Business

Small business owners often find themselves spending countless hours on accounting tasks that should take minutes.

Behind the scenes of every growing enterprise lies an ongoing challenge: the time-consuming nature of financial management. From manual data entry to reconciling accounts and chasing paperwork, these administrative burdens can quietly drain productivity and focus.

Small business owners may spend a significant number of hours each year on bookkeeping and accounting tasks alone. This can represent several work weeks that might otherwise be invested in business development, customer relationships, or strategic planning. These time drains aren’t immediately obvious but gradually accumulate, creating bottlenecks that slow growth and increase stress levels.

Identifying where these inefficiencies exist is the first step toward reclaiming more hours. Many business owners continue with outdated processes simply because they’re familiar, unaware of how modern solutions have changed financial management for organisations of all sizes. Spotting these hidden time traps can help businesses streamline operations and redirect resources to activities that truly drive growth.

The True Cost of Manual Accounting Processes

Manual accounting tasks can take up a significant portion of a finance team’s time, often involving repetitive activities that provide little strategic value. When skilled professionals are focused on data entry instead of analysis, businesses may miss out on opportunities to grow and improve operations.

The financial impact goes beyond the obvious costs of paying staff to perform repetitive tasks. There is a clear opportunity cost when finance teams cannot focus on strategic planning and decision support. Working with cloud accounting specialists like Acuity24 can show exactly where these bottlenecks occur and suggest ways to address them.

For instance, Operis, a financial consultancy featured in an Acuity24 case study, transitioned from an outdated on-premise accounting system to Sage Intacct. This migration provided real-time visibility and removed the need for manual reconciliations, enabling their finance team to focus on insight rather than input. Operis reported faster month-end closings and enhanced reporting accuracy, showcasing the tangible value of cloud automation.

Hidden costs can be found throughout manual accounting systems. Error correction alone can consume hours each week, as staff hunt down discrepancies across spreadsheets and paper records. Compliance risks rise when systems rely on manual updates, potentially leading to costly penalties.

Four Major Time Traps in SME Financial Management

The first major time trap is manual data entry and duplicate work. Many businesses still manually input the same information across several systems. Staff might enter invoice details into accounting software, then repeat this work in spreadsheets for reporting. This duplication can take up a notable portion of a finance team’s productive hours in small businesses.

Month-end reconciliation creates another major bottleneck. Finance teams often scramble to match transactions, chase missing receipts, and balance accounts. Manual processes can extend the time required for month-end close activities, adding to the overall workload.

Report generation presents a third time drain. Creating management reports typically involves exporting data from accounting systems, manipulating it in spreadsheets, and formatting presentations. This process not only uses up precious time but introduces error risks through manual handling.

Finally, compliance documentation and audit preparation create heavy burdens for UK businesses. Making Tax Digital requirements, VAT returns, and annual reporting all demand detailed record-keeping. Without efficient systems, businesses often spend extended periods gathering and organising documentation for audits or tax filings.

How Cloud Accounting Transforms Financial Workflows

Cloud accounting systems automate routine transaction processing and categorisation. These platforms sort incoming payments and expenses without requiring someone to enter each detail manually. When connected with banking feeds, they pull information directly and assist with matching, eliminating the need to check line by line if numbers align correctly.

Real-time financial dashboards allow decision-makers to see current figures without waiting for manual reports. With immediate access, leaders can respond quickly rather than waiting for scheduled updates or spending extra hours preparing data for meetings. The old process of exporting data is replaced with automated visuals that update as transactions occur.

Integration capabilities further reduce wasted effort. Cloud accounting connects directly with tools for payroll, banking, and other business software. This setup means data flows automatically between systems, which reduces both errors and the need for copying information manually.

Mobile access offers flexibility previously unavailable with desktop systems. Tasks that once required waiting for a manager’s signature can happen instantly from anywhere. Receipts no longer need to wait in inboxes or get lost before entry, staff can snap and upload them immediately.

Measuring the ROI of Accounting Automation

Businesses that implement cloud accounting often experience notable returns over time. These benefits typically come from time savings, fewer errors, and more efficient workflows. When considering cloud accounting investment, reviewing industry research and case studies can help you understand potential returns for your business size.

Time savings are a key advantage. Many UK businesses using cloud accounting report faster month-end closes, which means financial information becomes available sooner and supports more timely business decisions.

Error reduction represents another big benefit. Automated data capture, validation rules, and less manual handling can help reduce data entry mistakes and improve overall accuracy in accounting processes.

Staff satisfaction improvements should not be overlooked. Finance professionals generally prefer analytical work over data entry. Cloud accounting enables them to focus on more rewarding tasks, which may improve retention rates.

The Bottom Line

Accounting inefficiencies often go unnoticed but can consume substantial time in small businesses. Finding and addressing these issues helps free up hours for work that drives growth and supports business goals.

