The future of UK coins and notes will be protected

(2 minutes to read)

At the 2018 Spring Statement, Chancellor Philip Hammond announced a Treasury consultation into the future of the current mixture of coins in circulation.

The current make-up of the UK’s coins and notes is here to stay for years to come as the government has committed to protecting its future.

Before the announcement, Federation of Small Businesses National Chairman Mike Cherry said, “While a growing numbers of transactions are electronic, cash is still an essential part of the mix for small businesses as well as consumers.

“A firm wanting to charge 99p should still have the freedom to hand a penny change to a customer paying with a £1 coin.”

The Chancellor, Philip Hammond, is to announce plans to help safeguard access to cash by establishing a new group chaired by the Treasury.

The statement will be made during the Verdict of the Pyx ceremony in London, where he will also reiterate that there will be no changes to current coins and notes, with all denominations – from the penny to the £50 note – staying in circulation.

The government says that this will complement work to support digital payment methods, which ‘continue to revolutionise and expand the ways people manage their money’.

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The Chancellor, Philip Hammond, commented, “Technology has transformed banking for millions of people, making it easier and quicker to carry out financial transactions and pay for services.

“But it’s also clear that many people still rely on cash and I want the public to have choice over how they spend their money.”

Natalie Ceeney CBE, Chair of the Access to Cash review, added, “Cash use is falling rapidly, but digital payments don’t yet work for everyone. We need to safeguard the use of cash for those who need it, and at the same time work hard to ensure that everyone can participate in the digital economy.

“If we sleepwalk into a cashless society, millions of people will be left behind. I’m delighted to see the Government taking a leadership role on this critical issue – and look forward to seeing action as a result.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.

Why Dolan Accountancy?

Dolan Accountancy was set up by Simon J Dolan, the man behind the well-known brand SJD Accountancy. With over 25 years experience in the contracting marketing, Dolan Accountancy has the heritage, reputation and credibility you can trust. Working closely with our sister company, ContractorUmbrella, it means we can offer one low cost, fixed fee package at £95 + VAT per month. This gives you the flexibility of using both our Limited Company Accountancy Services and our award winning Umbrella Service, for one inclusive cost. We don’t believe in tiered packages or hidden extra fees, instead we aim to give you everything you need, including:

  • Free Company Formation – This is where it all begins. Once you have decided on an available name, we will form your company free of charge (if using our accountancy services) and it will be ready for you to use in as little as three hours.
  • Free use of ContractorUmbrella – With changes in Public Sector IR35 Legislation we understand that sometimes you are required to contract via an umbrella company. We will keep your limited company ticking over, while you work margin free via our sister company, ContractorUmbrella.
  • A Dedicated Accountant – Your accountant will be there for any company or personal tax advice that you require. We will never outsource work, even to internal teams.
  • Free Access to FreeAgent – The founder behind the multi award winning FreeAgent platform was one of Simon’s first clients, therefore it only seems fitting that we offer all of our clients access to FreeAgent, free of charge.
  • Free Business Banking – We have decided to waive our commission so our clients can use Tide free of charge for the first year.
  • Unlimited IR35 Status Reviews – We will review all of your contracts for IR35 purposes and provide you with our professional opinion as to its status.
  • Free Registered and Director’s Service Office Address – Sometimes you just don’t want your home address on display at Companies House. When you sign up to our accountancy services, we will offer the use of our address as an alternative.
  • Your Business and Personal Taxation Needs – This includes Company Accounts, Director’s Personal Tax Return, VAT Returns, Payroll, Corporation Tax and Dividend advice, to name just a few.

If you’d like to find out more about how Dolan Accountancy can help you and your business, please give us a call on 01442 795100 or email sophie.lewis@dolanaccountancy.com or jaime.thorpe@dolanaccountancy.com.

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