Category: Business News

Shawbrook Bank recently conducted research that indicated that half of small business owners have had to raid their savings to fund their businesses. Their survey found that small businesses applying for finance from lenders over the last year said that it didn’t meet their needs. So, they were using savings and credit cards to provide the necessary funds to grow their business.

The latest labour market report from the Office for National Statistics shows a few important trends that might affect your business. First off, it looks like the job market is starting to cool down. It’s estimated that there are fewer job openings now, which means businesses aren’t hiring as much as before. On top of that, the unemployment rate has gone up to 4.4%, which is higher than it was last year.

If you are a female entrepreneur in the UK, you can now access a new resource designed to help you access the finance you need to start, grow, and scale your business. The new hub is designed as a one-stop shop that provides the resources and information you need.

We reported last week that the Fisheries and Seafood Scheme (FaSS) had been reopened after a further £2 million of funding was made available. However, due to overwhelming demand the scheme has now been closed to new applications.

As accountants, we are often asked about the financial and tax implications of buying a second home. Sometimes the pull of a country or seaside retreat might inspire you to think about having a second home. Or maybe you have spare cash or income and are wondering if a second home could be a good investment.

At WWDC 2024 last week, Apple unveiled its much anticipated first step into artificial intelligence. Apple’s strategy is to use AI within its ecosystem to enhance user experiences, focusing on practical applications. These AI features are designed to enhance the functionality of Apple’s operating software for Mac, iPad and iPhone, and one of the standout features is an update to Siri, Apple’s voice assistant, that will improve its voice control and functionality.

Sticking with an AI theme, Microsoft also recently announced changes to Windows that will incorporate Copilot+, its AI solution. One of the new features of Copilot+ is called “Recall” where screenshots are frequently captured of whatever desktop activity is happening at that moment and then storing them. This was advertised as a function to make users’ lives easier.

The news is currently full of reports on the general election, so much so that you may be inclined to switch off rather than hear any more about it! Of course, we have no wish to take sides or promote the views of one party over another. However, regardless of what happens and who eventually wins, a general election represents a significant event that can shape the economic landscape of a country.

The Charity Commission has recently concluded its regulatory compliance case into the Actors’ Benevolent Fund and has drawn out some lessons that can benefit all charities. The case was opened in February 2022 over concerns about how the Fund was being governed and its financial controls.

The Bank of Canada announced a cut of a quarter of a percentage point to its key interest rate last week, bringing the rate down to 4.75%. Canada is the first country in the G-7 to cut rates following the moves in recent years to increase rates throughout the worldwide economy. Canada has been increasing rates since March 2022 to deal with inflation.