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.
The UK government has struck a deal with Czech billionaire Daniel Křetínský’s EP Group to secure the future of Royal Mail, a move that could have significant implications for the postal service in the UK. The agreement, announced on 16 December, includes legally binding commitments aimed at maintaining Royal Mail’s services, workforce protections, and its headquarters in Britain.
The Competition and Markets Authority (CMA) has started a consultation on draft guidance on the protection from unfair trading provisions in the Digital Markets, Competition and Consumers (DMCC) Act 2024. Chapter 1 of Part 4 of the DMCC Act includes provisions on unfair commercial practices that replace and update the Consumer Protection from Unfair Trading Regulations 2008.
Additional import controls have been introduced to protect UK sheep and goats against ‘peste des petits ruminants (PPR)’. As from 18 December 2024, commercially produced and packaged sheep and goat milk and milk products are not permitted from Bulgaria. This is because of an outbreak of PPR in Bulgaria last month.
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