Author: Jade Donno

Sole Trader VS Limited Company: Which is better for you?

Posted on | by Jade Donno

Have you been thinking about switching to a limited company because of the upcoming changes due to Making Tax Digital? Has anyone told you that you could be paying less tax as the owner of a limited company instead? We will take you through what the differences are and ultimately help you make the right decision for you & your business.

Regardless of whether you stay a sole trader or become a limited company, if you make a profit in your business then you will have to pay some level of tax. Changing your company structure may change how you pay tax and may be beneficial for some, however there are other factors to consider as well as tax.

What is the difference between a sole trader and a limited company?

If you are a sole trader, then HMRC and the law view you & your business as the same thing. This doesn’t stop you from hiring staff or taking on premises, but what it does do is mean that you are personally liable for any losses or debts that your business makes. The good news is that as a sole trader you can keep all your business profits! Just remember that these business profits will then be taxed as part of your personal income.

A limited company however is a separate legal entity. It will have its own finances and legal reporting requirements, and Its finances must be kept separate from the business owner’s personal finances. As your limited company is a separate legal entity this means that as the director of your limited company you will have limited liability on any losses or debts incurred by the business. However, it is important to point out that if your company takes on any borrowing then the lender may place a personal guarantee on the directors of the business. In other words, if the business is unable to pay back the loan then the directors will be personally liable to pay back the loan.

What are the advantages to being a sole trader vs a limited company?

Setting up as a sole trader is comparatively straight forward. You simply need to register with HMRC for income tax and national insurance to receive your Unique Taxpayer Reference (UTR) number and you can start your business straight away.

There is also relatively little paperwork or administration, although the changes being brought in by Making Tax Digital mean that sole traders will have a legal obligation to keep their accounting records digitally up to date. You will no longer be able to only keep paper records and hand your receipts to your accountant once a year. This makes it easier to understand your finances, your profitability, and how much tax you are likely to pay, and see it in real time. As there is less administration and filing responsibilities, it also means a smaller accountants bill compared to a limited company!

One of the little realised advantages of trading as a sole trader is your financial affairs are very private. They are between you, your accountant and HMRC. There is no requirement, such as with limited companies, to put your annual accounts into the public domain on Companies House.

In your first period of account, if you are likely to make a taxable loss this can be relieved against profit from the past, even if this is from a prior employment, whereas in a limited company this can only be carried forward until a profit is made.

And finally, as a sole trader you are in complete control of your business affairs. You don’t need to consult any shareholders or partners to make decisions.

What are the disadvantages of being a sole trader vs a limited company?

Banks and other investors tend to prefer working with limited companies. This means it can be harder to raise finance as a sole trader. Whilst it is still possible to grow without external funding it can be much slower. After all, most businesses need to buy some equipment, vehicles, stock, or tools to be able to start trading.

It’s not just banks and investors who can look down on sole traders. Many businesses and customers prefer to work with a limited company vs a sole trader as they believe, whether rightly or wrongly, that they will have more protection with a limited company. However most ‘Business to Consumer’ sole traders are unlikely to have this problem with credibility. For example, a householder is rarely concerned whether a plumber is a sole trader or a limited company, they just want a good job done.

Historically the tax rates on sole traders have been more punitive than owners of limited companies. However, over the last 5 years or so this tax gap has reduced significantly with the dividend tax relief being slashed. Currently sole traders pay 20-45% income tax, whereas limited companies pay from 19% corporation tax. However, directors of limited companies must still pay personal income tax between 20-45% on any income from the business via payroll. Dividends from the business are also taxed.

As a sole trader you cannot protect your business name. Anyone can decide to use your business name. This is not the same with a limited company.

What are the advantages of being a limited company vs a sole trader?

The biggest benefit of incorporating and becoming a limited company is the limited liability and the business being legally entirely separate from the people who own it. This means that your personal assets will be secure should your company get into debt or other trouble.

A limited company can also be more attractive to work with – depending on your clients. You can appear to have more credibility and trust as a limited company over being a sole trader and depending on your industry this could make a difference in who decides to work with you.

Another benefit is that you are more able to control your income as a limited company director. By splitting your income between salary and dividends you may be able to reduce your tax bill. Dividends are taxed at a lower rate than income and the first £2000 is tax free.