Identifying time drains such as manual entry, reconciliation delays, report generation, and compliance paperwork is the starting point for improvement. Modern accounting tools can help solve these issues through automation, seamless integration, and easy access to financial data.

Benefits from accounting automation extend beyond saving time. Higher accuracy, better decision-making, and improved staff engagement all lead to a stronger business. With clear goals and a realistic implementation plan, businesses of any size can achieve measurable efficiency improvements.

Read more:
The Hidden Time Drains in Small Business Accounting

Small business owners are increasingly turning to tangible assets to diversify and strengthen their financial strategies.

With markets proving unpredictable and traditional investment routes less reliable than in the past, entrepreneurs are searching for options that combine stability with the potential for long-term value. Tangible assets such as whisky casks, fine art, property, and precious metals are now attracting attention as tools for business growth and personal wealth building.

Why Small Business Owners Are Turning to Tangible Assets

Economic fluctuations and inflation have pushed entrepreneurs to look beyond conventional investments. Tangible assets provide a sense of security because they are physical, measurable, and less influenced by sudden changes in the stock market. For small business owners who already manage risk within their companies, these investments offer another way to put entrepreneurial thinking into practice.

This is where it becomes useful to explore an asset management firm like Speyside Capital, as it provides specialist insight into how physical assets, such as whisky casks, can play a role in securing financial stability. By understanding the available asset classes, business owners can approach their choices more confidently and clearly.

Comparing Tangible Asset Classes

Different tangible assets come with their own advantages and challenges. Property continues to be a popular choice, but rising costs and market slowdowns can create barriers to entry. Art can hold substantial value but often requires niche expertise and a deep understanding of market trends. Precious metals such as gold and silver offer a strong hedge against inflation, though growth opportunities may be more limited.

Whisky casks have emerged as one of the more accessible entry points into alternative assets. They offer potential appreciation and a straightforward investment process compared with property or art. Entrepreneurs often find whisky appealing because its valuation metrics are easier to grasp, while the investment does not demand the same high levels of initial capital as real estate.

Tax Advantages Driving Interest in Whisky Casks

A major factor that draws entrepreneurs to whisky cask investments is the tax treatment. HMRC classifies whisky casks as wasting assets with a lifespan of fewer than 50 years. This classification means they are exempt from Capital Gains Tax when sold. For business owners who already face a range of tax obligations, this potential advantage can be significant.

Although the benefit is attractive, it is important to seek professional advice. Tax planning should always be approached with caution, ensuring that assumptions are verified with qualified specialists before making commitments. Proper documentation and storage remain essential to protect this advantage.

Structuring Whisky Investments for Efficiency

Whisky casks must be stored in government-bonded warehouses and kept under clear ownership records. This requirement not only ensures compliance but also protects investors from potential disputes. For small business owners, aligning these investments with existing tax planning strategies can enhance efficiency.

Taking time to understand how storage fees, insurance requirements, and bonded warehouse regulations work part of the process is. Working with reputable providers who are transparent about these conditions helps to safeguard the investment and minimise risk.

Risk Assessment for Business Owners

Like any investment, whisky casks come with considerations. Liquidity is one of the most important. Unlike stocks or bonds that can be traded quickly, casks typically need to be held for three to five years to achieve value. Business owners need to align this with their cash flow planning and broader capital strategies.

Market factors also play a role. Distillery reputation, the quality of the spirit, and cask type all influence future value. While premium names often retain value, changing consumer preferences can shift demand. This makes careful due diligence a vital part of any decision.

Red Flags to Watch For

Entrepreneurs should be cautious about providers that fail to offer clear documentation or transparent storage arrangements. Proper insurance is essential, as whisky casks must be covered against potential risks while maturing. Costs such as storage fees should also be clearly outlined from the beginning.

Thorough research, including checking regulatory compliance and verifying provider credentials, ensures that small business owners are not exposed to unregulated or poorly managed operations. For those new to the sector, independent appraisals and legal advice can provide an additional layer of protection.

Practical Steps to Begin Whisky Cask Investment

Entrepreneurs looking to enter this market should take a structured approach. Key early steps include setting clear financial objectives, defining liquidity needs, and deciding on the level of capital to commit.

When selecting a provider, checking FCA compliance and registration through Companies House builds reassurance. Transparent documentation on provenance and distillery source is also important. These checks reduce the risk of acquiring casks without clear ownership or traceability.

Building a Diversified Whisky Portfolio

Once confidence in a provider is established, the next step is building a portfolio that balances risk and reward. Some entrepreneurs invest in premium distilleries with established reputations, while others look for emerging names with growth potential. Combining both approaches can create a balanced position that captures stability alongside opportunity.

Regular valuation checks by independent appraisers or trusted sources help investors track progress and decide the right time for exit. Planning an exit strategy early avoids rushed decisions and ensures there is a clear route to realising value, whether through resale or bottling.

Ready to Explore Your Options?

