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Cost of doing business

Insights, analysis and resources for organisations facing rising costs of doing business amid a multitude of challenges, including energy prices, inflation, supply chain disruption and staff recruitment and retention.
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Economy

UK business confidence crashes to 13-year low

ICAEW’s latest Business Confidence Monitor finds a weakened economy and depleting customer demand have caused confidence to plunge to 2009 global financial crisis levels.
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Webinar

Surviving 2023 in retail and hospitality

Join this webinar on 7 February 2023 for insights from retail and hospitality experts on how businesses can remain operating efficiently through 2023.
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Insights news

How rocky is the road ahead for businesses?

Bulging borrowing costs, balance sheet fluctuations and ongoing uncertainty call for caution, common sense and acute risk awareness in the year ahead, says insolvency and restructuring doyen Nick Hood.
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Insights

Energy Bills Discount Scheme: details and eligibility

The Energy Bills Discount Scheme (EBDS) will continue energy bill support for businesses until 31 March 2024, but at a reduced rate.
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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.
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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.
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Gas-fired power station and factory building at night.

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.
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?

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.
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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.
Managing supply chain disruption On this page you can find articles and guides to help you plan around potential supply chain disruptions, as well as evaluate your business continuity preparedness.
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

Debt finance now at most expensive since 2009
  • Article
  • 09 Jan 2023
Businesses may be facing a multitude of challenges, but CFOs’ concerns over the macroeconomic outlook are easing, according to new research.
UK interest rates rise to 14-year high
  • Article
  • 15 Dec 2022
Bank of England hikes interest rates to their highest level since 2008 in an attempt to deal with soaring inflation amid the cost-of-living crisis.
Options for finance: is crowdfunding a viable route for SMEs?
  • Article
  • 06 Dec 2022
With the economy in choppy waters, crowdfunding continues to be a funding method for businesses that want to swim against the tide, but it’s by no means an easy fundraising option.
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?
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The Business Finance Guide

This independent guide provides entrepreneurs, SMEs and growing businesses with information on the finance options that are available to them throughout their business finance journey. It draws on the expertise of partners from across the finance industry and business community.
Find out more
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Tax

Autumn Statement 2022: a ‘deep freeze’ Budget
  • Article
  • 17 Nov 2022
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.
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.
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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

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.
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?
Running a business in 2022: the challenges beyond energy
  • Article
  • 26 Oct 2022
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.
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?
Read more

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

What’s in store for the high street?
  • Article
  • 05 Jan 2023
As retail suffers in the face of daunting headwinds, what will become of the sector’s physical trading avenues in the near and long term?
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.
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.
Read more

Webinar: Managing your business through volatility

This webinar for the manufacturing community explores the practical steps businesses can take during uncertain economic times.

Listen to the recording
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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.

 

More articles

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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Further resources

Resources
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Steering your business through a recession

Resources to help you steer your business through difficult economic times, including analysis of the latest developments for business owners.

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Insights special
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Business rescue

Conversations are intrinsic to business rescue. Be they with a chartered accountant, a bank, HMRC or any other trusteed individual, business restructuring, refinancing and recovery depend upon communication.

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Trusted business advice
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ICAEW Business Advice Service

The Business Advice Service connects owners of SMEs with ICAEW regulated firms who will provide a free initial consultation, without obligation.

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