While you pay corporation tax on all the profit, there is no getting away from paying tax, it is possible to accumulate wealth within the company if you do not need to extract it all and save tax that would be assessable on you if you were a sole trade.

What are the disadvantages of being a limited company vs a sole trader?

Limited companies are more complex to set up and run. There is far more paperwork and administration involved with a limited company. For example:

  • Confirmation Statement with Companies’ House
  • Filing company year-end accounts
  • Corporation tax return
  • Registering with companies house
  • Legal documentation such as articles of incorporation, shareholder agreements
  • Minutes of board meetings and preparation of dividend vouchers

Therefore, having a limited company means it is really advisable to pay for an accountant.

Directors of limited companies still need to:

  • File a personal tax return (which will eventually come under the Making Tax Digital regime)
  • Pay personal income tax

Why change from being a sole trader to a limited company?

When people start in business they often start as a sole trader. After all it is easy to set up and often has less administration or accountancy fees involved than a limited company. There often comes a time when it makes sense to switch over; either because of a desire to involve others in your business in a decision making capacity or pay less tax or become more attractive to potential clients or investors. In fact, when your sole trader profits (not just income) reach £30k it is worth considering changing to a limited company to reduce your tax liability.

Everyone’s circumstances are different and before you decide to make the change do take advice from your accountant. You may find that you are better off remaining as a sole trader.

If you would like more information or advice on whether you should remain a sole trader or become a limited company please get in touch now.

How automation can improve your efficiency and productivity

Posted on | by Jade Donno

Automation was already on the rise pre-pandemic, but now it has become a business priority. The positive benefits of automation pay dividends for those businesses that invest in it. Many business owners don’t know that accountants can offer a lot of assistance in this area: streamlining and automating processes to improve business efficiency, so here are the many benefits.

1) Automation reduces the time spent on repetitive tasks and the risk of human error.

Expenses is an area that is notoriously labour-intensive, time-consuming for staff to submit and finance departments to process, and it’s extremely prone to human error. The same goes for invoicing and purchase order processing. However, with a streamlined and automated workflow, the whole process is connected through a single system from start to finish. This means it’s a lot quicker and, therefore, cheaper (less time is wasted, and the risk of manual input errors are eliminated), and skilled staff can now spend their time on higher-value tasks.

2) Automation results in better credit control.

Late payments are one of the biggest causes of stress for business owners, not to mention it has a huge negative impact on cash flow. With the use of digital payment process, however, late payments can be greatly reduced. Automation makes it easier and faster for businesses to chase payments; it increases the chances of invoices being paid on time, and it saves 15 hours on average per week on credit control management.

3) Automation gives you accurate real-time reporting.

Knowing your numbers is crucial for business success. However, it is both time-consuming and expensive to have your staff monitoring every KPI and to have to trawl through all the data. With automation, however, you have the ability to see your overall business performance at any given time. With real-time financial reports, you can then accurately budget and forecast cash flow and make effective business decisions.

4) Automation increases both client and staff satisfaction.

Contrary to what people believe, automation does not take away from human interaction. In fact, it does the opposite. Speeding up and streamlining business processes means that your staff have more time and energy to better serve your clients. It gives them the time and means to respond to needs and nurture stronger client relationships.

As well as improving customer service, automation also leads to higher employee engagement. Your staff will no longer have to concern themselves with paperwork or mindlessly boring manual tasks. They will now be free to focus on higher-level, more rewarding tasks such as spending more time with clients to understand their goals and how the business can help deliver those. Satisfied and engaged staff will directly contribute to growing your business so this is a very important benefit of automation.

5) Automation improves productivity and the bottom line.

Streamlining processes means that staff and the business as a whole work more effectively and efficiently. This time can then be spent on the higher-value tasks that will increase revenue. As well as enhancing workflow, automation can also help solve the current talent shortage as employees can be better trained and developed on the job.

Save time and money with automation

Too often, business owners spend too much time working in the business rather than on it. However, with automation, employees can be relieved from these day-to-day menial tasks to focus on what will directly grow the business.

As well as increasing efficiency and productivity, automation can save you a lot of time and money by eliminating errors and reducing staffing and credit control costs. So, if you want to streamline your business, don’t hesitate to reach out!

All about requesting your documents using Karbon!

Posted on | by Jade Donno

As a cloud-based accountancy practice, we very rarely ask you to bring in physical copies of your documents to our offices in Haverhill. This option is available to you if you really need it, however we find most of our clients prefer to send their information in digitally. This also has the benefit of being able to keep your original hard copies safe!