Entrepreneurs considering tangible assets should take the time to assess their goals, consult with experts, and choose reputable partners. By doing so, they can unlock opportunities that align with their financial ambitions and business objectives. Tangible assets are not a quick fix, but with a careful approach, they can play a meaningful role in building lasting wealth.

Read more:
Small Business Owners Turn to Tangible Assets for Growth

Family-owned businesses often carry more than just financial value; they carry legacies, responsibilities, and long-standing relationships. When legal and financial planning is overlooked, unforeseen events can create disruption that reverberates across generations.

For business families, failing to prepare for legal contingencies can affect both the continuity of the company and the stability of personal finances.

Unexpected legal challenges, whether arising from disputes, debt, or claims, can put pressure on decision-making and relationships within the family. Stress may interfere with day-to-day operations, slow down critical decisions, or even threaten partnerships. By recognizing the risks early, families can position themselves to protect both their wealth and the wellbeing of the people who depend on them.

These circumstances also demonstrate how small oversights can escalate into complex challenges. A minor misunderstanding over succession, a delayed decision on asset allocation, or a lack of clear documentation can quickly multiply into disputes that drain time, money, and energy. Business families that acknowledge these risks and take a holistic approach to legal planning are far more likely to maintain cohesion and ensure their enterprises continue to thrive.

The Role of Probate Planning in Protecting Families and Businesses

According to Alden Law Firm, probate planning ensures that assets are distributed according to the family’s intentions while minimizing disputes. Wills, trusts, and other legal tools not only provide clarity but also protect businesses from unnecessary taxation or delays during transitions. For families that own companies, probate planning can prevent interruptions in leadership and preserve the continuity of operations.

Beyond just paperwork, probate planning encourages families to have discussions about succession, responsibilities, and shared goals. It helps identify potential gaps in leadership or financial oversight that might become vulnerabilities. By integrating probate planning into the business structure, families strengthen resilience and ensure that assets, both personal and professional, are shielded from avoidable conflict.

Furthermore, probate planning provides a framework for addressing unexpected events before they become emergencies. By reviewing and updating estate documents regularly, families can respond to shifts in the business environment, market fluctuations, or changes in family dynamics. This proactive mindset reduces uncertainty and enables smoother transitions, giving business owners the ability to focus on growth rather than worry about what could go wrong.

How Criminal Defense Impacts Family and Business Security

Criminal allegations, even if ultimately unfounded, can create immediate challenges for business families. As mentioned by a legal expert, accusations against a family member can disrupt operations, damage reputations, and introduce financial strain. Trusted legal defense provides guidance and representation, helping families respond quickly and protect both personal and business interests.

Having a criminal defense attorney in place ensures that responses to legal threats are strategic rather than reactive. Attorneys can manage interactions with law enforcement, provide counsel during investigations, and mitigate risks that could affect family assets. By combining legal defense with broader planning, families reduce the likelihood of long-term damage to both their businesses and personal lives.

Criminal defense also shapes how families plan for the unexpected. The presence of legal expertise allows families to make informed decisions about leadership roles, asset protection, and communication with stakeholders. By anticipating potential legal challenges, business families can safeguard operations, maintain reputations, and continue generating value without letting disputes create lasting disruptions.

Coordinating Legal Strategies for Maximum Protection

When probate planning and criminal defense intersect, coordination is essential. Families need lawyers who can consider both areas simultaneously, ensuring that estate planning decisions account for potential liabilities or ongoing legal disputes. This integrated approach prevents gaps that could otherwise expose assets or create conflict among heirs and stakeholders.

Professional guidance also helps families communicate decisions clearly and confidently. Lawyers provide clarity on how settlements, legal obligations, or leadership changes will interact with estate plans. This reduces uncertainty and allows families to act decisively in moments of pressure, maintaining both operational and emotional stability.

Additionally, coordinated legal strategies create a roadmap for difficult times. Families can address contingencies such as disputes over inheritance, potential claims against the business, or unexpected regulatory challenges. By aligning the advice of probate and criminal defense attorneys, families preserve wealth, reduce stress, and maintain continuity in their companies while protecting relationships and reputations.

Preparing for Long-Term Stability

Legal planning is not a one-time task; it is an ongoing process that evolves with the family’s needs. Regular reviews of probate documents and consultations with criminal defense attorneys help ensure that families remain prepared for any eventuality. This proactive approach reduces stress and gives families confidence that their legacy is protected.

Families who engage in long-term planning also create an environment where younger generations can take leadership roles with clarity. By preparing for transitions, addressing legal vulnerabilities, and aligning assets with goals, families safeguard both their wealth and the harmony necessary for sustainable growth. Legal foresight reinforces stability and resilience in ways that are difficult to achieve otherwise.

Long-term stability also depends on anticipating shifts in family dynamics or the business landscape. Whether it is a new generation joining the company, changes in tax regulations, or the emergence of legal risks, families that maintain regular legal reviews remain ahead of potential threats. This approach ensures they are ready to respond effectively while preserving both financial assets and family cohesion.

