Retail News

We act for a large number of retail, wholesale & e-commerce firms across all three of our offices
UK Retail sales decrease despite going into the Christmas Period

UK Retail sales decrease despite going into the Christmas Period

UK retailers have been hit by a surprise 0.1% decrease in sales in October despite it traditionally signalling the start of Christmas period spending. City analysts had predicted a month-on-month increase because of large discounting by retailers to entice shoppers...

Christmas Markets face extra challenges due to Brexit costs

Christmas Markets face extra challenges due to Brexit costs

City centres will soon be transformed with the arrival of Christmas markets. However, the unpredictability surrounding Brexit means these festive features have faced extra challenges this year. The organisers have shipped goods over early to the UK ahead of 31 October...

The number of high street shoppers are declining

The number of high street shoppers are declining

Analysts are reporting that the number of shoppers purchasing on the high street has declined by around 10% over the past year in some cities across the U.K. Unsurprisingly, the main reasons cited are the continuing rise of online shopping along with concerns over...

50% of all debit card payments are now contactless

50% of all debit card payments are now contactless

For the first time ever, contactless payments have accounted for 50% of all debit card payments.  Credit and debit card payments made in July grew 5.7% year-on-year increasing to 1.6 billion, and contactless payments on debit cards were used 647 million times alone....

UK retail sales drop alongside online shopping

UK retail sales drop alongside online shopping

Even though shoppers bought less online in July, British retail sales surprisingly dropped in August.  Whilst official figures have shown that Amazon’s annual promotion in July had encouraged people to spend more, figures indicate that the main two reasons why...

Consumers are now spending more on credit cards than cash

Consumers are now spending more on credit cards than cash

Debit card is currently the most popular way of paying but credit cards are now the second most popular having overtaken cash for the first time ever (data according to British Retail Consortium). However, in terms of frequency, cash is still used more than credit...

No deal Brexit will hit Small Businesses and Amazon Retailers

No deal Brexit will hit Small Businesses and Amazon Retailers

In the event of a no deal Brexit small and medium sized firms (SME) and Amazon retailers will be especially vulnerable. CBI (Confederation of British Industry) say 40% of SMEs that trade internationally do not have any plans for Brexit. The majority of small...

Sales in department stores have risen for the first time in 2019

Sales in department stores have risen for the first time in 2019

Data from the National Office for Statistics shows that department store sales have risen by 0.2% in July which was the first rise of the year. This took place in a month where Amazon Prime Day took place on 15 July 2019 and the city economists predicted a 0.2%...

Business Rates could be changed to help High Street retailers

Business Rates could be changed to help High Street retailers

Business Secretary Greg Clark said that the role played by High Streets should be recognised and adjusting business rates “will be one way of doing that”. Experts have stated that rising business rates, the rise in popularity of online shopping and...

Pound Drops Below $1.30 as June Retail Sales Fall

Pound Drops Below $1.30 as June Retail Sales Fall

There has been a surprising fall in the pound after a decrease in retail sales in June. Although the Office for National Statistics expected there to be a 0.2% rise in sales after May, it was reported that sales fell by 0.5%. This resulted in sterling...

Making Tax Digital and VAT: are you ready?

Making Tax Digital and VAT: are you ready?

Making Tax Digital (MTD) will commence in April 2019 under the current Government timetable.  Initially this will only be for VAT purposes, with the wider roll out of MTD having been delayed until the system has been shown to work well for VAT and not...

Tax Rates 2018/2019

Tax Rates 2018/2019

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used.   The cost of...

Employing the Millennial generation

Employing the Millennial generation

They appear to be gaining a notorious reputation for being flighty, demanding and difficult in the workplace. How accurate is this reputation of the millennial, and how do employers retain this “problem” generation? Millennials (the generation born between...

What businesses need to know about the new GDPR

What businesses need to know about the new GDPR

The General Data Protection Regulation (GDPR) is set to come into force from May 2018. It will replace the current Data Protection Act and is the biggest overhaul of data protection legislation for over 25 years. GDPR will change the way organisations...

HMRC – Shopping for undeclared VAT

HMRC – Shopping for undeclared VAT

Retailers – Currently there appears to be a HMRC control exercise, being undertaken across the UK, on all types of retailers.This exercise may involve an Inspector visiting the client’s premises. Please note: HMRC legislation states that the retailer MUST...

