Streets Chartered Accountants covers tax investigations, the cost of living crisis, gets ready for the Budget and more in its new news roundup. Peace of mind in 2023 when it comes to your tax affairs – we are concerned that you may not be currently protected

With the 31st January self-assessment deadline for filing returns having just come and gone, tax matters are probably very much still on the minds of many. Perhaps less so is the potential impact that a tax enquiry or investigation might have on us as an individual or on our business. Whilst we all want to ensure our affairs are in the best order, there is a real risk that the Revenue can instigate an investigation or enquiry. Webinar: The Budget 2023 – what will it mean for you?

The Chancellor, Jeremy Hunt, will present his Spring Budget in the House of Commons on Wednesday 15th March 2023. Following the announcements, Streets will be holding a special webinar on Thursday 16th March, 11am till 12noon. Streets will provide details of the announcements along with guidance on what they may mean for businesses and individuals. What are your customers doing differently in light of the cost-of-living crisis? With the rate of inflation having seemingly or hopefully peaked at a 40 year high and with Prime Minster Rishi Sunak’s announcement that he seeks to half the rate of inflation by the end of the year, we might start to feel some sense of easing in the cost of living. However, against this backdrop many households and businesses are still feeling the financial impact of the pandemic. This is aside from the fact that salaries are not keeping pace with inflation. Watch again: Payroll & HR Update 2023

Last week Streets hosted its Annual Payroll & HR Update to keep you informed of the issues and changes affecting payroll management, the tax implications around staff employment and remuneration and also some broader HR matters that may concern employers now and in the year ahead. If you missed it and would like to catch up you can watch the recording by clicking the title above. Podcast: connections and support at the heart of entrepreneurial success

This episode of The Streets Sessions features Charlotte Kirton-Cook and Reece Leggett from the University of Lincoln’s Research and Enterprise team, who talk about the University’s work in supporting and nurturing start-up businesses and entrepreneurial scale-ups. The podcast also explores the role of a new network, ‘Entrepreneurs Connect’, set up in conjunction with Streets to support entrepreneurs and share knowledge and experience. Entries are now open for the Midlands Family Business Awards 2023!

As accountants and tax advisers looking after family businesses, Streets are once again supporting these Awards and entries are now open! Streets are continuing to sponsor the People’s Choice Award which is a category that all finalists are automatically entered into and is decided by public vote! Good luck!

Nottinghamshire-headquartered retailer Wilko is set to cut 400 jobs as it continues in its attempts to control costs. The roles lost will include assistant store managers, retail supervisors, head office managers and call centre workers, according to reports in The Guardian. Wilko’s CEO said the company had identified significant changes to its operating model to allow the business to stabilise and thrive, including changes to the firm’s management structure at stores and its Worksop HQ. It follows news that the retailer will close its toy departments, focusing instead on selling garden and household goods, and comes after the revelation that 95 Wilko staff in Worksop were at risk of being made redundant as the retailer looked to outsource its customer services. The business agreed a £40m two-year revolving credit facility with Hilco at the start of the year, to allow it to increase financial flexibility as it accelerates plans for turnaround. Wilko’s year-end results showed a drop in sales, while the firm slipped to a pre-tax loss, as the pandemic continued to bite.

Flybe is set to be wound up after discussions for a sale of the business failed. The joint administrators of the airline, David Pike and Mike Pink from Interpath Advisory, who were appointed last month, have confirmed that “despite significant interest from a number of credible parties,” it has not been possible to develop a transaction in the timeframe available. They will now commence the process of winding-down the business and identifying options in relation to the sale of specific rights, interests and assets. The company employed approximately 320 people, and operated passenger flights via 21 routes to 17 destinations across the UK and EU, including from East Midlands Airport. David Pike, Managing Director at Interpath and joint administrator of Flybe Limited, said: “Over the past two and a half weeks, we’ve held intensive discussions with a number of operators with a view to rescuing the airline and preserving the value in its assets. “Unfortunately, there was a challenging set of circumstances at play, including the ‘use-it-or-lose-it’ rules related to slots, complexities with European recognition of a potential Temporary Operating Licence and the high costs associated with preserving the company’s operating platform, which meant there was a limited window in which a clear path forward could be set. “Furthermore, it was clear from the outset that there was only a limited number of parties who had the necessary strategic fit and who could navigate the complexities of such a transaction to get a deal over the line. We thank those parties for their engagement. “However, it is with regret that discussions have now been brought to a close without a deal being agreed. “We’d like to thank a number of stakeholders, including the CAA and the company’s lessors, who gave us the time and support we needed to ensure we were able to explore every available avenue to rescue the business. We’d also like to thank those employees who have been working closely with us since our appointment, and who have worked with diligence and professionalism in this unsettling period. “Over the coming days, we will continue to work with the lessors to return the aircraft records to them, and will also continue to provide support to those employees who have been impacted by redundancy. We are particularly grateful to those operators and other organisations across the aviation industry who have reached out to us directly to offer support in finding new roles for employees.”

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