Protecting Legacies in Practice

Business families who combine probate planning with trusted legal defense create a protective framework that extends beyond immediate challenges. They are better equipped to manage disputes, secure assets, and maintain operations even under pressure. This dual approach ensures that the family legacy, company value, and personal wellbeing remain intact.

The lessons of preparedness extend beyond legal protection. Families that integrate careful planning and strategic defense create a culture of responsibility, transparency, and foresight. This mindset not only reduces risk but also strengthens relationships within the business and the family. The result is a legacy that is preserved, a business that continues to thrive, and a family that can face uncertainty with confidence.

Moreover, protecting a legacy is not limited to legal frameworks; it involves instilling shared values and responsibilities across the family. Business families that emphasize communication, accountability, and informed decision-making reinforce the same protections offered by legal structures. This holistic approach ensures that both assets and relationships remain resilient, providing a foundation that supports growth and security for generations.

Read more:
What Business Families Risk Without Probate Planning and Trusted Legal Defense

Accidents happen without warning, often leaving families in shock. A simple slip, a minor collision, or a fall can quickly turn everyday routines upside down.

The aftermath is not only physical pain but also emotional strain, financial concerns, and uncertainty about the future. Families often find themselves trying to recover while juggling daily life, insurance claims, and medical appointments.

While some accidents are minor, others carry serious consequences that demand immediate attention. Medical treatments, physical therapy, and recovery plans can be overwhelming, particularly when trying to maintain normalcy. Beyond the immediate physical effects, the stress of managing logistics can add pressure. Families often realize how quickly life can shift and how essential support systems are from healthcare professionals to legal guidance.

The unexpected nature of accidents highlights areas where families may not have been fully prepared. Insurance policies, emergency contacts, and access to legal or medical professionals suddenly become vital. Coordinating between services, ensuring paperwork is in order, and evaluating safety measures helps prevent or mitigate future incidents. These moments often serve as reminders to strengthen both emergency planning and family support networks and to ensure that everyone in the household is aware of safety measures and emergency contacts.

When Injuries Disrupt Daily Life

According to accidentjusticepro.com, personal injuries do more than cause pain. They alter daily routines. A minor fall at home or a collision on the road can lead to unexpected medical appointments, missed work, and challenges in household tasks. Even injuries that seem straightforward can make previously simple activities more complicated, affecting not only the individual but family members as well.

Injuries can create long-term concerns that go beyond the immediate aftermath. Chronic pain, limited mobility, and emotional stress often develop over time, complicating recovery. Individuals may face insurance claims, legal matters, or medical expenses that feel daunting. Trusted professionals, including personal injury lawyers, offer guidance and help families protect their rights during recovery.

Recovery often requires adjusting daily life in ways that were not anticipated. From rearranging living spaces to installing temporary supports, families make changes to accommodate healing. Emotional adjustments are equally important, as coping with frustration and uncertainty becomes part of the process. Awareness of personal safety and proactive health measures ensures that the household can function safely while supporting the injured person.

Legal Matters and Immigration Questions

For families with members living abroad or with non-citizen status, accidents can raise additional legal questions. As mentioned by a law firm, immigration laws often intersect with healthcare access, insurance coverage, and work-related documentation. Accidents may affect visa status, employment eligibility, or residency applications, creating extra layers of concern. Immigration lawyers become critical, providing advice that safeguards both legal status and long-term plans.

Immigration professionals work closely with families to address legal obligations and rights. They can assist in preparing documentation for medical leave, securing work permissions during recovery, or guiding through visa complications. Their role ensures that legal issues do not compound the stress of personal injury. Families gain peace of mind knowing that experts are handling these complexities.

Beyond immediate documentation, immigration issues can affect broader life planning. Accidents may delay applications, impact travel, or influence decisions about permanent residency or citizenship. An experienced lawyer manages current complications while advising on future scenarios, ensuring temporary setbacks do not create long-term consequences. Proactively coordinating between legal guidance and personal recovery ensures families can handle both health and immigration needs efficiently.

Protecting Your Home and Health

While accidents can occur anywhere, the home environment is often a central place of concern. Safety measures, from simple maintenance to professional inspections, can reduce the likelihood of slips and falls. An HVAC company ensures heating and cooling systems are functioning safely, preventing accidents related to electrical faults or frozen pipes. Properly maintained systems protect both the physical environment and family well-being.

Professional services like HVAC maintenance offer more than convenience. They provide a safety net. Regular inspections and timely repairs prevent unexpected malfunctions that may lead to accidents. Families who invest in professional home care services notice improvements in daily living quality and reduced hazards. This proactive approach demonstrates how preventive care works hand in hand with broader safety measures.

A well-maintained home supports recovery and daily routines. Safe and efficient systems reduce stress, minimize disruptions, and allow families to focus on healing and responsibilities. Ensuring proper ventilation, reliable heating, and functioning cooling systems creates stability. Families dealing with personal injuries benefit from reliable home systems that prevent additional health risks and foster a safe environment.

