ICAEW reaction
Autumn Statement 2022: a ‘deep freeze’ Budget
The Chancellor of the Exchequer aims for a balanced approach with his combination of frozen tax thresholds and the promise of greater efficiency in public services. But his plans suggest a prolonged period of pain.
Insights
Running a business in 2022: the challenges beyond energy
While energy pricing has dominated coverage of the pressures that businesses are currently facing, it is vital to bear in mind an array of further concerns.
Podcast
Surviving the cost-of-doing-business crisis
In this Insights in Focus episode, we discuss the major challenges facing UK businesses, including energy costs, recruitment and retention of staff, and wage inflation.
Podcast
How to bring a business back from the brink
In this Insights In Focus episode, we explore the multifaceted role of the insolvency professional by hearing from both practitioner and client.
Energy crisis
A look at how supply difficulties, rising electricity prices and sanctions against Russia are contributing to turmoil in energy markets and what businesses can do to lessen the impact.
Find out more 
Why businesses need to plan ahead on energy
- Article
- 30 Nov 2022
Government support schemes are currently offering some respite to the stress of rising energy bills for business. But now is the time to plan ahead for when they come to an end.
What happens when energy support for businesses ends?
- Article
- 11 Nov 2022
The UK Energy Bills Relief Scheme for non-domestic customers is set to end after 31 March – but the cost-of-doing-business crisis will last much longer than that.
The energy crisis – what can businesses do?
- Podcast
- 02 Nov 2022
On the latest ICAEW Insights podcast, we discuss the impact of the energy crisis on how businesses are sourcing their energy as well as planning for the longer term.
Coping with the complexities of the energy market
- Article
- 26 Oct 2022
The rise in energy costs across the UK is in part driven by the way the energy markets work. How should businesses use knowledge of that market, and what role should accountants play?
Government’s business energy price cap scheme backdated
- Article
- 12 Oct 2022
The government says that business energy contracts signed since 1 December will now be eligible under the scheme.
How should we respond to spiralling energy costs?
- Article
- 26 Sep 2022
How can large and small companies offset the effects of energy price rises – and how helpful are the government’s recent countermeasures?
Inflation
Insights special
A closer look at the impact of inflation on people, businesses, accountancy and the wider economy, bringing together the best expert opinion, data and analysis from ICAEW and its members.
Find out more 
Supply chain
Supply chain challenges: where are we now?
- Article
- 26 Sep 2022
How are businesses coping with persistent, global supply chain issues – and which concerns are looming on the horizon?
Sanctions evolution may cause inadvertent breaches
- Article
- 01 Aug 2022
The ongoing evolution of sanctions across multiple jurisdictions and the complexity of global supply chains mean that organisations could unwittingly find themselves in breach of sanctions rules.
The challenges and opportunities in supply chain finance
- Article
- 24 Jun 2022
The Managing Director for Standard Chartered (Hong Kong) and Chairman of the British Chamber of Commerce in Hong Kong outlines the trends in global trade.
Ukraine crisis: the supply chain impacts
- Article
- 25 Mar 2022
The conflict in Ukraine has created a number of challenges for manufacturers, from rising prices and availability of raw materials to keeping abreast of the latest sanctions.
EU and international trade
- Hub page
- 23 Sep 2020
A range of resources on the implications of the UK leaving the EU on 31 December 2020.
Access to finance
Bank of England announces major interest rate rise
- Article
- 04 Nov 2022
Bank of England announces the biggest interest rate rise since 1989 and forecasts that the recession could be the longest since comparable records began
How can SMEs gain easier access to funding?
- Article
- 25 Oct 2022
Recent global – and local – events have had an impact on the current funding environment, so what can SMEs do to make it easier to attract finance?
Interest rates: the pattern of rises
- Article
- 21 Oct 2022
It’s clear that we should expect further interest-rate rises over the next few months. What’s the likely timeline for increases? And when might it come back down?
Business investment: why certainty matters
- Article
- 28 Sep 2022
If there’s one thing the UK and global economy has sorely lacked lately, it’s certainty. With so many unknown factors having an influence at the moment, how can we bring it back?
DEFRA launches £110m rural levelling up fund
- Article
- 06 Sep 2022
Rural England Prosperity Fund will back projects with the scope to create jobs, raise productivity and boost local economies in the UK countryside.
Five lenders announced under new Recovery Loan Scheme
- Article
- 10 Aug 2022
The British Business Bank has announced the first batch of five accredited lenders under the new iteration of the Recovery Loan Scheme – with more lenders on the way.
Access to finance: supporting small businesses
- Hub page
- 04 Aug 2021
In the wake of the coronavirus pandemic, ICAEW Insights examines the finance options and support available to small and growing UK companies, and the entrepreneurs behind them.
