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Business News England
Welcome to the DPC round up of the latest business news for our clients for 12th August 2024.
Please contact us if you want to talk with out team of experienced Stoke-on-Trent accountants about how these updates affect your business. We are here to support you!
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THIS WEEK…
Make a plan that works
For businesses, having a strategic plan in place is vital for the long-term success and sustainability of the business. It serves as a roadmap for your business that gives you a clear direction, sets out the priorities, and helps you to make sure that you are using your resources effectively to reach your goals.
There are some potential drawbacks though and we will discuss a few so that you can avoid them.
Speculation rises
Chancellor Rachel Reeves visited the US and Canada last week, and during an interview with Bloomberg was asked whether she was considering increasing capital gains tax.
She replied: “We’ve got a budget on October 30 and we will set out our policy then, but it’s always important when you’re deciding tax policy to strike the right balance. Of course, you need to bring in the revenue to fund public services, but we’ve also got to grow the economy. I won’t do anything that makes it harder to achieve that economic growth and prosperity.”
The Chancellor has ruled out raising VAT, income tax rates or National Insurance rates, but this has added speculation on whether other taxes will be increased.
Strides forward in AI usage
The UK government has announced £32 million in funding for 98 innovative AI projects, aimed at improving efficiency in various sectors. These include delivery of prescriptions, railway maintenance and training construction workforces. The funding will support over 200 businesses and research organisations across the UK.
The projects span across the UK from Southampton to Birmingham and Northern Ireland.
Base rate cut
The Bank of England’s decision to reduce the base rate to 5% means that HM Revenue & Customs (HMRC) will also reduce their interest rates.
The interest rates charged by HM Revenue and Customs on late tax payments, as well as the rates they pay on repayments are linked to the Bank of England’s base rate. Late payment interest is charged at base rate plus 2.5%. Repayment interest is paid at base rate minus 1%, subject to a minimum of 0.5%.
Payment date brought forward
Last week, the Rural Payments Agency (RPA) announced that 98% of eligible farmers have now received their first instalment of the new delinked payments.
The second instalment is due to be paid from 30 September. This is earlier than originally planned. According to RPA Chief Executive Paul Caldwell, the payment has been brought forward “to make sure farmers are paid promptly to improve cash flow during this challenging period.”
Farmers will receive support via delinked payments until 2027.
Find out what you are owed
The first of the 2024 Sustainable Farming Incentive agreements for 2024 are now live.
A tool is available that can help you find out about grants and funding that you may be eligible for.
The tool doesn’t confirm your eligibility, but it is a good way of tracking down actions that you may be able to get paid for.
Take advantage of CPD
Small Business Britain has opened up registrations for its September instalment of the Small and Mighty Enterprise Programme.
This is a six-week CPD accredited programme that’s designed for small businesses and will give sole traders and micro businesses expert guidance and mentoring to help them grow.
Strikes act to be struck down
The government has announced its intention to repeal the Strikes (Minimum Service Levels) Act 2023.
The Act was intended to ensure minimum service levels were maintained during strikes, particularly in critical sectors that are essential for the safety, health, and welfare of the public. This includes services like healthcare, transportation, education, and emergency services.
Waste not…
Wastewater Fuels, located in Warwickshire, have come up with a new innovation that harnesses energy from wastewater.
Stainless steel mesh rods are used in wastewater to break down organic material into hydrogen ions that are then converted into hydrogen gas and stored in the rods.
The process has been tested in several trials and production of a full-scale sewage facility that makes use of it has now been given the green light.
Helping organisations protect themselves against cyber threats
The National Cyber Security Centre (NCSC) have announced an introduction to Active Cyber Defence 2.0.
Because NCSC is part of Government Communications Headquarters (GCHQ) it has access to unique information that can help it to supplement the commercial market in providing defences against cyber attacks.
NCSC already provides a suite of services that can help organisations protect themselves against cyber threats, most of which began in 2017. Since cyber capabilities of organisations generally have evolved, as do cyber threats, NCSC is looking to put together a next generation suite of services under Active Cyber Defence 2.0 (ACD 2.0).
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