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Business News England
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Welcome to the DPC round up of the latest business news for our clients for 16th December 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…
Spread the cost of the Self Assessment bill over regular monthly payments
With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self Assessment tax returns, the prospect of having to make a heavy tax payment at the end of January 2025 may be causing you concern.
Did you know that HM Revenue & Customs (HMRC) provides an option to spread the cost of your tax bill with their Time to Pay system?
Levelling the Playing Field
The UK Government has announced new measures to ensure online marketplaces and vape producers contribute fairly to the costs of recycling electrical waste. Circular Economy Minister Mary Creagh revealed the plans last week, marking a significant step towards creating a circular economy and supporting UK retailers.
Currently, UK-based retailers bear most of the financial burden for recycling electrical items such as toasters, hair curlers, and vapes. This has placed them at a disadvantage compared to online marketplaces that often avoid such costs. The new rules will require online retailers to pay their share, providing a fairer system for all businesses.
New step-by-step tool introduced
HM Revenue and Customs (HMRC) have announced the launch of a new interactive online tool and clearer guidance for those who are already self-employed and those considering it.
The new tool explains what records a self-employed person may need to keep, taxes that may apply to their business, and includes other useful information, such as how to pay a tax bill.
HMRC’s new Set Up as a sole trader: step by step guide can help people who work for themselves understand the situations in which they may need to register as a sole trader and how they can do so.
Anyone for coffee?
Those of us that rely on a coffee-fix to get the day started may see this get more expensive. Coffee prices on international commodity markets soared to their highest level on record last week.
The price for Arabica beans, the most used beans in global production, increased to $3.44 a pound, increasing by more than 80% this year. Robusta beans similarly reached a fresh high in September.
A lucrative market reopens
British pork producers are celebrating a major breakthrough as China’s Covid-era restrictions on UK unprocessed pork exports were ended. Industry estimates suggest this development could boost revenues by around £80 million, offering significant benefits to UK farmers and the economy.
The lifting of restrictions means British bangers and other premium pork products can once again be exported to China. Major UK producers have already received the green light to restart exports. This allows them to seize opportunities in a market that purchased £180 million worth of pigmeat in 2023. China could therefore potentially be the UK’s biggest non-EU customer.
Re-energising European economic relationships?
Chancellor Rachel Reeves spoke last week at a meeting of EU finance ministers as part of the government’s attempt to perform an economic reset with the EU. It was the first time a UK chancellor has attended such an event since the UK left the EU.
The Chancellor spoke about tackling shared challenges including the war in Ukraine, championing free trade as a driver of economic competitiveness, and strengthening bilateral economic partnerships. She said she was looking for a reset that would break down barriers to trade, create opportunities to invest and help businesses in both the UK and EU countries to sell in each other’s markets.
Revamped web offering to debut in 2025
A new Business Growth Service has been launched that is designed to help businesses across the UK to get quicker and easier help, support and advice.
The new service has been initiated in response to small businesses finding the business support landscape fragmented and complex. Only 26% of UK SME employers reported that they sought external advice or information in 2023.
The Business Growth Service will develop a revamped web offering that will launch in the first half of 2025.
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