Welcome to June’s edition of Fab5, the last one prior to the refresh we have planned…
You’ll have heard us mention that lockdown derailed many of our plans but at last we have good news – we’re getting them back on track.
In the coming days we’ll be announcing something exciting, a fresh identity to complete the coming together of Phebys and Fabulous Group. This plan has been in the pipeline for well over a year and at long last, it feels like the right time to implement it.
We can’t wait to share it with you… look out for details landing soon!
In amongst our news, this month we’ve also got information about the expenses and benefits return deadline, the G7 Taxation changes as well as findings from a recent report on the retail sector.
Expenses and benefits returns 2020/2021
A form P11D must be filed for every employee who has been provided with taxable benefits and/or expenses in the 2020/21 tax year which have not been payrolled or included in a PAYE settlement agreement. The deadline for 2020/21 returns is Tuesday 6th July, penalties may be charged for returns that are filed late.
G7 Tax Deal
There is still a very long road ahead before it can be implemented but the tax deal agreed by the world’s leading advanced nations (G7) last week is the first substantive proof of revived international co-operation.
The deal aims to close loopholes multinationals have exploited to reduce their tax bills, ensuring they pay more in the nations where they operate. G7 ministers backed a global minimum rate of at least 15 per cent and agreed that countries should have the right to tax a certain proportion of the largest, most profitable multinationals’ profit in the locations where it is generated.
Negotiations are still very much in the early stages. The first hurdle the G7 agreement faces is winning the backing of the G20 group of nations, which will meet in Venice next month.
For now however, all we can do is watch this space.
A reset for retail
We recently read a report conducted by K3 and Retail Gazette about the retail industry and we wanted to share with you some of the insights from it.
While retailers like Arcadia group have been brought to their knees for lack of customer knowledge and agility, plenty of retailers have shown remarkable resilience, pivoting completely to meet customer needs.
Without doubt the past 12 months have pushed businesses to take a step back, reflect and revaluate, no more so than retailers.
K3 and Retail Gazette’s research shows that as devastating as the pandemic has been for the retail industry in terms of missing revenue, store closures and job losses, it has also provided a catalyst for change. It has provided an opportunity to introduce changes that have been needed for a long time, and to build in additional flexibility to ensure they can maintain all-important relevance in the unpredictable years ahead.
Retail Gazette and K3’s research found:
- Planning applications for new stores declined by 22% across England in 2020.
- 61% of UK retailers expect to have fewer but better stores in one year’s time, compared to just 18% of businesses predicting the next year will result in them opening more stores.
- Retailers are expecting bricks-and-mortar to be more technological, offer goods tailored to the community around them and provide compelling experiences.
- The retail industry is in ‘adapt or die’ mode. Now really is not the time for standing still.
- Retailers need to connect their offerings. A connected offering across channels gives retailers a better understanding of their customers.
- Customers are demanding greener operations from retailers, who plan to be more environmentally friendly.
Do you agree that the old normal is dead and buried? Is the high street slowly but surely making its peace with adaptation as a culture rather than a process to get from a to b?
We’d love to hear your thoughts on this subject from either a retailer or customer perspective.
If you wish to read the report in full, drop us an email and we can send you a copy.
Important news to note
We have outgrown our current office in Huntingdon and have reached the point where we need a space of our own.
From the start of July our new address will be:
4 Archers Court
Stukeley Meadows Industrial Estate
This will be the last Fab5 feature as we know it, watch this space for our refreshed look landing soon.