A recent investigation by the Competition and Markets Authority’s (CMA) independent inquiry group has revealed that competition in the UK cloud services market is not functioning as effectively as it could. Cloud services form the backbone of modern business operations, supporting industries ranging from financial services and retail to digital start-ups and public services.
Concern has been raised about various shops and service firms not accepting cash and therefore excluding those who rely on cash to pay for things. While some countries appear to be planning to put rules in place that require essential services to accept cash, the UK does not seem as though it will be following suit.
28 January 2025 was Data Protection Day and the Information Commissioner’s Office (ICO) used it to highlight the opportunities and challenges related to AI and data protection. AI adoption is integral to the government’s growth plans, however the ICO are keen to make sure that the opportunities AI brings are taken up in a way that keeps people safe.
As part of the government’s efforts to drive economic growth, the Trade Secretary has appointed a new ‘global growth team’ of UK Trade Envoys with the goal of driving UK exports and investment. 32 MPs have been assigned target markets across the globe and have been tasked with identifying trade and investment opportunities for businesses as well as championing the UK as the place to invest for investors in those markets.
The Prime Minister and Chancellor met with business leaders last week and unveiled proposals to give occupational defined pension schemes more flexibility. Restrictions will be lifted on how well-funded, occupational defined benefit pension funds that are performing well will be able to invest their surplus funds. It is hoped that this will pave the way for future growth across the economy.
A deposit return scheme, which more than 50 countries worldwide are now using, gives people a financial incentive for returning empty bottles and cans to a collection point, such as at a supermarket. According to government supplied statistics, the average return rate in Europe is 90% with Germany leading the way at 98%.
Recent economic developments have sparked concerns among UK businesses. Government borrowing costs surged in December to their highest levels in four years, and this has drawn heavy criticism of the Chancellor’s fiscal strategy. The BBC reported that the gap between government spending and tax revenue widened to £17.8 billion in December, compared with £10.1 billion a year earlier.
Starting from 31 January 2025, entry summary declarations will now be required for goods imported into Great Britain (GB) from the EU. This extends the already existing requirements to submit entry summary declarations for imports into GB from countries outside the EU and exit summary declarations for exports to the EU.
A report released by the Public Accounts Committee (PAC) has further criticised HM Revenue & Custom’s (HMRC) phone service. It found that nearly 44,000 customers were cut off without warning after being put on hold for more than an hour in the first 11 months of last year. Having criticised HMRC’s phone service last year, the committee said the service was worse again since it’s last report. It said HMRC had “damaged trust in the tax system” as a result.
There are only a few days left now to file 2023-24 tax returns before the 31 January deadline. Failing to meet the deadline can result in penalties as well as interest on tax that’s paid late. If you are self-employed and usually complete your own tax return, you may find that the 2023/24 tax return requires you to complete extra entries due to basis period reform. There may also be additional tax to pay as a result.
© 2018-2024 DPC Accountants, part of the SUMER Group
. All rights reserved.
Sumer Privacy Policy | Terms & Conditions | Disclaimer | Cookies Policy
In accordance with the disclosure requirements of the Provision of Services Regulations 2009, our professional indemnity insurers are AXA Insurance UK Plc, 20 Gracechurch Street, London, EC3V 0BG. The territorial coverage is worldwide excluding professional business carried out from an office in the United States Of America or Canada and excludes any action for a claim brought in any court in the United States Of America or Canada. Our professional indemnity insurance does not provide cover for claims arising from referrals by DPC to promoters of tax mitigation schemes that fall in to DOTAS or the Disguised Remuneration rules.