When we send requests for your documents we use a system called Karbon. We may request various documentation from you over your time with us starting right at the onboarding stage.

When do we use Karbon to send requests?

During onboarding we will use Karbon to send you requests for your ID and to fill in some information forms. After this, you will get requests from Karbon annually for your accounts and tax return information, and to confirm that your details have not changed. If you have bookkeeping services or reviews with us, we also may use it to request bank statements.

If you have changed any of your details such as your name or address, we may also use Karbon to request updated ID from you.

Why do you use Karbon for this?

Karbon is fully GDPR compliant so you know your data is safe. It is more protected than if you were to simply email it to us as it is harder to hack than an email account. For this reason, if we ever have to send sensative documents to you then we will use Karbon for this as well.

What does it look like when Karbon sends me a request?

All requests from Karbon come in the form of “checklists”. To access your checklist and upload your documents you need to click on the “manage checklist” link inside your email.

All requests from Karbon come in the form of “checklists”. To access your checklist and upload your documents you need to click on the “manage checklist” link inside your email.

Once in your Karbon checklist, you will be able to see your task. Clicking on a task will expand it and allow you to read any extra comments or directions that we have written.

Use the “Upload files” button to upload your documents safely and securely, or if you want to ask us a question use the “comment” button. We can reply to you directly on this chain and you will get an email every time we leave a comment.

When your task is completed, tick it off on the left. This will let the person who sent you the task know that you have completed it straight away. Make sure all of your completed tasks are ticked off otherwise you will continue to get reminder emails automatically.

We love Karbon and its interactive workflow features and we hope that this process makes it as easy and safe as possible to get your documents to us so that we can complete your accounts and tax returns!

Why we love Dext!

Posted on | by Jade Donno

Dext, formally known as Receipt Bank, is a software that we recommend so much that we include it in all our Limited Company and Sole Trade services!

Using it, you can take a photograph of your receipts and it will extract the information from them with 99% accuracy and upload it to your accounting software.

Why do we love it so much?

This easy to use and time saving software fits right in with our ethos of “life is too short to be doing your accounts”! Instead of spending lots of time manually inputting the data from all your receipts, invoices, or bank statements, you can upload them to Dext instead. This means you can get the right information into your Xero account quickly and easily.

If we do your bookkeeping for you, then using Dext also keeps our bookkeeping team happy! You will be able to send the necessary information with as little effort as possible whilst allowing them to keep on top of your bookkeeping, a definite win-win!

We love a product that saves time like this does, and just think about what you could be doing with the time you save!

How does Dext work?

Our fantastic bookkeeper Charlie has prepared a video giving you an overview of Dext and some of its features:

To make things even easier, Dext have prepared a helpful PDF guide on how to use their mobile app. Download it by clicking here.

Dext have also got some very helpful videos on their YouTube channel. Below is a video that goes into more detail about the various methods that you can use to submit your information to Dext, including Fetch, email, and the mobile app.

If you are struggling with using Dext or have any questions about it, please contact any members of our bookkeeping team as they will be happy to help you

1 Accounts Team Building Day March 2022

Posted on | by Jade Donno

Last week we closed the office for the whole day so that our team could enjoy our first Team Building day since the pandemic started!

We have added several new team members since our last team building day in 2019 including Fran, Katy, Che, Charlie and Harry! This is a huge growth for any firm but especially for one that puts family values at the forefront. This day was incredibly important for us to all bond as a team now that we are back in the office with all our new team members. It was also nice to be able to socialise outside of the office!

Axe throwing with Wild Blades!

Katie organised a wonderful day for us all. We visited Wild Blades, another local Haverhill business, for a day of axe throwing and team building challenges!

Despite the warnings of snow, the weather started out sunny but cold. Handy as the entire day was outdoors. Dan and Toby from Wild Blades gave us a safety breifing (axes are dangerous!) and then taught us the standard one-handed throw.

After a bit of practice, most of the team got this, some even hitting bullseyes early on! Jenni M. had an advantage as she had done it before, and it should be no surprise to anyone that Paul, James, Adrian and Charlie picked it up quickly.

