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.
The Office for National Statistics’ (ONS) latest official figures for October show that the economy shrank for the second month in a row, while pay growth increased for the first time in more than a year. The official figures show that Gross Domestic Product (GDP) – often used as a measure of the economy as a whole – fell by 0.1% in October. This follows a similar reduction in September of 0.1%.
The EU’s General Product Safety Regulation (GPSR) came into force on 13 December. Many small businesses have ceased exports to the EU and Northern Ireland as a result. The GPSR replaces the EU’s General Product Safety Directive (GPSD). Because of the growth in digital commerce and drop-shipping, there has been an increase in selling substandard or even dangerous goods.
© 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.
