The government announced major plans last week to modernise the house buying and selling process. The reforms centre on digitalising and making property and identity data available electronically. This will allow mortgage companies and surveyors to have information within easy reach. It is thought that these changes will help to avoid surprises being encountered late in the process, with the waste of time and money that goes with that.
Artificial intelligence (AI) continues to make headlines as businesses work out how to make effective use of it. The government is continuing to push for growth in the AI industry. Last week, it opened bidding so that local authorities can submit proposals to become the next AI Growth Zone. It expects thousands of jobs to be created as a result and that it could rejuvenate local communities in various parts of the UK.
Following a consultation in 2024, the fees payable by data controllers to the Information Commissioner’s Office (ICO) will be increased by 29.8%. There is a £5 discount for direct debit payments and any organisations that are currently exempt from paying the fee will continue to be exempt.
Following the reduction in the Bank of England base rate, HM Revenue & Customs (HMRC) have confirmed that their interest rates will be reduced accordingly.
Late payment interest will reduce to 7% from 7.25%. Repayment interest – paid on tax repayments – will be reduced to 3.5%.
The UK government has intensified its crackdown on illegal working, with January 2025 seeing record enforcement activity. Home Secretary Yvette Cooper announced these efforts as the Border Security, Asylum, and Immigration Bill returned to Parliament last week.
The Security Industry Authority (SIA) has reported that a director for a Manchester-based security company has been fined for failing to comply with an investigation into the use of unlicensed security operatives. The law requires security operatives working under contract to hold and display a valid SIA licence. Merseyside Police reported to the SIA that unlicensed security operatives had been used at a venue in Liverpool.
The UK government is consulting on changes that will require private landlords in England and Wales to meet higher energy performance ratings by 2030. Currently, 48% of all private rented homes have an Energy Performance Certificate (EPC) of C or above. However, under new plans the government is proposing that by 2030 all privately let properties will need to meet a minimum EPC C.
Road schemes affecting Wiltshire, Leeds, Essex and Buckinghamshire were given approval last week following the grant of £90 million of government funding. The improvement in infrastructure these schemes will bring is expected to help businesses be able to transfer goods more easily and generate growth in the economy.
Starting a business in the UK is an exciting venture, but it comes with financial, tax, and accounting responsibilities that you must navigate effectively. Understanding what you will need to do from the outset will help make sure that you don’t miss anything, avoid unnecessary costs, and position your new business for success.
The Bank of England reduced their base rate to 4.5% last week, as had been widely expected in the days leading up to the decision. The decision was made by a 7-2 majority. The minority of two members were looking for the rate to be reduced to 4.25%. In announcing their decision, the Monetary Policy Committee (MPC) outlined their thoughts on the economy.
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