Business News - 3 December 2021
A round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you.
This update includes:
Job vacancies booming and tips on how to recruit
Reimbursing Fuel for Company cars from 1 December 2021
New laws and code to resolve remaining COVID-19 commercial rent debts
Plan It With Purpose: achieve your sustainability goals
Job vacancies booming and tips on how to recruit
In their recent labour market review, the Office for National Statistics (ONS) show that in October there were 29.3 million employees, up 160,000 on the revised September 2021. The number of job vacancies in August to October 2021 continued to rise to a new record of 1,172,000, an increase of 388,000 from the pre-coronavirus pandemic January to March 2020 level.
If you’re looking to recruit there are a number of actions you can take to make your business attractive to new staff. In addition to reviewing your pay and conditions to be as competitive as possible, you could consider:
Tasking recruitment as a key process and regularly review it's effectiveness
Offering existing staff incentives for referrals
Making sure you are running online social media advertisements - highlighting your businesses personality and what it’s like to work for you, including testimonials from existing staff
Embracing flexibility in hours and location
Investing in learning and development pathways for employees
Using government initiatives for apprentices
Useful guidance on the procedures for recruitment can be seen in the ACAS guide “Recruiting staff” which can be seen here: Recruiting staff (acas.org.uk)
Reimbursing Fuel for Company cars from 1 December 2021
As the result of recent increases in fuel prices, HMRC have increased the advisory fuel rates that apply for the reimbursement of employees' private fuel for their company cars. The same rates apply when the employer reimburses employees for fuel used for business journeys in their company car.
The new rates apply from 1 December 2021, but you can continue to use the previous rates for up to 1 month from the date the new rates apply.
Employees should carefully consider whether it is advantageous having private fuel provided for their company car. Remember that the P11d benefit for having private fuel provided for a company car in 2021/22 is £24,600 multiplied by the CO2 emissions percentage for that vehicle, rising to £25,300 for 2022/23.
New laws and code to resolve remaining COVID-19 commercial rent debts
New laws and a Code of Practice are being introduced to resolve the remaining commercial rent debts accrued because of the pandemic.
The Code sets out that, in the first instance, tenants unable to pay in full should negotiate with their landlord in the expectation that the landlord waives some or all rent arrears where they are able to do so.
From 25 March 2022, new laws introduced in the Commercial Rent (Coronavirus) Bill will establish a legally-binding arbitration process for commercial landlords and tenants who have not already reached an agreement, following the principles in the Code of Practice.
The Bill will apply to commercial rent debts related to the mandated closure of certain businesses such as pubs, gyms and restaurants during the pandemic. Debts accrued at other times will not be in scope.
These laws will come into force in England and Wales, and Northern Ireland will have a power in the Bill to introduce similar legislation. See: New laws and code to resolve remaining COVID-19 commercial rent debts - GOV.UK (www.gov.uk)
Plan It With Purpose: achieve your sustainability goals
Enterprise Nation is partnering with Aviva and Smart Energy GB to help businesses implement sustainable best practices that deliver a positive impact on the planet, society, and the economy.
The programme has been designed to support small and medium businesses and business owners by increasing their understanding of environmental and social issues in the UK, showcasing relatable role models, building sustainable ventures, plus encouraging change through tailored resources, action plans and recommendations.
See: Plan it with purpose | Enterprise Nation
