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Practice News
DPC are part of the fastest growing accountancy firm in the UK!
Sumer has been recognised in this year’s Top 50+50 Accountancy Firms, by Accountancy Age! It’s official, we’re now the fastest growing accountancy firm in the UK! It’s not just about numbers or rankings; it’s about the incredible team that made it happen and the trust of the clients who believe in us.
Business Fives Football Fundraiser
Earlier this week, DPC’s five aside team braved the snowy cold weather to compete in a charity football tournament at the Powerleague in Stoke-on-Trent. Our team was playing to raise money for the aiM charity – this is a local charity that was set up by the parents of Mia who tragically passed away in December 2022 from sepsis. The charity works to raise awareness of Sepsis to save lives and hopefully stop others feeling the same pain as Mia’s family.
Launch of United Growth Briefing Paper
On Wednesday 11 September we attended The House of Lords for the launch of the United Growth Briefing Paper prepared by The Entrepreneurs Network and supported by Sumer. The paper highlights to the policy makers the 5 key areas that are important to SMEs to allow them to grow and therefore help our economy grow.
Blogs and Articles
Bad weather doubles soil run-off incidents in Devon and Cornwall
The Environment Agency (EA) have reported an increase in soil run-off incidents in Devon and Cornwall during January. There were 25 incidents of heavy rain carrying loose soil running from fields – almost double the number of incidents reported in January 2024. This can be bad news for farmers as crops, top soil, organic matter and nutrients are lost in run-off incidents. In addition, there are then the costs of recultivating those fields.
Chancellor encourages investment in emerging markets
The Chancellor Rachel Reeves met recently with major financial firms at Canary Wharf, encouraging them to invest in emerging markets to boost Britain’s economy. A key initiative launched at the meeting was the “London Coalition on Sustainable Sovereign Debt,” which aims to improve debt financing in developing countries by bringing together private sector and government stakeholders.
Cultural projects to receive £67 million of funding
10 major culture projects around the UK are set to receive additional funding amounting to more than £67 million. The projects may provide a welcome boost to attracting tourism to these areas, as well as opportunities for local construction and other businesses.
AI needs a human-centred approach
The Institute of Chartered Accountants in England and Wales (ICAEW) have published an insight piece based on a study carried out by technology market analyst, IDC. The study indicates that AI could help CFOs with some of their biggest challenges, but only if it is human-centred. Finance teams in businesses need to build practical applications of AI that work along with them instead of replacing them.
Charity investigated over financial controls
The Charity Commission have launched a statutory inquiry into Zlotchiv over concerns about its financial controls. It appears that irregularities in the charity’s financial management include a series of bounced cheques from the charity’s bank account alongside payments that appear to be related party payments but were not disclosed by the charity in its annual returns.
Arts Everywhere Fund to provide £270 million of support
The creative industries provide about £124 billion to the UK economy, with the cultural sector supporting 666,000 jobs. However, many arts and culture related venues, museums, libraries and heritage buildings are struggling. The Arts Everywhere Fund will provide additional financial support to the creative industry, particularly aimed at organisations in urgent need of financial support to stay up and running and to carry out vital infrastructure work.
Business Rates Relief confirmed for 2025/26
A letter from the government’s Non-Domestic Rates Team to councils has confirmed the Business Rates Relief measures for 2025/26 announced at the 2024 Autumn Budget. Here’s a summary.
Surprise jump in inflation: How to navigate your business
Inflation figures for January 2025 were released last week and showed a surprising jump to 3.0%, up from 2.5% in December. The Office for National Statistics (ONS) reported that the largest upward contribution to the change came from transport, and food and non-alcoholic beverages.
Wages growing faster than inflation
Latest figures released by the Office for National Statistics (ONS) show that average wages are continuing to grow faster than inflation. After adjusting for consumer price inflation (CPI), wages rose 3.4% between October and December 2024 when compared with the same period in 2023. Unemployment figures also appear to be encouraging, with the UK’s unemployment rate remaining at 4.4%.
40% business rates relief for film studios
Beginning last week (17 February), Local Authorities were able to begin awarding a 40% reduction in business rates bills to film studios. The tax relief is aimed at boosting the film industry in the UK and contributing towards more box office hits being made. The creative industries sector employs 2.4 million people and provides £124.6 billion to the UK economy.
Gloomy predictions: How can you maintain confidence
According to a survey of 2,000 businesses carried out by the Chartered Institute of Personnel and Development (CIPD), just over a third are planning redundancies or to recruit fewer people ahead of National Insurance and Minimum Wage rises this April. 42% of those surveyed have said they will increase prices to cover the increased costs. 25% are looking at cancelling or downscaling plans for investing or expanding their business.
CMA expresses concern about Topps Tiles expansion
Topps Tiles, which is the largest tile specialist in the UK, purchased 30 CTD Tiles stores as part of a deal after CTD entered administration in August 2024. CTD was previously the second largest specialist tile retailer in the UK, so this was a sizeable acquisition for the tile world.
Can you spot statistical misuse?
While numbers don’t lie, it’s well known that they can be manipulated to fit a story. Can you tell when it’s happening? The Office for National Statistics (ONS) are running a webinar that they describe as eye-opening and will do a deep dive into the world of statistical misuse.
Should you be paying tax on your side hustle?
Conventional approaches to work and earning an income are changing and with the cost of living ever rising, many now use various ways to make some extra cash outside of their main job. If that’s true of you then you may wonder whether you need to pay tax on those earnings. HM Revenue & Customs (HMRC) have launched a new campaign aimed at demystifying whether you need to tell them about your side hustle earnings so you can avoid any nasty surprises.
Extra flexibility for apprenticeships
The Department for Education have released details of additional flexibility coming to apprenticeships. When adult learners over the age of 19 start their apprenticeship course, businesses will now be able to decide whether they need to complete a level 2 English and Maths qualification (equivalent to a GCSE) in order to pass the course.
Reforms to homebuying coming
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.
AI: The good and the bad
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.
Data protection fees to increase by 29.8%
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.