Balancing Recovery and Daily Responsibilities

Recovering from a personal injury requires more than medical treatment. It demands time, patience, and support. Families often need to adapt schedules, reorganize responsibilities, and seek help from healthcare providers or legal professionals. Daily life may feel disrupted as routines shift to accommodate recovery. Emotional and physical adjustments happen simultaneously, highlighting the importance of maintaining a balance that prioritizes healing.

Support networks play a crucial role during recovery. Friends, family, and professional advisors help manage practical tasks, medical logistics, and legal concerns. Having reliable resources allows families to focus on short-term recovery and long-term planning. Coordinating transportation for appointments or managing legal matters reduces stress and provides structure for regaining stability.

Long-term recovery often requires ongoing adjustments in routines, including workplace accommodations, medical follow-ups, and continuous support at home. Families may implement changes to prevent re-injury, from modified activity to home safety improvements. Actively managing these aspects allows families to create an environment that promotes healing, independence, and confidence.

Rebuilding Confidence and Stability

Life after an accident brings challenges but it also offers opportunities to strengthen resilience. Families who address personal injuries, home safety, and immigration concerns proactively are often better equipped to handle future uncertainties. Engaging healthcare providers, legal experts, and professional home services creates a foundation that supports both immediate recovery and long-term well-being.

Moving forward involves integrating lessons from the experience into daily life. Families can implement preventive measures, maintain professional guidance, and build stronger support systems. The process reinforces the importance of preparation and collaboration in facing unexpected events. By focusing on recovery, safety, and legal stability, families gain confidence in managing complexities after an accident.

Rebuilding life also includes emotional and social recovery. Families rediscover routines, hobbies, and social interactions that may have been disrupted. Community support, counseling, and professional guidance contribute to a renewed sense of normalcy. Taking deliberate actions to restore confidence, maintain legal compliance, and ensure a safe home creates a framework for resilience and long-term stability.

Read more:
When Accidents Happen and Immigration Questions Follow

Apple’s iPhone, Amazon and Virgin Atlantic have been named YouGov’s UK Advertisers of the Month for September, after each brand saw a sharp increase in consumer awareness of their advertising.

According to YouGov BrandIndex, which measures the percentage of consumers who have seen an advert for a brand in the past two weeks, all three brands posted significant gains in Ad Awareness during the month.

Amazon recorded the biggest uplift, rising from 26.5% on September 1 to 33.7% on September 25 — a gain of 7.2 percentage points. The surge followed the company’s UK Upfront event, which promoted new advertising formats across Prime Video and its growing retail media network.

The e-commerce giant also announced a landmark partnership with Netflix on September 10, allowing advertisers to buy inventory from Netflix’s ad-supported tier directly through Amazon’s demand-side platform (DSP). The tie-up marked a major step in Amazon’s ambitions to become a global hub for connected TV advertising.

Apple’s Ad Awareness score for iPhone jumped from 12.0% on September 9 to 21.5% on September 25, an increase of 9.5 points. The rise coincided with the company’s annual September product showcase, which unveiled the iPhone 17, iPhone 17 Pro, and the new iPhone Air, alongside updates to the Apple Watch Series 11, Apple Watch Ultra 3, and refreshed AirPods Pro.

The high-profile launch generated extensive cross-channel marketing activity, bolstered by cinematic advertising campaigns and sustained media coverage across the tech and lifestyle sectors.

Virgin Atlantic also saw a notable uplift in Ad Awareness, climbing from 7.9% on August 30 to 13.1% on September 25 — a rise of 5.1 points. The growth was driven by the airline’s latest LGBTQ+ campaign, “Free to Be Me”, created in partnership with Attitude magazine.

The campaign celebrated inclusion and self-expression among travellers, combining digital storytelling with branded content and social partnerships to reinforce Virgin Atlantic’s positioning as one of the most progressive brands in aviation.

Together, the three brands exemplified how major product launches, partnerships, and purpose-led campaigns can translate into tangible boosts in advertising visibility — even in a competitive and cluttered media landscape.

Read more:
iPhone, Amazon and Virgin Atlantic named UK advertisers of the month for September

The number of pensioners paying a punishing 60 per cent income tax rate has more than doubled in just three years, as frozen tax thresholds drag tens of thousands more older savers into higher tax bands.

New figures from HM Revenue & Customs show that around 77,000 people aged 66 and over fell into the “60 per cent tax trap” in the last tax year — up from 38,000 in 2021–22.

The steep rate applies to anyone earning between £100,000 and £125,140 a year. Within this band, individuals lose 60p of every extra £1 earned because the personal tax-free allowance of £12,570 tapers away once income exceeds £100,000.

The threshold has been frozen since 2010, and if it had kept pace with inflation, it would now stand at about £155,000. Analysts say this freeze — along with the broader “fiscal drag” caused by static tax bands — has pushed growing numbers of workers and retirees into punitive tax brackets.

