Lawrence Stephens has advised Top 100 financial planning firm Fidelius on its acquisition of a non-controlling stake in Vobis, a London and Yorkshire-based IFA.
Founded in 2013, Vobis, which manages over £140m in client assets, specialises in financial planning for high-net-worth individuals and operates a joint venture with a top 60 accountancy practice in central London. The firm also has a regional office in Leeds.
The deal marks the first investment by Fidelius since Swedish wealth manager Söderberg & Partners took a minority stake in the business at the start of 2024.
Jeff Rubenstein commented: “While this was our first transaction for Fidelius, this assignment was the latest in a series of transactions we have advised on in the rapidly consolidating Financial Services industry. We very much enjoyed working with the Fidelius team, their energy and ambition very much reflects our own ethos and we look forward to working with them in the future”.
Richard Armstrong, Head of Governance, Risk and Compliance at Fidelius responded: “We are grateful for the advice and support provided by the team at Lawrence Stephens. The team were proactive and responsive, and their can-do approach helped move this important transaction along. Our ambition is to be a top 20 IFA and more acquisitions are likely.”
Find out more about our Corporate and Commercial services here
It has been a busy first quarter of 2025 in the corporate, commercial and employment sectors.
In this edition of our Newsletter, I have summarised the report issued by the Investment Security Unit of the Government (ISU) on the effectiveness of the National Security and Investment Act 2021 (Notifiable Acquisition) (Specification of Qualifying Entities) Regulations 2021 (NARs). For businesses in the 17 sectors considered sensitive, the NARs dictate whether a notification must be made to the ISU for any proposed acquisition having considerable impact on the timing of an acquisition.
Becci Collins, Solicitor in our Employment team, has summarised the new right introduced by the Statutory Neonatal Care Pay (General) Regulations 2025 for parents to take neo-natal care leave, to receive statutory neo natal care pay and what steps employers should be taking now.
Ewan Ooi, trainee in our Banking team and Samantha Aldridge, paralegal in our Employment team discuss the importance of careful drafting in legally binding agreements and how it can protect businesses.
They summarise two cases highlighting how enforceability depends on the use of clear and precise wording and why legal advice is needed when drafting the terms of commercial agreements and employment contracts.
Please see the key dates section for upcoming corporate, commercial and employment law updates and as always, please be in touch with any queries.
We will be discontinuing this newsletter after this edition. It will be replaced by our brand new newsletter: ‘The Fineprint’.
The Fineprint
‘The Fineprint’ is designed for founders, entrepreneurs, and owner-managed businesses who are passionate about growing their ventures and staying informed about the latest industry trends and legal updates.
If you’re a business owner, startup founder, or an entrepreneur looking to gain insights, practical advice, and inspiration, this newsletter is for you.
Director in the Corporate and Commercial team, James Lyons, comments on the trend of private equity firms investing in retailers, and discusses how these growth strategies can benefit both business and private equity buyers.
James’ comments were published in Retail Sector, 4 April 2025, and can be found here.
Speaking with Retail Sector about the trend of publicly listed retailers taking private equity, James explains that “if the business continues to benefit from access to institutional capital, stock liquidity, and the other advantages that come with a listing, then remaining public makes sense.”
He states that there are challenges that come with this, noting “the costs of listing, the scrutiny, and the increased pressure, especially with rising employer and NI costs, all add up. When those burdens become greater than the benefits, it’s easy to see why more retail companies are opting to go private.”
Commenting on the recent acquisitions of Walgreen Boots Alliance by private equity, James told Retail Sector that “Sycamore’s acquisition of Walgreens includes Boots, but that’s just one part of the wider business. A number of commentators believe that Sycamore will likely spin off Boots to focus more on the US retail market. It’s possible we could see Boots reappear on the public markets, perhaps through a demerger and a new listing in the UK. Alternatively, it could be sold to another private equity firm or a trade buyer.
“While it’s hard to predict exactly what form it will take, I’m sure the brand will endure.”
James explains that, for private equity firms looking for retailers to invest in, “it’s about identifying where investment can generate increased returns over the next few years and ensuring the business is positioned for long-term sustainability. Take Boots, for example. Its pharmacy element is heavily regulated, which may be of interest to some private equity firms, but not necessarily to all.”
