased in the UK, making them 20% cheaper. Recently,…
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Feb- 2024 -22 FebruaryHigh Street
Taxpayers to foot bill for Body Shop redundancies
Taxpayers are set to pay millions of pounds to laid off staff at The Body Shop as the restructuring of the collapsed chain gets underway, The Telegraph has reported. Employees who have lost their jobs have reportedly been told to make claims through the government-backed redundancy payments service, which is…
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Jan- 2024 -9 JanuaryHigh Street
Festive period fails to boost retail sales, BRC finds
Total retail sales in the UK rose by only 1.7% in December, against a growth of 6.9% the prior year, as Christmas failed to “make amends” for what was a challenging year in retail. December’s growth was below the three-month average growth of 2.3%, and below the 12-month average growth…
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Dec- 2023 -8 DecemberAnalysis
What’s in store for retailers in 2024?
The announcement made by Chancellor Jeremy Hunt in the Autumn Budget has unveiled a series of measures aimed at bolstering the UK economy, with the aim to particularly benefit retail. Hunt believes that the reduction in National Insurance, the freezing of business rates, and increments in the National Living Wage…
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Nov- 2023 -22 NovemberEconomy
Chancellor cuts National Insurance to 10% alongside NLW rise
Chancellor Jeremy Hunt has announced a series of measures to help boost the UK economy as part of his Autumn Budget including slashing National Insurance by 2% and freezing business rates for retail and hospitality. As part of the new measures, Hunt revealed that National Insurance will be cut from…
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