Unfortunately, there were a couple of us who didn’t manage to master the one-handed throw. No matter how hard she tried, Fran couldn’t manage to hit the target with the right end of the axe using this method. Luckily, during a tea break, she practiced with Toby and tried a two-handed throw, and finally managed to hit the bullseye! Seeing this, Jenni D. also decided to try this method and also found it much easier.

Playing Games

Once we could all actually hit the target with the axe, we started playing games! First, we did a couple of quick rounds to see who could score the most. The first round was won by Paul (no surprise there) and the second round was won by Che! Charlie and James maintained a consistent second and third place. There were many other games including naughts and crosses, hit the card, and thump the stump.



Team Building Challenges

After a lovely lunch, we then began the team building activities. We had to work together to complete a series of 9 tasks in order to complete the Viking ship and sail to victory. It came down to the wire, but with us all working together and putting our strongest team members forward towards the end, we managed to complete all the tasks with 19 seconds to spare!

Overall we had a lovely day and feel like a much stronger team because of it, both in team spirit and arm strength! Dan and Toby from Wild Blades planned a fantastic series of events and were wonderful hosts and teachers who joined in with our banter perfectly. We highly recommend them.

A big thanks to Katie for organising the day for us, we can’t wait until the next one!

1 Accounts Team at Team Building Day - Wild Blades Axe Throwing

Why do we ask for your bank statements?

Posted on | by Jade Donno

Depending on which service you are on, you will find that you receive requests from members of our team asking for copies of your bank statements.  You may receive different emails from different team members depending on the work they are undertaking for you.  Whilst we try to eliminate asking for the same information on multiple jobs sometimes there are instances where information is requested more than once.  This may be sent as part of an auto request from our system, then again manually by an individual looking at your records in real-time.
We would like to clarify why you are asked for these and why it is so important they are provided to us when asked.

Why do we request copies of your bank statements?

We request copies of your bank statements to check the balances in your accounting software are correct and that all transactions have been correctly accounted for.  Many of you will have ‘bank feeds’ from your bank accounts which feed transactions directly into your accounting software.  Whilst bank feeds are usually reliable there can be instances where they drop out for security purposes or there are blips where transactions are missed or duplicated by the feed.  In order for us to spot these errors in a timely manner, and to ensure your records are always as accurate as possible, we will ask for copies of your bank statements for a given period or as at a given date to check.
If entering transactions from your bank account manually into your accounting software without bank feeds there is always a larger risk of errors – if you would like to discuss bank feeds with us or you need any help with this please get in touch.

When will we request copies of your bank statements?

Depending on your service levels with us or the nature of your business you will get asked for statements at different intervals.  This could be in relation to the following jobs:

  • Bookkeeping service (once a month)
  • Monthly Review (once a month)
  • Quarterly Review (once a quarter)
  • Year-end accounts – 3 months before your year end as a 9 month ‘Health Check’ and again once your year-end date has passed
  • Sole trader accounts and tax return – annually (unless you have our sole trader bookkeeping service)
  • Ad-hoc – if we (or you) notice there has been a problem with the bank transactions or feed we may ask for copies at unusual intervals

How do you upload your statements for us?

You will receive an email from us that looks something like the email on the right.
To upload your bank statements, you need to click on “manage checklist”. The next page will ask you to input your PIN. If this is the first time you have done this process then you will be asked to create one. If you have forgotten it, there is a link underneath to reset it.


You will then be taken to your checklist where you can upload your statements. You will also be able to see the due date, exactly what we need from you, and be able to send us a message using the comment function. There is no “submit” button, but once everything is uploaded we will be able to access it at our end and will be notified that you have uploaded your statements.
The system we use is called Karbon and it is completely cyber-secure and GDPR compliant so you do not need to worry about your information.

What happens if the bank balance in your software does not agree to your bank statements?

If we complete your bookkeeping we will identify and correct any bank issues as part of our service at no extra charge.
If you complete your own bookkeeping we will help you identify the difference.  We can complete any corrections for you for a fee (on request), or alternatively you can complete the corrections yourself. If you complete your own bookkeeping we would advise you check the bank balances in your software to the bank statements weekly ideally or monthly at the latest to make sure any error are picked up in good time. If you need any help with this or are struggling with your bookkeeping please get in touch.

spring statement

Spring Statement 2022

Posted on | by Jade Donno

The Chancellor recently unveiled his Spring Statement. With a background of increasing wage, fuel and raw material costs and rising inflation, it was hoped the Chancellor would bring some respite for small businesses and sole traders.

