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Welcome to the DPC round up of the latest business news for our clients for 15th July 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…
Highlights from the Chancellor’s speech: What are the implications for tax and compliance?
Takeaways on tax
The new Chancellor of the Exchequer, Rachel Reeves, delivered her first speech as Chancellor last week outlining her plans for revitalising the UK economy. While her speech was inevitably political and included criticism for the previous government while emphasising her own role, there were also some key takeaways for her plans on tax. Here’s a summary with some comments on what they could mean for you.
New VAT registration tool released by HMRC
Time to register?
HM Revenue & Customs have released a new tool designed to help businesses find out what VAT registration would mean for their business.
For example, if the majority of customers for your business are VAT registered then there is no increase in costs for them, and so voluntary VAT registration can be worthwhile so that you can claim VAT back on the purchases you make.
The new government’s six first steps for change: Implications for your business
Change!
The new government has rolled out an ambitious plan to drive significant changes across the UK, and as your business advisors, we want to break down how these could impact you.
These initiatives span from economic stability to healthcare improvements, border security, energy production, social behaviour, and education reform.
Embracing nostalgia: Why you should consider selling retro items and services
Retro never goes out of style!
In a fast-paced world dominated by the latest technologies and trends, there’s a growing counter-movement that celebrates the past: the nostalgia for retro items. From vintage clothing to classic video games, consumers are increasingly drawn to products and experiences that evoke a sense of nostalgia.
For businesses, tapping into this trend can be highly lucrative. As an example, the Cheshire firm, Harmon Technology, Britain’s only manufacturer of 35mm camera film says sales of its ILFORD range of films and papers for black and white photography have grown over the past decade. They are making a multi-million-pound investment in new equipment to capitalise on the trend.
Growth Guarantee Scheme now open for applications
Increasing access to finance for smaller businesses
The successor to the Recovery Loan Scheme, the Growth Guarantee Scheme, has now been launched by British Business Bank.
The Scheme, which helps smaller businesses in the UK to be able to access finance, opened to applications via accredited lenders on 1 July 2024. The scheme includes access to term loans, overdrafts, asset finance, invoice finance and asset-based lending.
A key feature of the Scheme is that the government provides the lender with a 70% government-backed guarantee. The guarantee is to the lender only, the borrower always remains 100% liable for the debt.
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