Category: Business News

The Information Commissioners Office (ICO) recently reported on a reprimand they issued to a housing association after personal information became accessible in an online customer portal. Clyde Valley Housing Association in Lanarkshire launched a new portal in 2022. On the first day of its release a resident discovered they could access personal information about other residents. As a result, they called a customer service adviser to report the breach.

Recent surveys of UK business owners show us to be under pressure. This is no surprise. As a business owner, you’re constantly juggling multiple responsibilities and facing a myriad of challenges. While there are countless strategies for success, it’s equally important to be aware of potential pitfalls that could derail your efforts. In this article, we’ll explore seven common mistakes that business owners should avoid at all costs.

The so-called Micawber principle, as stated by Wilkins Micawber in Charles Dickens’ novel David Copperfield, says: “Annual income twenty pounds, annual expenditure nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.” This widely used quote on personal finance is just as relevant for business finance. For any business to be successful and sustain itself over the long term, it must make a profit, i.e. revenue must exceed costs.

Growing a business often requires capital. If you don’t have that capital personally or already in the business, then one option is to get finance from a bank. What types of finance are available? How can you present a request to a bank and have it accepted? We will endeavour to answer those questions in this article.

Since it was decided in 2017, landlines across the UK are being updated by telecom companies to new digital technology using an internet connection. The switchover should be complete by December 2025. The old analogue system, referred to as Public Switched Telephone Network (PSTN), has reached end of its serviceable life, and telecom companies are now finding it difficult to source the parts they need to continue maintaining it.

Larger corporations often have dedicated purchasing departments to handle procuring supplies, services and other business purchases. The government recently published a press release congratulating its procurement department on its 10th anniversary for saving taxpayers £3.8 billion last year. Specialising in this way allows for finding or negotiating the best deals for purchases and can save businesses considerable amounts of money.

According to the latest figures released by the Office for National Statistics, the Consumer Prices Index (CPI) rose by 3.2% in the 12 months to March 2024. This is down from 3.4% in February. The main reason for the change was that prices for food are rising by less than a year ago.

New guidance has been published by HM Revenue and Customs (HMRC) to help legal representatives find out what they need to tell HMRC to calculate the lump sum death benefit charge. When someone passes away and their estate includes certain financial products like pensions or life insurance products, any lump sum death benefit received by the beneficiaries might be subject to inheritance tax.