January can often be the time of year when entrepreneurs start to make plans for a new business. The Information Commissioner’s Office (ICO) has published some guidance to help entrepreneurs think about data protection when setting up their business, so they get it right from the start.
Recent immigration enforcement activity has highlighted the need for employers to ensure their workers have the right to work in the UK. With thousands of enforcement visits, arrests, and hefty fines being issued, businesses that neglect their responsibilities risk serious consequences.
The government has announced that it will provide an additional £5 million of support to Bradford, which is the 2025 UK City of Culture. The funds, which bring total support provided to £15 million, will be used to help in delivering a programme of events and support a legacy of cultural regeneration. It is expected that 6,500 jobs will be created in the area as a result of Bradford being UK City of Culture.
The government has unveiled some significant reforms to employment support, underpinned by a £240 million investment. The measures aim to address deep-rooted issues of unemployment, economic inactivity, and barriers to work, as detailed in the recently published Get Britain Working White Paper.
HM Revenue and Customs (HMRC) have issued a reminder to be careful about scam attempts that target people filing Self Assessment tax returns. In the last year, nearly 150,000 scam attempts were referred to HMRC, a 16.7% increase on last year. With the 31 January 2025 filing deadline approaching, fraudsters are likely to step up their activities.
The government’s promised new Fair Payments Code was launched last month to try and tackle late payment problems that can be particularly harmful to small businesses. The code introduces a gold, silver, and bronze system that smaller firms can use to identify business partners who have made themselves accountable to pay fairly and within certain time limits.
New changes come into effect from January 2025 where online platforms, such as eBay and Airbnb, will start sharing some user sales and personal data with HM Revenue and Customs (HMRC). Although these reporting requirements have caused concern, HMRC have confirmed that there are no changes to the tax rules for someone selling unwanted possessions online.
The Cabinet Secretary for Finance & Local Government, Shona Robinson delivered the 2024/25 Scottish Budget on 4 December. This Budget was centred on the following priorities to eradicate child poverty; grow the economy; tackle the climate emergency; and ensure high quality and sustainable public services.
The Welsh budget was announced on 10 December. The key decisions for Welsh businesses and individuals were as follows.
Rachel Reeves, the Chancellor of the Exchequer, has confirmed 26 March 2025 as the date for the Spring Forecast. The Office for Budget Responsibility is required to produce two forecasts each financial year by the Budget Responsibility and National Audit Act 2011.
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