James also notes that “retailers that can leverage technology to strategically enhance their business are likely to attract more private equity interest. Ultimately, the future of retail is moving towards digital, making it a key area for private equity firms, rather than traditional high street retail.”
Speaking on the evolution of this sector, James commented “Retail now is very different from what it was two decades ago. It’s a blend of the traditional high street and the rapidly expanding online retail sector. The rise of digital technology and AI interfaces has really shaped the way consumers shop today. Private equity firms bring both expertise and investment, particularly in the digital and e-commerce space. Traditional retailers may not have had the same level of expertise or know-how, and that’s where private equity can make a real difference.”
He goes on to argue that this is not the be all and end all of business, stating that “public listings can still be a credible option for the right business at the right point in its cycle, if done for the right reasons. So, I don’t see this as a long-term trend. For example, it’s not beyond the realms of possibility that Boots could come back to the public markets at some point, if it makes sense for the business.
James concludes by suggesting that, overall, the strategy of the private equity firms is key to such deals, and that these are questions retailers must consider
“There has to be a commercial deal that works for both parties. What are the intentions of the new owner? What areas do they plan to invest in? Where do they see future growth? Is this the right owner to take the business to the next level?”
To find out more about our Corporate and Commercial services, click here. To find out more about our services in the Retail sector, click here.
As a reminder to those in charge of company administration, the Economic Crime and Corporate Transparency Act (ECCTA) became law in October 2023. It set out a phased timeline for new requirements on businesses to enhance transparency and prevent crime within UK business. In this summary we highlight the upcoming key dates to note.
From 25 March 2025, individuals may voluntarily verify their identity directly with Companies House or via an Authorised Corporate Service Provider (ACSP). Identity verifications apply to all new and existing company directors and people with significant control. They also apply to members of LLPs.
Identity verification will become compulsory and so it is advisable to do this as soon as possible to avoid missing the compulsory deadline. If you need any guidance or assistance, please be in touch.
Missing the deadline is an offence. The consequences include financial penalties and may prevent you from being able to make other filings on behalf of existing companies or setting up a new company.
From 27 January 2025 – Suppression of Personal Information
From 27 January 2025, individuals can apply to supress personal information from historical documents such as their home address, date of birth, signatures, and business occupation.
Additional protection will be available to those at risk of harm by protecting their information from public view.
From spring 2026 – Changes to Limited Partnerships
From spring 2026, LPs must:
provide partners’ names, date of birth and usual residential address
verify the identity of general partners
provide a registered office address in the UK – this must be in the same country the LP is registered in, for example a LP registered in Scotland must have a registered office address in Scotland
provide a standard industrial classification (SIC) code
file an annual confirmation statement
LPs will need to file their information through an Authorised Corporate Service Provider (ACSP).
There will be new powers to:
close and restore LPs
apply sanctions
protect partners’ information
operate a statutory compliance process
These changes for LPs will be implemented following secondary legislation and so we are continuing to monitor these changes.
Please see our initial report on the objectives of ECCTA here. We will continue to provide updates as they come into effect. Now is the time to start taking action to verify the identity of the individuals behind your organisation. If you need any guidance or assistance, please be in touch.
Posted on: February 20th, 2025 by Hugh Dineen-Lees
The High Court has once again expanded on the confusing area of sole director decision making, where a company has adopted the Model Articles.
Confusion within the Model Articles
It is widely accepted that the Model Articles are free from inconsistencies and are suitable for all company incorporations. However, the Model Articles has faced scrutiny in the High Court on numerous occasions, as their suitability for companies with a sole director has been questioned.
Article 7(2) of the Model Articles states that if (a) the company only has one director, and (b) no provision of the articles requires it to have more than one director, the general rule does not apply, and the director may take decisions without regard to any of the provisions of the articles relating to directors’ decision-making.
On the other hand, Article 11(2) stipulates that the minimum number of directors required to hold a board meeting must be at least two (i.e., the quorum for a board meeting is two) and that no other decisions can be made (as a sole director) save for appointing another director.
The case of Hashmi v Lorimer Wing [2022] concluded that one director is not sufficient for a board meeting to be held and decisions to be made, given that a sole director is unable to create a quorum by satisfying the minimum of two directors that are required for a board meeting, as set out in Article 11(2).
In contrast, in the same year, the case of Re Active Wear Limited [2022] concluded that a sole director has valid authority to make decisions on behalf of the company. It is important to note that the judge commented that this would not have been the case where the company has in the past had more than one director.