The Business Finance Guide
- Helpsheets and support
- 01 Jun 2016
This independent guide draws on the expertise of partners from across the finance industry and business community to provide information on the financing options that may be available to entrepreneurs, startups and businesses at every stage of development.
Tax
Autumn Statement: Threshold freezes create stealth tax increases
- Article
- 17 Nov 2022
The Chancellor has confirmed that headline rates of income tax and capital gains tax (CGT) will remain at their current levels. However, there were various reductions in key thresholds and allowances, and several others were frozen for longer than previously announced.
Mini-Budget almost entirely reversed
- Article
- 17 Oct 2022
New Chancellor Jeremy Hunt cancels most tax cuts within the Budget, while also reducing the scope of the Energy Price Guarantee to six months.
Corporation tax rate to increase to 25% from 1 April 2023
- Article
- 14 Oct 2022
In a bid to quell the turmoil that has ensued in the financial markets since the mini Budget, Liz Truss has confirmed that the corporation tax rate will increase to 25% from the current 19% rate.
Tax rate U-turn: is it enough to right the markets?
- Article
- 04 Oct 2022
Following the government’s U-turn on the abolition of the additional rate of income tax, financial services professionals give their view on its impact.
Incentives, allowances and support
Government to extend small company threshold
- Article
- 04 Oct 2022
UK government announces extension of definition of small business for regulatory purposes to those with up to 500 employees.
Business investment: the tax/investment balancing act
- Article
- 28 Sep 2022
Competitive tax rates and incentives can encourage investment, but applying this is not quite as simple as it might first seem.
Growth Plan 2022: investment zones
- Article
- 27 Sep 2022
The government announced that it will introduce investment zones across the UK as part of its plan for growth. Investment zones will benefit from tax incentives, planning liberalisation and wider support for the local economy.
The Growth Plan 2022: Chancellor extends reliefs and incentives for business investment
- Article
- 26 Sep 2022
EIS and VCT schemes extended and scope of SEIS and CSOP schemes widened.
Recovery Loan Scheme - new phase now live
- Article
- 17 Mar 2021
August 2022: Business loans and other types of finance are available under a new phase of the UK government’s Recovery Loan Scheme. The scheme will run until 30 June 2024.
How R&D tax credits support innovative SMEs
- Article
- 27 Sep 2021
Research and development tax credits are often overlooked by new businesses, but they can provide valuable support for start ups as well as growing firms. RTC North’s Wendy Smith busts myths about eligibility and making claims.
Cash flow and forecasting
Cash-flow planning in a cost-of-living crisis
- Article
- 26 Oct 2022
What are the main factors driving the current cash-flow crunch – and what exactly can businesses do to try and work around these challenges?
Nine principles for finance professionals: adapting cash flow processes, analysis and forecasting
- Helpsheets and support
- 04 Nov 2022
With businesses facing a multitude of challenges, effective cash flow analysis and forecasting have never been more important. This guide sets out some principles for adapting your approach during economic uncertainty.
Rising payment costs and how to mitigate them
- Article
- 25 Oct 2022
Rising payment fees from card providers are adding further pressure to businesses’ bottom lines. How can finance teams mitigate the impacts?
The impact of late payments on small businesses
- Article
- 10 Oct 2022
New research shows that half of invoices issued by small businesses are paid late. Could stricter penalties and more transparency in regulation and reporting make a difference?
How to deal with global volatility
- Article
- 28 Sep 2022
EY Chief Economist Peter Arnold talks through the factors creating volatility and uncertainty in the global economy and offers advice on how businesses should respond.
Why marketing is essential in a recession
- Article
- 05 Aug 2022
The marketing budget is often one of the first to be cut when an economic downturn hits. Anna Stella, CEO of BBSA Marketing, explains why such thinking is flawed.
10 tips to protect your organisation’s financial health
- Article
- 26 May 2022
As multiple pain points impinge upon the business community, what steps should CFOs take to safeguard their firms from current challenges?
Cash flow forecasts and inventory
- Helpsheets and support
- 18 Mar 2020
A cash flow forecast will show you and your management team what your cash position is likely to be over the coming months. It can be created in a variety of ways – for example, using a traditional computer spreadsheet, an app or online accounting system – but no matter how you do it, it does not need to be complicated.
Workforce and recruitment
Cost-of-living crisis prompts accountants’ job concerns
- Article
- 05 Dec 2022
One in five chartered accountants says cost-of-living crisis is hindering career progression, with concerns about job losses also rife, research finds.
Cost-effective solutions for attracting and retaining talent
- Article
- 26 Oct 2022
Forget traditional pay rises, organisations have a range of far more thoughtful tools at their disposal to show that they are great to work for.
The psychology of uncertainty in a changing world
- Article
- 26 Oct 2022
Human beings are not wired to deal with uncertainty effectively, and the past few years have been anything but certain. How, psychologically, do individuals and organisations respond to this?