Input Tax – Beware of the pitfalls!

Input Tax – Beware of the pitfalls!

VAT expert Tony Nickson outlines the pitfalls to avoid when reclaiming input VAT. 1. Reclaims for purchases made before VAT registration It is important to ensure that the maximum amount of input VAT is reclaimed on your business expenditure. This includes...

R&D tax incentives – don’t miss out!

R&D tax incentives – don’t miss out!

Research and Development (R&D) tax incentives can provide additional tax deductions and enhanced cash flow for companies that develop new products, processes or services. Although widely available, many companies wrongly believe they are not eligible for R&D...

The Election result: What are the tax implications?

The Election result: What are the tax implications?

The general election has ended in a hung parliament – the Conservative party have the most seats but do not have an overall majority. Theresa May has announced that she will form a government with the support of the Democratic Unionist Party (DUP). What does this...

Five ways technology could improve a small business

Five ways technology could improve a small business

For small businesses, keeping up with all the latest technology can be a difficult task with the speed it moves at. From embracing augmented reality; to making use of 3D printing, we take a look at five ways different technologies could benefit your business. 3D...

Business rates increase 2017/18

Business rates increase 2017/18

As of 1st April 2017 business rates have increased. In this article we will discuss what business rates are, what has changed, what the government announced in the Budget in order to ease the strain of the increase and whether you can appeal the business rates...

UK workers at risk as AI and robotic technology advances

UK workers at risk as AI and robotic technology advances

Millions of UK workers - mainly those who work in retail and wholesale - are at risk from breakthroughs in AI and robotics, a recent report finds. In the next 15 years, 10 million or more UK workers could be at risk of being replaced by robots as the automation of...

National living wage – rising wage costs for employers

National living wage – rising wage costs for employers

The National Living Wage From 1 April 2016, following the introduction of the new National Living Wage, all workers aged 25 and over are legally entitled to at least £7.20 per hour. This was, however, until the Chancellor delivered his Autumn Statement, where he...

Small business 2017 Budget review and analysis for SMEs

Small business 2017 Budget review and analysis for SMEs

The Chancellor Philip Hammond presented the last Spring Budget on Wednesday 8 March 2017. In his speech the Chancellor was keen to point out that he wanted the tax system to be fair, particularly in relation to the distinction between employed and self-employed...

Apprenticeship Levy: Not long to go

Apprenticeship Levy: Not long to go

The new Apprenticeship Levy will be launched in April 2017. We look at what this is and who will be affected by the government's new levy. What is the Apprenticeship Levy? First of all, only employers with a wage bill of over £3m will be affected by the Apprenticeship...

Tax Rates and Allowances 2017/18

Tax Rates and Allowances 2017/18

Tax Rates and Allowances 2017/18 Many of the tax rates and allowances are fundamental to our business and personal lives and the most important ones for the 2017/18 tax year are summarised here. We are sure that you will find it a useful point of reference throughout...

Retail Autumn Statement 2016 review

Retail Autumn Statement 2016 review

Philip Hammond presented what was to be his first and the last Autumn Statement on Wednesday 23rd November as he announced that going forward the budget will be in the Autumn with a Spring Statement replacing the current one. In this article, we summarise the key...

Contactless payment popularity rises

Contactless payment popularity rises

Contactless payment cards were introduced to the UK in 2007 and initially, the public were reluctant to accept them. Fast forward almost 10 years and one in every five card payments people make is contactless. It was in 2016 when contactless cards really started to...

The Autumn Statement 2016 predictions

The Autumn Statement 2016 predictions

The Autumn Statement 2016 on Wednesday is set to be an important event.  It will be the Chancellor’s first opportunity to outline his plans for taxes & spending in the wake of the Brexit vote. But what tax changes can we expect in the upcoming Autumn Statement? ...

New polymer banknotes start circulation with £5 note

New polymer banknotes start circulation with £5 note

The 13th September marked the first day of the brand new polymer banknotes being issued. The £5 note is the first of the banknotes to be launched in England and Wales. The polymer made banknotes are much more durable than the old banknotes and can withstand getting...

Apprenticeship levy update: further guidance issued August 2016

Apprenticeship levy update: further guidance issued August 2016

A new apprenticeship levy update has been issued (August 2016), stating that all businesses have until September to feedback on plans before the new rules are formally introduced next year. The government has ignored some businesses groups' advice for a delay to the...

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