Business News England
Brought to you by DPC Accountants
Welcome to the DPC round up of the latest business news for our clients for 13th May 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!
THIS WEEK…
How can you save on capital gains tax?
With more of us are likely to be affected by capital gains tax, what can you do?
Over the last two years, the tax-free allowance for capital gains tax has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees).
These reductions mean that more and more of us are likely to be affected by capital gains tax.
Official figures show that the UK no longer in recession
Turning the corner?
Figures published by the Office for National Statistics on 10 May 2024 show that the UK has officially exited recession.
UK gross domestic product (GDP) is estimated to have increased by 0.6% in Quarter 1 (Jan to Mar) 2024, following declines of 0.3% in Quarter 4 (Oct to Dec) and 0.1% in Quarter 3 (July to Sept) 2023. The UK had entered a period of recession after its GDP had shrunk for more than two quarters in a row.
British AI company secures $1 billion funding for self-driving vehicles
Self-driving vehicles have the potential to reduce accidents
The artificial intelligence (AI) company, Wayve, has secured a $1.05 billion investment to develop the next generation of AI-powered self-driving vehicles.
The British company will be using this investment to develop and launch the first “embodied AI” technology for self-driving vehicles in the UK.
Introducing WorkWell: A £64 million initiative to support workplace health and well-being
Tailored workplace support
The UK government has announced a new initiative aimed at helping people with health conditions stay in or return to work.
The WorkWell pilot scheme, launched by the Department for Work and Pensions (DWP) and the Department for Health and Social Care (DHSC), will provide tailored support to individuals across 15 areas of England, connecting them with local services that can help them with their health and employment needs.
The National Academy for Mathematical Sciences Competition: An opportunity for you?
New opportunities opening up with economy boosting scheme
Are you ready to be at the forefront of shaping the future of mathematical sciences in the UK? An exciting opportunity has arisen with a government-launched competition to establish a new National Academy for Mathematical Sciences. This initiative aims to champion the immense value of maths, create future jobs, and turbocharge the UK economy.
Bounce Back Loan Scheme fraud investigations continue
Scheme abuse investigated
Rian O’Keeffe is the latest fraudster brought to justice as part of the ongoing investigations into abuse of the Bounce Back Loan scheme.
O’Keeffe applied for and received a £50,000 Bounce Back Loan in July 2020 based on a claim that it would be used within his business called Trainersource. He claimed that his business had been trading since March 2020 and had a turnover of £312,000.
Shott Scale Up Accelerator: Leadership programme opportunities available
Encouraging a new generation of entrepreneurial engineers
Making the leap from a technical expert to a business leader can be challenging. The Shott Scale Up Accelerator is a 12-month programme that aims to help senior decision-makers in high-growth engineering and tech SMEs develop the skills needed to scale their business to the next level.
The programme is funded by the Department for Science, Innovation and Technology and Ian Shott, who is a highly successful entrepreneur looking to support a new generation of entrepreneurial engineers.
Successful participants pay no costs for the programme.
New requirements for single sex toilet facilities
Responding to concerns for privacy and dignity
New requirements for single sex toilet facilities in new non-domestic buildings are being brought forward.
Mixed sex toilet spaces where cubicles and hand-washing facilities are shared have been on the rise, but concerns have been raised about the privacy and dignity they deny to both men and women.