Whilst the decision of Re Active Wear Limited [2022] was welcomed, the confusion created by contrasting interpretations of Articles 7(2) and 11(2) of the Model Articles remained.
Clarification: Re KRF Services (UK) Ltd [2024] EWHC 2978 (Ch)
In the recent case of Re KRF Services (UK) Ltd [2024], the High Court has provided further clarification on the tension between Articles 7(2) and 11(2) of the Model Articles.
After consideration of the aforementioned cases of Hashmi v Lorimer Wing [2022] and Re Active Wear Limited [2022], the judge held that where a company has adopted Model Articles, the sole director has the authority to act under Model Article 7(2). The judge commented that, insofar as the company has adopted unamended Model Articles, Article 7(2) will triumph over Article 11(2). The Court distinguished the case of Hashmi v Lorimer Wing, as that involved a modification to the minimum number of directors, and the judge concluded that the historical number of directors is irrelevant in determining whether Article 7(2) will take precedence over Article 11(2).
What does this mean for companies that have adopted the Model Articles?
Whilst the case of Re KRF Services (UK) Ltd [2024] has provided some clarification and has indicated that the courts are leaning towards allowing sole directors to act where Model Articles have been adopted, it is important to note that it is a High Court decision which does not overrule the previous judgments. It has merely provided some clarification.
As a result, companies with a sole director and who have Model Articles need to be alert to the fact that decisions made by a sole director have previously been deemed to be invalid by the Court. Therefore, it is worth considering whether it would be commercially expedient to appoint another director to ensure all future board meetings are quorate and compliant with Model Article 11(2).
In our experience advising financial institutions in debt finance transactions involving corporate borrowers the preference is amending the company’s Articles. The amendment explicitly states that a quorum can be formed with only one sole director present, and such director has all powers of decision making. It is prudent for shareholders to ratify previous decisions of the sole director as part of this process. This documentation and amendment to the Articles can give comfort to sole directors that they can operate the company as they deem fit without the risk of challenge.
Posted on: February 18th, 2025 by Hugh Dineen-Lees
The Digital Markets, Competition and Consumers Act (DMCCA) mandates greater transparency in digital transactions, aiming to eliminate deceptive practices that harm consumers.
The Competition Markets Authority (CMA) has gained new power to directly enforce consumer protection laws without court intervention which includes issuing fines and taking corrective actions against businesses that violate the DMCCA.
Businesses must enhance their compliance efforts to adapt to the new regulations.
Key changes
Subscription services
Businesses must provide clear information about subscription terms, including costs and cancellation procedures. Automatic renewals must be communicated transparently, and consumers should be able to cancel subscriptions easily. The pre-contract information must be given together, in writing, without the need to click links or download.
In addition, a 14-day cooling off period must be provided to consumers and consumers must have the ability to easily exit the contract with a single communication.
The new regime for subscription contracts will not come into force until April 2026.
Fake reviews
Under the DMCCA, businesses must not publish or commission the publication of fake reviews which are designed to mislead consumers. The DMCCA also puts an obligation on businesses to take reasonable and proportionate steps to prevent the publication of fake reviews.
Hidden fees
All charges must be disclosed upfront in the invitation to purchase (i.e. adverts or listings), including any fees, taxes and charges. Businesses can no longer add unexpected fees at the final stages of a transaction. If the whole price cannot be ascertained, then the method of calculation must be stated in the invitation to purchase.
How does it affect businesses?
Businesses will need to update their systems to comply with these updated transparency requirements, which could potentially involve significant changes to their terms of business, website and customer service.
Failure to take reasonable and proportionate steps to prevent the publication of fake reviews may leave businesses open to fines and penalties from the Competition and Markets Authority.
Marketing teams must be vigilant in creating and reviewing advertising content to ensure it meets the new standards and to ensure that all promotional materials are truthful and not deceptive.
Enforcement by the CMA
The CMA’s will be granted a new power to directly enforce consumer protection laws without court intervention, unlike the Financial Conduct Authority (‘FCA’). This includes issuing fines and taking corrective actions against businesses that violate the DMCCA. In addition, the CMA can consider both regulated and unregulated businesses, unlike the FCA.
Key changes:
Direct Enforcement
The CMA can now issue infringement notices and impose fines of up to 10% of a company’s global turnover or up to £300,000 (whichever is greater) for non-compliance.