Thankfully there is some small respite coming for small business owners and sole traders. Before you get too excited, the 1.25% National Insurance increase and the new Health and Social Care Levy still kick in from April 2022.

However, the Chancellor announced 3 measures that will directly help small businesses and your lower-paid employees right now:

  • Employment allowance will increase by £1000 to £5000 per year from April 2022. For businesses with employees, this will help to offset some of the extra Employer NI costs coming in from April 2022.
  • From July 2022 the National Insurance Primary Threshold will increase to be in line with the income tax personal allowance, i.e. from £9880 to £12570. This means anyone earning less than about £35,000 will pay less National Insurance during the year.
  • A 5p per litre cut in fuel duty for 12 months starting 6 pm 23rd March. This is a saving of approx £100 per year for the average car driver, £200 for the average van driver and £1500 for the average haulier.

Other announcements of merit included:

  • A planned reduction in the lower rate of income tax to 19% from April 2024. However, 2 years is a long time in politics!
  • VAT on the installation of energy-saving materials, e.g. solar panels, to be cut from 5% to 0% (not applicable to Northern Ireland).
  • The qualifying expenditure for R&D tax credits will now include data, pure maths and cloud computing costs.

The Chancellor hinted that we can expect more tax simplification and reform, particularly to tax reliefs and allowances in the Autumn Budget. .

The Do’s and Don’ts of pricing in a recession

Posted on | by Jade Donno

No matter how big or successful your company is, maintaining business throughout a recession is hard. With fluctuating demands, losses in sales and competitive price drops, the whole experience can feel like a rollercoaster ride. So how do you survive the economic chaos?

To help guide you through, we’ve created a comprehensive list of pricing do’s and don’ts. These tips can help you find long-term solutions to your turbulent, but hopefully temporary, problems and ensure you not only survive the recession but develop strategies to help you thrive long after.

The Do’s

Do promote your value

Unforeseen circumstances can quickly change the landscape of the economy. However, these external factors shouldn’t directly impact the value of your products or services. Therefore, we believe the best way to navigate a recession and stand out from your competitors is to focus on communicating the intrinsic value of your products and services. Through effective marketing, you can remind your clientele of your unwavering commitment to high-quality service and customer satisfaction regardless of the economic landscape.

Not to mention that it will take you a lot longer to do all your finances than a professional anyway. Why would you waste your time when you could be doing what you do best and what you actually enjoy?

Do control your costs and address inefficiencies

Controlling your prices during a recession is incredibly important. Why? Because the decisions you make during times of crisis strongly reflect your company standards and values. Make the wrong call, and it can irreparably damage your reputation and relationships with customers, which in turn will harm your sales long after the recession is over.

Instead of altering your prices to increase your profit margins or sales, focus on streamlining your companies’ processes. Address any inefficiencies, create long-term solutions and invest in your team’s development.

Do create valuable bundles

Dramatic price cuts aren’t as effective as you may think – not to mention, they’re almost always unsustainable. Instead, you want to find solutions that will accommodate your customer’s current needs without compromising the value of your products or services.

Creating valuable bundles and packages is one solution that is both reliable and sustainable. By offering a range of bundles (from low to high value), you’re able to attract a variety of customers and cater for their varying needs. As a result, you’re able to drive up sales, preserve the value of your products and services, and accommodate your cost-conscious customers throughout these difficult times.

Do keep looking ahead

Every business owner, CEO and partner knows that for a business to succeed, you must constantly be looking ahead – innovating and improving upon your current position. (Even amidst a recession, you must focus on long-term solutions.) Therefore, it’s vitally important to focus on your research and development strategies. Assess your customer’s wants and needs – ask them how you can improve and really listen. You can then use this information to improve upon and create products/services that incentivise customers to start (or continue) investing in your business.

The Don’ts

Don’t rapidly reduce your prices

There are several reasons why rapidly reducing your prices is an ineffective and ultimately damaging tactic during an economic downturn. However, we believe the most significant reasons are:

  1. You can destroy your long-term value. If you lock in a long-term price drop, you’re signaling to customers that the value of your products and services are significantly lower than your standard price point.
  2. Discounts won’t resolve your demand issues. If your products or services aren’t currently in demand, lowering your prices won’t change a thing. For example, there was little to no demand for theatre tickets at the height of the pandemic. However, since restrictions have eased, sales have returned to normal, and box offices have successfully maintained their original prices.