Craig Rickman, personal finance editor at Interactive Investor, which obtained the data through a freedom of information request, said the figures expose “the punishing impact of the 60 per cent tax trap on older workers and pensioners”.

“More people work well into their late sixties now,” he said. “But there’s a real risk that ultra-high tax rates could push experienced workers out of the labour market — just when the economy needs their skills most.”

Under the rules, for every £2 of income over £100,000, taxpayers lose £1 of their personal allowance. The allowance is fully withdrawn once earnings hit £125,140. Combined with the 40 per cent higher-rate tax, this creates an effective marginal rate of 60 per cent.

For example, someone earning £100,000 who receives a £10,000 pay rise would pay £4,000 in income tax on the raise — but would also lose £5,000 of their personal allowance, adding a further £2,000 to their tax bill. In total, they would pay £6,000 — 60 per cent — on that additional £10,000.

The surge in over-65s facing high tax bills also reflects the growing number of retirees drawing larger sums from their pension pots. Withdrawals have risen sharply since Chancellor Rachel Reeves announced plans to bring pensions within the inheritance tax net from April 2027.

The Financial Conduct Authority said £70.9 billion was withdrawn from pensions accessed for the first time in 2024–25 — up 36 per cent from the previous year.

Tom Selby, director of public policy at AJ Bell, said: “Bringing pensions into inheritance tax increases incentives for wealthier pensioners to spend their money sooner. It’s likely a contributing factor to more retirees being dragged into the 60 per cent tax band.”

Tax thresholds have not risen since 2021, meaning pay increases are pulling millions more taxpayers into higher bands each year. The Office for Budget Responsibility has warned that if the freezes continue, 4.2 million more people will pay income tax by 2030, and 3.5 million more will become higher or additional-rate taxpayers.

The freezes are also hugely lucrative for the Treasury. The Institute for Fiscal Studies estimates they will raise £40 billion a year by 2027–28 — almost equivalent to a 4p rise in the basic rate of income tax.

Under current policy, thresholds will start rising again in 2028–29, but speculation is mounting that Reeves could prolong the freeze as part of her search for new revenue ahead of the November 26 Budget.

For many pensioners, that would mean yet more years in one of Britain’s most punishing — and politically explosive — tax traps.

Read more:
Number of pensioners caught in 60% tax trap doubles

Virgin Media O2 is set to become the first UK mobile network to offer customers automatic satellite connectivity in areas with no phone signal, after striking a deal with Elon Musk’s Starlink.

The new service, O2 Satellite, will launch in the first half of 2026, giving users coverage in rural and remote regions where terrestrial masts are unavailable. The company said smartphones compatible with the technology would automatically connect to satellites when no mobile signal is detected.

While Virgin Media O2 has yet to reveal pricing, the service will be offered as an optional monthly add-on rather than a standard feature.

Initially, O2 Satellite will only support messaging, maps and location apps. Phone calls made via normal mobile networks will not work over the satellite connection, as Starlink’s current generation of satellites does not support voice. However, WhatsApp calls and other data-based communication apps may function, with O2 confirming it will run trials before the public rollout.

Luke Pearce, a telecoms analyst at CCS Insight, said the technology could prove transformative for consumers and businesses.

“In today’s world, connectivity is no longer optional,” he said. “Whether it’s emergency SOS in life-saving situations or keeping software-defined vehicles online, people now expect constant access. Satellite is the only technology that can truly close the coverage gap across mountains, oceans and rural areas.”

O2’s announcement follows rival Vodafone’s successful live video call via satellite earlier this year from a remote mountain in Wales, which the company described as a UK first. Vodafone partnered with US satellite firm AST SpaceMobile, which currently has six satellites in orbit and aims to deploy up to 60 by the end of 2026.

Starlink, owned by SpaceX, already has more than 650 satellites supporting direct-to-device services and has launched similar offerings in Australia, New Zealand, the US, Canada and Japan.

In the UK, the telecoms regulator Ofcom updated its rules in September to allow satellite connectivity directly to smartphones. For now, such connections are limited to emergency texting features available on the latest iPhone and Android models, but O2’s partnership with Starlink is expected to be the first commercial deployment for mainstream users.

Astronomers, however, have raised concerns about the growing number of low-Earth orbit satellites, warning they contribute to light pollution and could make it harder to detect asteroids and other space hazards.

Still, with O2’s move, the UK looks set to take a major step toward universal mobile coverage — powered not by masts on the ground, but by “phone towers in the sky.”

Read more:
Virgin Media O2 to team up with Musk’s Starlink to launch UK’s first satellite-connected mobile service

More than 100 business and charity leaders have signed an open letter calling on ministers to “lead the country’s transition toward a shorter working week”, amid a growing row over the future of the four-day week in local government.