Corrective Actions
The CMA can mandate corrective actions, such as refunds to consumers or changes in business practices. Fines may also be issued for failure to cooperate with CMA investigations.
How does it affect businesses?
Businesses must adopt a proactive approach to compliance, regularly auditing their practices to ensure they meet the new standards.
Businesses should develop robust risk management strategies to handle potential CMA investigations and enforcement actions.
Conclusion
The DMCCA has brought significant updates to consumer law, emphasizing transparency, fairness, and direct enforcement. Recent news and governmental consultations regarding new measures to tackle unfair and costly subscription traps suggest that the CMA will not be shy to exert their new powers. For businesses, this means adapting to new regulations, enhancing compliance efforts, and ensuring that consumer interactions are fair and transparent.
Posted on: February 18th, 2025 by Hugh Dineen-Lees
As a reminder to those in charge of company administration, the Economic Crime and Corporate Transparency Act (ECCTA) became law in October 2023. It set out a phased timeline for new requirements on businesses to enhance transparency and prevent crime within UK business. In this summary we highlight the upcoming key dates to note.
We have reported on the objectives of ECCTA in our December 2024 newsletter and a specific article by Izzy Moran available on our website.
Identity Verificationfrom 25 March 2025
From 25 March 2025, individuals may voluntarily verify their identity directly with Companies House or via an Authorised Corporate Service Provider (ACSP). Identity verifications apply to all new and existing company directors and people with significant control. They also apply to members of LLPs.
** Identity verification will become compulsory and so it is advisable to do this as soon as possible to avoid missing the compulsory deadline. If you need any guidance or assistance, please be in touch.
Missing the deadline is an offence. The consequences include financial penalties and may prevent you from being able to make other filings on behalf of existing companies or setting up a new company.
Suppression of Personal Information
From 27 January 2025, individuals can apply to supress personal information from historical documents such as their home address, day of birth, signatures, and business occupation.
Additional protection will be available to those at risk of harm by protecting their information from public view.
Changes to Limited Partnerships
From spring 2026, LPs must:
provide partners’ names, date of birth and usual residential address
verify the identity of general partners
provide a registered office address in the UK – this must be in the same country the LP is registered in, for example a LP registered in Scotland must have a registered office address in Scotland
provide a standard industrial classification (SIC) code
file an annual confirmation statement
LPs will need to file their information through an ACSP.
There will be new powers to:
close and restore LPs
apply sanctions
protect partners’ information
operate a statutory compliance process
These changes for LPs will be implemented following secondary legislation and so we are continuing to monitor these changes.
Please see our initial report on the objectives of ECCTA on our website. We will continue to provide updates as they come into effect. Now it is time to start taking action to verify the identity of the individuals behind your organisation. If you need any guidance or assistance, please be in touch.
Posted on: February 18th, 2025 by Hugh Dineen-Lees
The Economic Crime and Corporate Transparency Act (ECCTA) has granted Companies House enhanced powers and responsibilities, the power to impose financial penalties and increased fees, a requirement for compulsory identity verification, insistence on electronic filing and measures to enhance the transparency of company ownership.
These changes will be rolled out in phases, with full implementation expected by 2027 and all stakeholders should stay informed.
Enhanced powers and responsibilities
In March 2024, Companies House was granted greater authority to query and challenge the information submitted by companies. This includes the power to reject or remove incorrect or fraudulent data from the register, analyse information in greater detail, and share more information with law enforcement agencies and regulatory bodies where necessary. These measures are designed to ensure that the information held is accurate and reliable, thereby increasing trust in businesses across the UK.
Financial penalties and increased fees
In May 2024, Companies House was granted the power to impose civil financial penalties for most offences under the Companies Act 2006. This significantly widens the failings companies could be penalised for and is intended to ensure prompt compliance with Companies House requirements and deter fraudulent activities.
Companies House also increased its fees to fund these new measures. For example, the cost of incorporating a company has increased from £10 to £50 when filed digitally, and the cost of filing confirmation statements has risen from £13 to £34.
Identity verification
A major component of the reforms is the introduction of compulsory identity verification for all new and existing company directors and people with significant control. For existing companies, the transition period will start from Autumn 2025. By spring 2026, anyone filing on behalf of a company will also need to verify their identity.
