The government’s promised new Fair Payments Code was launched last week 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.
In the runup to Small Business Saturday last week, a new Disability Finance Code was launched. Research indicates that if opportunities were improved for disabled founders, it could unlock an additional £230 billion for the UK economy in growth and jobs. Barclays, HSBC, Lloyds and NatWest have all signed up to this new scheme to help more disabled entrepreneurs get access to finance and support to start their own business.
The Transport Secretary has revealed that South Western Railway’s services will be the first to transfer into public ownership in May 2025. C2C will be transferred in July 2025, with Greater Anglia following in autumn 2025. The Department for Transport expects to transfer all passenger services that are currently being operated under contracts to public ownership within the next 3 years.
The UK Atomic Energy Authority (UKAEA) reported last week that its scientists and engineers along with the University of Bristol have successfully created the world’s first carbon-14 diamond battery. A battery of this type has the potential to provide power for thousands of years, making it a very convenient and long-lasting energy source.
In a survey of 1,025 employees carried out by ACAS, 9 in 10 said they thought it was important for mental health to be prioritised at work. As a result, ACAS is encouraging employers to have empathetic conversations with their staff to ensure mental wellbeing is supported in the workplace. Many do not like to talk about mental health and not everyone will show obvious signs of poor mental health.
In the run up to the winter holidays, you may be considering taking on additional temporary staff to help with the workload. While these staff may only be with you for a short period, you still need to consider them for pension purposes each time you pay them. Staff need to be put into a pension scheme based on their ages and how much they earn. This applies to family members too.
With last week being Charity Fraud Awareness Week, the Charity Commission has unveiled updated guidance to help trustees protect their charities from fraud and cyber crime. This follows the regulator revealing that it opened 603 cases related to fraud and 99 cases involving cyber crime in the past year.
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 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 newly published Get Britain Working White Paper.
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