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Apprenticeships deep dive: cycle of failure ⭕️❌ The new Growth and Skills Levy must end the 'cycle of policy failure' in addressing Britain's chronic skills shortages, according to the Resolution Foundation. The think tank says the government must get its design and implementation right if it's to boost the number of apprenticeships after years of decline and ensure that Levy funds go to young people who need it most. The Foundation says that Britain's chronic skills shortages are underlined by the fact that the share of job vacancies caused by firms finding it hard to recruit people with the right skills or qualifications has more than doubled over the past decade from 16% in 2011 to 36% in 2022. Skills shortages aren't just preventing firms from recruiting either: an increasing share of workers are judged by their current employers to not have the right level of skills required to do their job. #apprenticeships #chesterbusiness #businessownersuk

The apprenticeships deep dive continues with: major concerns 🧐 Alex Veitch, Director of Policy at the British Chambers of Commerce (BCC), said: 'Skills shortages continue to be a major concern for businesses and a drag on economic growth. 'The proposed new Growth and Skills Levy was a key part of the government's plans at the election. It is welcome ministers have acted early to give more details about skills reform. 'We've long argued that the current Apprenticeship Levy needs urgent reform to make it more flexible. Businesses need a simple, coherent and responsive system that properly incentivises employer investment in training.' #apprenticeships #ukbusinessnews #chesterbusiness

Next up on our apprenticeship overhaul deep dive: needs and gaps 🔍 A recent report from Skills England, the government’s new body for the skills system, has assessed the nation’s working skills, as well as future skills needs and gaps which employers are struggling with across the country. The report has found that employer investment in training has been in steady decline over the past decade, with training expenditure at its lowest level since records began in 2011, and investment per employee down by 19% in real terms. This highlights the need for government reforms to the skills and apprenticeships system. It also shows that, across the UK, almost one in ten, or over 2.5 million roles are in critical demand, with more than 90% being in roles that require training or education. #apprenticeships #ukbusinessowner #chesterbusiness

First up on our apprenticeship overhaul deep dive: develop vital skills 💡🛠 The government has announced a new Growth and Skills Levy which will replace the existing apprenticeship levy and include new foundation apprenticeships. The government says these new apprenticeships will give young people a route in to careers in critical sectors, enabling them to earn a wage whilst developing vital skills. The new levy will also allow funding for shorter apprenticeships, giving learners and employers greater flexibility over their training than under the existing system – where apprenticeships must run for at least 12 months. The training eligible for funding under the new levy will develop over time, informed by Skills England's assessment of priority skills needs, the government adds. The Department for Education will set out further details on the scope of the offer and how it will be accessed in due course. #apprenticeships #ukbusinessowner #chesterbusiness

This month's hot topic is the apprenticeship overhaul 👏 The new Labour government has announced an overhaul of the UK’s apprenticeship system as it seeks to address the country’s longstanding skills shortages. Despite previous government interventions, job vacancies caused by firms finding it hard to recruit people with the right skills or qualifications have more than doubled over the past decade. Over the next week we'll take a closer look at the latest changes. #apprenticeships #ukbusinessnews #chesterbusiness

HMRC has published the latest issue of the Employer Bulletin. The issue has information on various topics, including: 👉 electronic payment deadline falls on a weekend 👉 P11D and P11D(b) for tax year 2023 to 2024 👉 supporting employees with changes to the High Income Child Benefit Charge 👉 pensions for seasonal temporary staff 👉 getting your new employees on the right pay. Remember, you can contacts us any time for support with tax and business advice. #employersnews #hmrc #ukbusinessowner #chesterbusiness

The number of self-employed people aged 60 or over has reached a record level, according to analysis by Rest Less. These numbers have increased by over a third in the past decade, totalling 991,432 self-employed people aged 60 or over in 2023. The analysis found that while the number of self-employed workers in their 50s and older has grown since 2021, it is those in their 60s who have set the new high. The total number of workers who are self-employed is about 4.3 million, after a two-year recovery following a sharp fall during the pandemic, according to the research. #businessnews #olderworkers #selfemployedlife

The 5p cut in fuel duty to be scrapped in the upcoming Autumn Budget, according to the RAC. The motoring organisation says that motorists in the UK are 'not gaining any benefit' and retailers have failed to pass on lower petrol and diesel prices to drivers. Prime Minister Keir Starmer recently refused to rule out a rise in fuel duty and warned that the Autumn Budget will be 'painful'. The RAC suggested that average petrol prices should be reduced from 142p per litre to 136p per litre and diesel prices from 147p per litre to 139p per litre. #fuelduty #businessownernews #chesterbusiness

Myth 5: ‘HMRC has launched a crackdown on people selling their possessions online and now I’ll have to file a self assessment return and pay tax on the items I sold after clearing out the attic.’ Reality: Despite speculation online earlier this year, tax rules have not changed in this area. If someone has sold old clothes, books, CDs and other personal items through online marketplaces, they do not need to file a self assessment and pay income tax on the sales. #mythbusting #businessmyths #ukbusinessowner

Myth 4: ‘HMRC will take me out of self assessment if I no longer need to file a return.’ Reality: It is important taxpayers tell HMRC if they have either stopped being self-employed or they don’t need to fill in a return, particularly if they have received a notice to file. If they don’t, HMRC will keep writing to them to remind them to file their return and may charge a penalty. Customers may not need to complete a tax return if they have stopped renting out property, no longer need to pay the High Income Child Benefit Charge, or their income has dropped below the £150,000 threshold and have no other reason to complete a tax return. #mythbusting #businessmyths #ukbusinessowner