The letter, coordinated by the 4 Day Week Foundation, comes after Steve Reed, the local government secretary, criticised South Cambridgeshire District Council — the first in England to trial a four-day working week — claiming the move had harmed performance and value for money.

In a letter leaked to The Telegraph, Reed expressed his “deep disappointment” at the council’s decision to make its four-day trial permanent. Citing an independent report, he said performance had “declined in key housing-related services including rent collection, reletting times and tenant satisfaction with repairs”.

In response, more than 100 senior figures from across business, charities and trade unions have urged the government to establish a working time council to oversee and guide a nationwide shift towards a four-day week.

“As business leaders, trade union leaders and advocates who have witnessed the successful transition to a four-day working week (with no loss of pay) in many contexts, we can say with confidence that it is not just an idea for the future – it is already delivering results today,” the letter states.

“From different sectors and company sizes, we have all witnessed the same outcome: shorter working weeks are not only viable, but transformative.”

Signatories include employers who have already adopted reduced-hour working patterns and report benefits in productivity, staff wellbeing, and retention.

Bridget Smith, leader of South Cambridgeshire District Council, rejected Reed’s claims, insisting that “independently assessed data” showed the vast majority of council services had improved or remained stable during the trial.

“I am extremely disappointed by Mr Reed’s letter,” she said. “Our staff have done 100% of their work in 32 hours each week since the four-day week began. Our financial analysis indicates that we are saving around £399,000 per year, largely by cutting our reliance on agency staff.”

The trial, which began in 2023, has been closely watched across the public sector. At least 25 other councils are understood to be exploring similar pilots for next year.

Joe Ryle, director of the 4 Day Week Foundation, described Reed’s intervention as “frankly ridiculous” and said it made the government look “outdated and stuck in the past.”

“The evidence shows that four-day weeks and flexible working are good for workers and for businesses,” he said. “The council overall is outperforming other local authorities — so cherry-picking a few metrics is frustrating and disingenuous.”

Ryle added that while the private sector has embraced shorter weeks “with hundreds of companies now operating successfully on that model,” the idea becomes “politicised as soon as it enters the public sector.”

The UK government has no legal power to ban councils from adopting four-day work patterns, but ministers can exert political pressure.

According to Office for National Statistics data, more than 200,000 workers have switched to a four-day week since the pandemic. The 4 Day Week Foundation estimates that at least 430 companies, representing 13,000 workers, have now adopted shorter working weeks nationwide.

Advocates say the model improves productivity, work-life balance and recruitment, while critics warn it risks inefficiency and disruption in essential public services.

For now, the debate over the four-day week appears set to intensify — with councils, campaigners and businesses urging ministers not to stand in the way of what they see as an inevitable shift in how Britain works.

Read more:
Business and charity leaders urge ministers to back England’s transition to four-day week

Virgin Group has been given the regulatory go-ahead to move forward with plans to operate a new international train service through the Channel Tunnel, paving the way for the first serious competition on the route in three decades.

The Office of Rail and Road (ORR) confirmed on Thursday that Virgin can proceed with its bid to use the Temple Mills International rail depot in East London — a key piece of infrastructure for maintaining and servicing trains operating to continental Europe. The landmark decision removes one of the final barriers to entry and puts Virgin firmly on track to challenge Eurostar’s long-standing monopoly on cross-Channel travel.

Sir Richard Branson, founder of Virgin Group, welcomed the ruling as a win for passengers and for competition. “The ORR’s decision is the right one for consumers – it’s time to end this 30-year monopoly and bring some Virgin magic to the cross-Channel route,” he said. “Virgin is no stranger to delivering award-winning rail services, and just as we have successfully challenged incumbents in air, cruise and rail, we’re ready to do it again. We’re going to shake up the cross-Channel route for good and give consumers the choice they deserve.”

Virgin has also unveiled its investment partners for the new venture, confirming Equitix and Azzurra Capital as part of the funding consortium. Equitix, one of Europe’s leading infrastructure investors with a strong track record in rolling stock financing, will fund the train fleet. Virgin Group will lead funding for the operating company alongside Equitix and Azzurra Capital, the private equity firm founded by Stefano Marsaglia and Jorge Delclaux, known for backing high-growth companies in partnership with leading entrepreneurs.

Earlier this year, Virgin signed an exclusive deal with Alstom to purchase 12 Avelia Stream trains, marking a renewal of the partnership that produced the Pendolino fleet once synonymous with Virgin Trains on the UK’s West Coast Main Line. The Avelia Stream model, already in operation across parts of Europe, promises greater energy efficiency, passenger comfort and speed than previous designs.

Andrew DeLeone, Alstom’s President for Europe, said the partnership was a natural next step. “Virgin and Alstom have a history of driving innovation and change in the rail industry, and delivering for passengers,” he said. “This collaboration strengthens our longstanding relationship and reinforces our shared commitment to sustainability, customer experience and technological excellence.”

