Issue #29 - All rise 📈
A bit about the Spring Statement | Pup Up Cafe | How to claim business allowances and tax breaks | The best grants for small businesses in 2022 | National Pet Month | Playlists | Videos | More
🦾 G O
Not much of a statement 🗨
Welcome to Issue #28 of The Backbone - the fortnightly newsletter from Bionic.
Things are about to get a lot more expensive. Especially if you’re a small business owner. Although all eyes have been on the domestic cost of living crisis, not much thought appears to have been given to the millions of SMEs across the UK.
One bit of good news for business owners arrived in the form of a 50% cut in business rates (up to £110,000) for those in the retail, hospitality and leisure industries.
We picked the bones out of the Chancellor’s announcement in last week’s 2022 Spring Statement Special, but here are a few ways in which your business could be out of pocket:
The standard 20% VAT rate comes back in today (April 1), meaning you’ll need to charge more for your goods and services but that money will go straight to HMRC.
There’ll be no help with business energy bills. If you currently pay the 20% commercial energy VAT rate, check out our guide to VAT on gas and electricity for business to see if you can qualify for the reduced 5% rate.
Although the National Insurance Contributions threshold has been raised to £12,570, if you’re self-employed and pay "Class 4" National Insurance rates, you won’t benefit from this threshold increase and will still pay 10.5% on earnings above £9,568 from April.
If you employ any staff, you’ll still pay NICs at a rate of 15.05% (up from 13.80%) for all employees that earn more than £8,840 per year (excluding those aged 21 or under and apprentices aged 25 or under). But this might be offset by the Employment Allowance being raised to £5,000 in April. This means eligible employers can cut their employer NICs bills by up to £5,000 per year, a tax cut worth up to £1,000 per employer.
The Conservative Party has long taken pride in declaring itself as ‘the party of business’ but this feels like a slap in the face from the government.
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🗣 S H O U T O U T
#BionicBusinessStory - Pup Up Cafe 🐶
April is National Pet Month. To celebrate, Bionic chatted with Marcus Ackford, who puts on fun events for different dog breeds all around the UK. We found out what inspires him and what he’s most excited about in the future.
B: What inspires you as a business owner?
Marcus Ackford: Businesses that stay small and successful inspire me. Lots of businesses think growing bigger and better is the only way to be successful, but it’s actually the opposite for me. I think it’s inspiring to run a small business and know when to stop to keep it small and more personal. We never want to be employing 10,000 people. We wouldn’t personally enjoy running a business like that.
B: How did you start the Pup Up Café?
MA: I started Pup Up about three years ago, and the pun is still going strong! I’ve been working in the event sector for the last ten years, but I always wanted to get into the pet industry. So, a few years ago I decided to try mixing my love of events with dogs.
B: What’s your biggest pet peeve as a business owner?
MA: I think the biggest thing for me is sometimes you can put on these events and people don’t necessarily see all the hard work that’s gone into it behind the scenes.
B: What are you most excited about for the future?
MA: We’re just excited to meet more dogs, host more events with more breeds. That’s always been the focus for us.
Check out the Pup Up Cafe website for the latest event info. And click on the Pup Up pug below to read more from this #BionicBusinessStory
📩 J O I N
Get involved with our business community 🗣
Share your thoughts and tips to give other busy business owners a helping hand. Or ask a question to see if anyone can help you out.
🗞 R E A D
An easy guide to claiming allowances and tax breaks in business
As a business owner, it can be tricky working out what tax breaks you’re eligible for and what expenses you’re legally allowed to deduct. If you’ve ever struggled to work out what you’re owed, this guide will help you get to grips with business expenses. Click on the slightly confused looking business owner below to find out more (he’s clearly not read our guide yet).
The best grants for small businesses in 2022
Once you know what you can claim in allowances and tax breaks, it’s worth taking a look at what grants are available to help your business. Remember, unlike business loans, business grants don’t need to be repaid, but the money can only be used for specific purposes. Click on the not at all confused business owner below (she clearly has read our guide) to see what grants your business could be eligible for.
📊 B U S I N E S S
Get your business costs sorted 💷
Bionic - the business price comparison experts - compare a range of business essentials to help you save time, money, and hassle.
Our tech-enabled team will answer all your questions in simple terms, and help you find the best deal on business energy, insurance, phone, broadband, or finance. No jargon. No-fuss. #BeABionicBusiness 🦾
Check out more ⭐⭐⭐⭐⭐ Trustpilot reviews
🎧 L I S T E N
Playlist
In need of some new sounds? The Future Yard April Soundtrack has all the best new songs from some of the best bands you might never have heard of, from the ‘indie-folk-jazz splat’ of Rachael Jean Harris to the rock punk sound of False Heads, via the gypsy-surf-rock of The Shipbuilders. Before you know it, you’ll be reeling off names like GADZOOKS! and Sweet Beans like a latter-day John Peel.
📺 W A T C H
GarysEconomics is a YouTube channel from a former city banker who made millions of pounds betting that inequality was going to destroy our economy. His YouTube channel looks at everything from the basics of investing, to Bitcoin, wealth, and social care, and breaks it all down into easy to understand, bite-sized videos.
🤳 S O C I A L
We want you to help us celebrate National Pet Month in April. Not only will our customer stories have an animal theme, but Bionic team members will be posting pictures and videos of their pets online, using the hashtag #PromoteYourPet
Get involved on Twitter, Facebook, and Instagram. In the meantime, here’s Kitty looking menacing on the cooker hood in (Content Manager) Les Roberts’ kitchen.
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🚫 S T O P
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