So don’t fall into the trap of lowering your prices – they are not the problem.

Don’t rapidly increase your prices

If you’re experiencing a sudden surge in sales – fantastic! Be grateful, not greedy. Rapidly increasing your prices when your products/services are in high demand implies that you are taking advantage of your customers and their needs. Not only will this alienate your customers and damage your reputation, but it can also lead to legal implications. So, whenever you are increasing your prices, make sure you do so ethically and sustainably.

Don’t get into a pricing war

If a competitor reduces their prices, don’t immediately assume you have to do the same. Competitive pricing will only damage your value (and your profit margins). Now, that isn’t to say you can’t develop a cheaper product or service that’s of equal value to your competitor’s offering – but you should only cheapen your services if you have adjusted their intrinsic value.

Remember, customers will respect your pricing so long as the services or products you provide are of a high standard.

Don’t focus on quality over quantity

Guiding your business through a recession is no mean feat. It takes a lot of courage to maintain your prices and values. However, this perseverance will help to preserve your reputation and uphold your high standards. So, instead of taking a reactive approach, focus on being proactive! Find long-term solutions, provide non-monetary discounts and drive sales based upon the quality of your products and services.

How accountants can make you look good

Posted on | by Jade Donno

When you as a business owner think of an accountant, you think of taxes, financial reporting, or loan applications. While this is all correct, it is just the beginning!

Accountants may be the frontrunners when it comes to your finances, but we can offer so much more than that. One of our most valuable offerings is making you look good!

Here are some ways that accountants can help you with your image:

1) They help you look professional 

Accountants can help you manage your accounts, budget smartly, and fix your cash flow, all of which are the foundations of a successful business. They can also help you to automate your business and work more efficiently.

For example, automating your invoicing system so you no longer need to chase unpaid invoices or reconcile payments manually. Not only does this save you a lot of time and free you up to focus on other areas of your business, but it also makes you look professional to your clients as they can see that you’re on top of your processes.

2) They help you remain competitive

One of the most common mistakes that business owners make is that they become too chargeable. I.e., they are not charging enough for their services. While this may bring in more business initially, in the long term, it will start choking your business growth.

By pricing correctly, you can let go of the clients who are not paying enough or who don’t align with the direction of your business. Once you start pricing what you’re worth, you’ll soon see that you will attract the right types of clients – the ones who support your growth and overall goal.

3) They help you look & feel confident

With an accountant by your side, you will be able to walk the walk as well as talk the talk. You will be making smarter business decisions such as increasing your capacity by outsourcing working rather than hiring a full-time employee, and you will have the figures you need at your fingertips. Figures that will give you, your clients, and any other third-party peace of mind.

4) They help to reassure your clients

If your business grows suddenly and takes on more clients, some of your existing clients may be worried that you can’t handle this growth, or they worry that they will become less important to you. To reassure your clients that you’re growing sustainably, an accountant can help you forecast the future and outline your business strategy. They can help you make necessary changes now so that you’re prepared for any growing pains.

Invest in your image 

A good impression of your brand is incredibly important, so invest in an accountant to make sure that you give off a positive one. From helping your business run smarter, to outlining the future for your business, an accountant can help you to reassure yourself and your clients that you will sustain value and growth for the foreseeable future.

teamwork

Minimum Wage Update 2022

Posted on | by Jade Donno

With costs going up across the board it is unsurprising that the national living wage is also being increased. However, for businesses, particularly small ones, this could have a dramatic effect on wage bills going forward.

From April 1st 2022, the minimum wage will be increasing from £8.91PH to £9.50PH. This is a 6.6% increase on salaries. There are also increases in the lower age brackets, please follow this link to find out full details – https://www.gov.uk/government/publications/minimum-wage-rates-for-2022 

We encourage you as a business to sit down and review what you are paying your staff, particularly if you have people close to the new minimum or if you are wanting to attract new team members. Keep in mind that £9.50PH is now an entry level salary and if you are wanting to attract high quality candidates you may want to pay them more than this. It is also sensible to look at what your competitors are offering in terms of salary. A good place to start is the supermarkets who are currently hiring at £11 PH.

Work out a plan of if and how you need to increase your team’s wages and then implement the changes by the 1st of April.