Virgin plans to launch services from London St. Pancras International to Paris Gare du Nord, Brussels-Midi, and Amsterdam Centraal by 2030, with ambitions to expand into Germany, Switzerland, and further into France. The company has also pledged to include Ebbsfleet International and Ashford International in Kent on its route map if either station is reopened, and is already in discussions with Kent County Council and local stakeholders to make this possible.

Phil Whittingham, former Managing Director of Virgin Trains, is leading the project for Virgin Group. He said the ORR’s decision on depot access represented “a significant milestone for Virgin and a pivotal turning point for international rail”.

“Temple Mills has been a critical bottleneck in the process to launching a new cross-Channel service,” Whittingham explained. “Building on the great success of Virgin Trains, Virgin will deliver a first-class cross-Channel service that will create hundreds of jobs and support the modal shift of short-haul journeys from air to rail.”

Virgin Group CEO Josh Bayliss said the consortium’s aim was to expand consumer choice and reshape the market. “The cross-Channel market is underserved and represents a fantastic opportunity for Virgin to bring greater value and service to customers, not just in the UK and France, but across the wider European network too,” he said. “Together with Equitix and Azzurra Capital, this consortium will build a new business that does what Virgin does best – disrupt and challenge the status quo.”

With depot access approved, funding secured, and train procurement underway, Virgin is now entering the final stages of planning before full service launch. The company expects to finalise its depot access agreement and complete financing for its train fleet in the coming months.

If all goes to plan, passengers could be boarding Virgin’s first cross-Channel trains within five years — ushering in a new era of competition, innovation, and choice on one of Europe’s most iconic transport routes.

Read more:
All Aboard: Virgin Group Cleared to Launch Cross-Channel Rail Rival

Chancellor Rachel Reeves is weighing plans to scrap the windfall tax on North Sea oil and gas producers in a bid to boost investment and revive economic growth.

The energy profits levy (EPL), introduced in 2022 under Rishi Sunak amid soaring global energy prices, currently imposes an effective tax rate of 78 per cent on North Sea operators. The Treasury is now considering whether to end the levy early, over growing fears it is stifling capital investment and threatening the UK’s domestic energy output.

Sources close to the discussions said officials have been consulting with major North Sea operators to gauge how much they would reinvest if the tax were removed. The move would mark a dramatic shift for the Labour government, which had previously supported extending the levy but now faces mounting pressure to prioritise growth.

Industry body Offshore Energies UK (OEUK) has warned that the sector is shedding 1,000 jobs a month as a direct consequence of the levy, with investment and production both falling faster than expected. The group has urged the Chancellor to replace the tax with a more stable, long-term fiscal framework, arguing that uncertainty over the levy is driving companies to shift their investment abroad.

The Office for Budget Responsibility (OBR) previously estimated that Ms Reeves’s decision to raise the levy from 75 to 78 per cent and extend it by a year to 2030 would raise about £1 billion. However, it also warned that the move would result in a 25 per cent drop in investment and up to a 9.2 per cent fall in output compared with projections under the previous Conservative regime.

Oil and gas revenues have also come in lower than forecast. The Treasury’s March consultation acknowledged that, while the EPL was initially expected to generate £19 billion by 2030, weaker energy prices and falling output have reduced returns.

Under current rules, ministers can remove the levy once oil and gas prices fall below $71.40 a barrel and 54 pence per therm for at least six months. While gas prices remain higher than their pre-crisis levels, Brent crude has traded below $70 for much of 2025, potentially triggering the conditions for the levy’s withdrawal.

Labour is also expected to unveil a new North Sea energy strategy alongside the Autumn Budget, setting out how the government will support “homegrown energy” and encourage new exploration. Prime Minister Sir Keir Starmer has pledged to “double down” on domestic oil and gas extraction to protect UK energy security and reduce reliance on imports.

The potential tax cut comes amid a worsening economic backdrop. The OBR recently warned that sluggish productivity growth has left the UK economy unable to expand at its previous pace, blowing a hole of more than £20 billion in the public finances.

Ms Reeves is under growing pressure to outline a credible growth strategy that restores business confidence. The Treasury hopes that signalling a more stable investment environment for energy producers could spur capital spending, safeguard jobs, and demonstrate fiscal pragmatism ahead of the Budget.

Any decision will depend heavily on the OBR’s final analysis of whether abolishing the levy would generate sufficient economic returns to offset the short-term loss in revenue. Treasury officials are also exploring whether a permanent variable tax could replace the levy, applying only when prices exceed certain thresholds — a measure intended to balance revenue stability with investor certainty.

Energy firms have cautiously welcomed the prospect of reform. One senior executive said ending the levy early would be “a game-changer” for investment decisions. “The UK has world-class energy resources, but the fiscal environment has been toxic,” they said. “If Labour follows through, it would send a strong signal that Britain is open for energy investment again.”

The Treasury declined to comment on whether changes to the windfall tax will feature in the Budget.

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Labour considers scrapping North Sea windfall tax in dash for growth