Newsletter 19th September 2022

Government guarantees energy prices while transforming the energy sector

Prime Minister Liz Truss takes urgent measures to help reduce energy expenses.

From 1st October, the average UK household's energy bill won't exceed £2,500 over the next two years. New Energy Price Guarantee controls gas providers' prices and Guarantee replaces the energy price cap. 

Based on October energy costs, this will save the typical family £1,000 a year. Businesses in the UK claim 500% energy expense rises, and businesses and non-domestic energy customers will get the same six-month assistance as consumers. 

This will shield businesses from rising energy bills and provide them with commercial confidence. The government will cover the difference between the new lower price and what retailers would charge without it. 

During this two-year term, the government will continue to finance green levies-funded schemes to safeguard the UK's investment in renewable technology. The Energy Supply Taskforce is negotiating long-term contracts with local and foreign providers.

Taskforce and DEIS will work with renewable producers to lower pricing. HM Treasury and the Bank of England are unveiling a combined strategy to address energy businesses' unprecedented liquidity needs in UK wholesale gas and electricity market.

Great British Nuclear will help the UK reach 24GW of nuclear by 2050. Restructure and regulate the energy industry based on a fresh study of UK Energy Regulation.

Bank of England delays interest rate decision following Queen's death

The Monetary Policy Committee was scheduled to convene this week.

The scheduled hike in interest rates has been postponed due to the Queen's death. The Bank of England's Monetary Policy Committee announced that it would not meet last week. Instead, the meeting, at which committee members were expected to raise rates again, will take place this week (22nd September).

Are Furnished Holiday Let's Worth Investing?

Do you dream of one day owning a vacation house in a rural location or seaside town that you love, not only to use as a place to go away with your family but also to rent out and earn a profit?

Since people are spending more time at home, there has been a considerable increase in the number of people considering buying a second house. For a rental to qualify as Furnished Holiday Lets (FHL), however, it must be leased on a business basis.

In our blog, we go over what it takes to qualify your house as a furnished holiday let (FHL) and the various benefits of FHLs over typical residential rentals, such as substantial tax savings.

Accounting tips for eCommerce business owners

Starting an e-commerce company is an excellent option for a profitable investment. You may sell all year long with your new internet store. Accounting should be a top focus when developing a successful e-commerce business.

Account management is critical, and as your eCommerce business expands, you'll need to devote more time to finances. HMRC requires that your sales, refunds, stocks, invoices, and cash flow be gathered, analysed, and reported.

 Learning the essentials will help you manage sales activity and expenses more efficiently and keep records to review your financial operations for deeper corporate insights.

Accounting requirements for an eCommerce company are distinct. This article offers advice and information about eCommerce accounting services to help your business succeed and five ideas for e-commerce businesses to improve their finances and operations.