Good news for the economy as jobless figures drop - 17th Aug 2018


News that more people are working is always welcome and the SW&A team was encouraged to read that unemployment fell by 65,000 to 1.36 million in three months to June.

Official figures from the Office for National Statistics (ONS) showed a rise in productivity, but a slowdown in wage growth as wages, excluding bonuses, grew by 2.7% in the three months to June, compared with a year ago.

The ONS figures, which confirmed that unemployment is at its lowest rate for more than 40 years, also showed the number of European Union nationals working in the UK fell by a record amount and continues a trend seen since the 2016 Brexit vote.

These figures reflect what we’ve witnessed on a national basis as we’ve seen a rise in the number of staff processed on payroll through our payroll department Three Counties Payroll. This increase is partly down to seasonality, though it has been higher than over the last three to four years.

We’ve also seen a rise in small businesses having the courage to take on employees when they haven’t done so previously due to concerns over the cost implications, particularly in relation to holiday and pension entitlement.

 

  • This is where SW&A can offer help and guidance. We frequently advise firms who are considering taking on staff about the ‘true’ wage costs and have saved employers thousands of pounds by ensuring they are opting for reliefs they’re entitled to.

 

One of our customers saved approximately £240,000 across their franchise network by using our service and vast knowledge of the legislation surrounding employment - and this is by no means an isolated case.

If your company is planning to hire more staff or it'e something you are considering doing for the first time as many small businesses are at the moment then speak to our experienced and friendly payroll team directly on 01905 622245.


Favourite News Stories...

SW&A Accountants launches it's new website in March 2013 - it's been a long time in the making and has had a lot of input from the owners Neil and Andrew - Andrew says " the website was designed to showcase our services in a lively and informative manner " ...

Our company intends to ensure that our new website become not only a hub of activity but also somewhere as a useful source of information for our current and prospective clients. Neil stated '"it is my intention to use the website as a tool to communicate with out clients; this is something we will grow over the coming years to incorporate our informative blogs, news and social media work."

Keep checking back to find out more..