Digital filing requirements
By 2026 to 2027, Companies House will require all annual financial accounts to be submitted digitally via software. This move is part of a broader effort to modernise the filing process and improve the efficiency and accuracy of data submissions.
Transparency of company ownership
The Act also mandates the publication of more detailed information on company shareholders, enhancing the transparency of company ownership. This measure is expected to be a significant undertaking for some companies, and the implementation options are currently being worked through.
Conclusion
The updates to Companies House under the ECCTA are designed to create a more transparent, accountable, and secure business environment in the UK. By introducing stricter identity verification, increasing the powers of Companies House, and enhancing the accuracy of company data, these reforms aim to reduce opportunities for economic crime and improve corporate governance.
These changes will be rolled out in phases, with full implementation expected by 2027. Companies and stakeholders are encouraged to stay informed and prepare for these upcoming requirements to ensure a smooth transition. We will continue to keep you updated on upcoming key dates.
Our Corporate and Commercial Team completed an impressive 30+ M&A deals for our clients last year, with around 20% of those with a deal value in excess of £10m. The team has seen a strong start to the year and we look forward with confidence to the rest of 2025.
Head of Corporate and Commercial Jeff Rubenstein commented ”M&A activity shows optimistic signs of growth in 2025. Our clients anticipate more favourable macroeconomic conditions, especially in our sweet spot of owner managed SME businesses, and we’re well placed to assist them in their ambitions.”
Lawrence Stephens has advised The Cotswold Company, the well-known premium furniture and homeware brand, on commercial contracts to support the expansion of its omni-channel presence through third party retailers. The company has launched its products on NEXT.co.uk and with John Lewis & Partners online, alongside the introduction of a dedicated brand space within the iconic Peter Jones store in Chelsea.
Founded in 1996, The Cotswold Company offers a range of thoughtfully designed furniture, with a focus on quality materials and craftsmanship. These contracts mark the brand’s first entry onto third-party retail platforms, complementing its fast-growing e-commerce site and 10 UK showrooms.
In a recent article in Retail Week, Cotswold Company chief executive Ralph Tucker said: “With our new partnerships with John Lewis Partnership and Next – both of which have gone live in time for Christmas – we’re making tangible steps towards delivering growth and becoming one of the UK’s leading premium homeware brands.”
Rachael Pinchbeck, Head of Commercial Finance, The Costwold Company said “Bradley and Craig were a pleasure to work with. Their contractual expertise and retail experience resulted in the smooth and timely completion of contracts ahead of our successful launches. We look forward to working with Bradley and the Lawrence Stephens team on future projects.”
Director Bradley Lee advised on the commercial contracts, while real estate advice was provided by Director Craig Mullen.
Lawrence Stephens is delighted to have advised The Compliance Group on the acquisition of Electrical Test Midlands (ETM), a leading specialist in electrical testing and compliance with over two decades of expertise.
Established in 2019, the Compliance Group is a leading integrated provider of safety and regulatory compliance services across electrical, fire and water. They help their clients to reduce risk, improve safety and assure regulatory compliance in a wide range of sectors.
The Group, one of the Ansor portfolio of companies, has become one of the UK’s leading compliance businesses through a combination of organic growth and acquisition. This is the Group’s fourth acquisition in 2024, following the earlier acquisitions of CT Fire Protection, Fire Safe Services and Intersafe. Lawrence Stephens is proud to have advised on all these transactions.
The team was led by Managing Director Steven Bernstein, with assistance from solicitors Isobel Moran and Carla Bernstein.
Phil Campion, Managing Director of Compliance Group Electrical, said of the deal: “ETM brings an exceptional level of technical skill, a commitment to customer service, as well as shared values of responsibility and sustainability. We are excited to welcome them into Compliance Group’s Electrical Division and further strengthen our position in the electrical safety and testing space and offer more comprehensive services to our clients across multiple sectors.“
Rachel Reeves finally delivered the first budget of the new Labour Government on 30 October 2024. Following intense speculation beforehand (including our own!), industry commentators in the aftermath of the announcements were suggesting that the budget was not as dramatic as they had expected. Perhaps this was more down to the carefully thought-through campaign leading up to the announcements and an excellent presentation of the changes on the day.
Most commentators have, however, pointed out that these changes will mean that businesses and entrepreneurs will be paying more tax, in some cases as soon as today. Now that the dust has settled and further analysis has taken place, we can take a look at the key changes introduced and their implications for owner-managed businesses.