What are the problems with current productivity solutions?
- Article
- 10 Oct 2022
There’s no shortage of schemes to remedy the UK’s productivity woes – but why aren’t they having more of a collective effect?
How should we manage the great skills shift?
- Article
- 28 Sep 2022
Amid acute requirements for upskilling and reskilling, does our skills infrastructure have what it takes to train the workforce of the future?
How do we fill the hole in our labour market?
- Article
- 21 Sep 2022
We’ve left the EU and dealt with a pandemic. How has this affected the labour market, and what can be done about it?
Impact on business sectors
Charities: taken for granted in challenging times?
- Article
- 30 Nov 2022
The Autumn Statement responded to the charity sector’s key demand to uplift benefits in line with inflation, but the government failed to provide targeted support for charities on the frontline of the cost-of-living crisis.
Business confidence weakest since pandemic, finds ICAEW
- Article
- 14 Nov 2022
UK business confidence plunges deep into negative territory as companies forecast a tough 12 months amid difficult economic conditions.
How are business valuations impacted in the current economic climate?
- Article
- 26 Oct 2022
Business valuations are tricky things to tackle at any time, but during the major economic turmoil we’re seeing at the moment, valuing a business is a tough call.
Financial Services Regulation: How far could a Big Bang 2.0 go?
- Article
- 14 Oct 2022
Dramatic reforms to financial services regulation are a cornerstone of the government’s strategy to meet its 2.5% growth target.
How can hospitality companies tough out inflation?
- Article
- 07 Oct 2022
As research shows that two-thirds of the UK’s Top 100 restaurant businesses are losing money, we look at what hospitality companies can do to survive rising inflation.
Business energy support fails to cheer hospitality
- Article
- 22 Sep 2022
Government energy support measures do little to quash concerns about the impact of rising fuel prices on the viability of thousands of pubs
Could insurance face an innovation crisis?
- Article
- 15 Aug 2022
The insurtech sector is facing a credibility crisis due to rising rates and mounting losses, and only the strongest and most adaptable will survive.
Cost-of-living crisis hits charity sector hard
- Article
- 01 Sep 2022
Double whammy of increased demand and cost pressures including inflation, rising energy bills and falling donations mean charity leaders will need strong financial management and ingenuity to survive.
Webinar: Managing your business through volatility
This webinar for the manufacturing community explores the practical steps businesses can take during uncertain economic times.
Business and industry press
The ICAEW Library & Information Service provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use.
Exclusive
Navigating the perfect storm
- Article
- 01 Oct 2022
- Marcine Johnson
- Strategic Finance
Businesses have faced many unforeseen issues for the past few years and survived. Now all sectors of business face a new challenge: inflation. Marcine Johnson suggests some strategies to help small businesses cope with the evolving circumstances.
Exclusive
Armanino LLP advises businesses on planning for recession
- Article
- 08 Sep 2022
- Michael Cohn
- Accounting Today
Advice from business consulting firm Armanino on how to reduce costs without making desperately needed employees redundant. The firm advises clients to look at internal metrics such as cash flow, revenue per employee, average days to close new business and accounts receivable payments.
Exclusive
Rethinking how to grow a small business
- Article
- 01 Jan 2022
- Christopher Johnson
- Strategic Finance
The right finance strategies will help your business be more resilient in the face of challenging market conditions. Christopher Johnson notes some possible adjustments, including rethinking your working capital, protecting cash flow, diversifying your sources of lending, asking your lender the right questions and considering equipment financing.
Exclusive
Helping businesses deal with rising interest rates, cash flow needs and covenant compliance
- Article
- 01 Jan 2022
- Juanita Schwartzkopf
Businesses have been dealt a procession of challenges in 2022, not least of all being rising interest rates and inflation. Juanita Schwartzkopf of Focus Management Group provides detailed guidance to help businesses cope with increasing operating expenses and the rising rate environment.
External resources
FSB Finance Hub
- Website
- 29 Sep 2022
Expert resources and guides to help you manage your small business finances, curated by the Federation of Small Businesses (FSB). The hub includes articles, videos and downloadable guides from industry experts across areas like banking, business credit scores, saving for retirement and protecting your bottom line.
Seven strategies to survive the inflationary storm
- Website
- 02 Sep 2022
Advice on how small UK businesses can protect themselves during times of high inflation, including: looking for new customer segments, raising prices, building supplies up now, cutting overheads, enhancing productivity, auditing profit margins and automation.
Six strategies to help your company weather inflation
- Website
- 28 Sep 2021
Successful companies use six tactics to achieve growing their revenue during high inflation, say the authors. They look at these tactics one by one, including achieving high understanding of your spending and eliminating unnecessary work to focus only on activities that add the most value and are absolutely necessary.
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