Capital Gains Tax (CGT)
Business owners considering selling their company will be very interested in any changes to CGT. These were keenly anticipated, and it was confirmed that these and the tax on carried interest will rise from April 2025.
With immediate effect, the rates of CGT increased from the current 10% (for basic rate taxpayers) and 20% (for higher and additional rate taxpayers) to 18% and 24% respectively. There are special provisions for contracts entered into before 30 October 2024 but completed after that date. Anti-forestalling rules were also introduced with immediate effect which can, in certain circumstances, apply to unconditional contracts entered into before 30 October 2024 which were not completed by then. The rates for selling second properties remain at 18% and 24% respectively.
The CGT rate for Business Asset Disposal Relief (BADR), which can apply to lifetime gains of £1m on certain disposals by employees and directors in their unlisted businesses, will continue. However, the tax rate will increase from the current 10% to 14% for disposals made on or after 6 April 2025, and from 14% to 18% for disposals made on or after 6 April 2026. It has been calculated that this will mean an increased bill of up to £80,000 for those planning to sell their businesses after April 2026.
Investors’ Relief (IR) provides for a lower rate of CGT to be paid on the disposal of ordinary shares in an unlisted trading company where certain criteria are met, previously subject to a lifetime limit of £10m of qualifying gains for an individual.
It is aimed at encouraging entrepreneurial investors to inject new capital investment into unquoted trading companies.
The CGT rate for IR, which applies in similar circumstances to BADR but where the investor is unconnected with the business, will increase in parallel with the BADR rates. Furthermore, the lifetime limit for this relief will also reduce from £10m to £1m for disposals made on or after 30 October 2024, significantly limiting its financial benefit going forward.
Carried interest changes
Carried interest refers to the performance-related rewards received by fund managers, primarily in the private equity industry. Previously, carried interest was taxed at lower capital gains tax rates, compared with income tax rates. The Budget changes included an increase in the CGT rate for all carried interest gains to a new flat rate of 32%, applying to carried interest arising on or after 6 April 2025. This is a temporary measure ahead of wider reforms that will apply from the following tax year. From 6 April 2026 a specific tax regime for carried interest will be introduced, moving it from the CGT framework to income tax. All carried interest will then be treated as trading profits and subject to Income Tax and National Insurance Contributions (NICs). However, the amount of ‘qualifying’ carried interest subject to tax will be adjusted by applying a multiplier resulting in an effective tax rate at 34.1% including NICs. Some might see this change as somewhat cosmetic, but it seeks to deal with some of the negative perceptions about carried interest representing remuneration rather than true capital gains.
These are all significant changes but, according to an analysis by Grant Thornton, this “still presents an attractive environment for management incentives and investors and is unlikely to discourage ongoing deal activity”. They “therefore expect the impact on M&A to be less severe than anticipated with the announcements ensuring the UK remains an attractive and internationally competitive environment for investors”.
Changes to Inheritance Tax (IHT)
While the CGT announcements were not as drastic as some had been speculating, the IHT reforms present a substantial shift in the tax landscape, especially for entrepreneurs and business owners. The changes introduced in the budget have particularly alarmed farmers and small business owners as from 6 April 2026, a 20% tax rate – half the headline inheritance tax rate of 40% – will be applied to the value of farms and businesses worth more than £1m when they are passed on.
The existing 100% business property relief and agricultural property relief will continue only for the first £1m of combined agricultural and business property after 6 April 2026. The rate of relief will be 50% thereafter, effectively making this a 20% IHT charge.
This presents a risk for family business owners as well as their companies, which will no doubt have to play a major part in funding any IHT that is due.
Changes to National Insurance contributions
From April 2025, employers’ NICs will increase from 13.8% to 15%. The threshold at which employer NICs become payable will fall from £9,100 to £5,000. To help mitigate these additional NICs costs for smaller employers, the employment allowance (which allows businesses whose annual NICs bill is less than £100,000 to reduce their NICs costs) will increase from £5,000 to £10,500 per year, and will apply to all businesses as the £100,000 threshold will be removed.
These changes present a challenging scene for our retailer and hospitality clients. The changes in NICs will be accompanied by increases to the National Minimum Wage and National Living Wage rates. This rising cost base will be particularly felt by people heavy businesses, perhaps making life on the high street even harder.
