Business News England
Brought to you by DPC Accountants
Welcome to the DPC round up of the latest business news for our clients for 16th September 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…
Growth areas identified
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.
SMEs are the bedrock of our economy and we were honoured to attend and support this initiative on behalf of the SMEs of Staffordshire and Cheshire.
Growth stagnates
Figures released by the Office of National Statistics last week show that the UK economy showed no growth in July 2024. This is the second month in a row as there was also no growth in June.
However, looking at the three months ending in July, Gross Domestic Product (GDP) – a measure used to assess the economy – has grown by 0.5% when compared to the quarter ended in April.
The figures suggest that the economy is facing a period of stagnation after the growth and optimism we saw earlier in the year.
Don’t fall foul of NMW laws
As HMRC intensifies its crackdown on National Minimum Wage (NMW) noncompliance, it’s vital to make sure you don’t fall foul of NMW laws. Compliance can have more complexities to it than many assume, and the risks of getting it wrong are significant.
It seems that HMRC are targeting SMEs. For instance, they have recently targeted SMEs in regions including Belfast, Liverpool, East Anglia, Watford, and the North East. They have plans to expand to additional areas over time.
Clearly it is important to make sure that you are using the correct rates of NMW pay. However, compliance isn’t just about paying the correct hourly rate. There are a few areas that you need to be aware of to make sure that you comply with the laws.
HSE Successes
The Risk Reduction Through Design Awards 2024/25, sponsored by the Health and Safety Executive (HSE) and the Chartered Institute of Ergonomics and Human Factors (CIEHF), are open for nominations.
These awards aim to highlight employers in the UK who have successfully reduced workplace risks, particularly those related to musculoskeletal disorders (MSDs).
MSDs, which include injuries affecting the back, joints, and limbs, are a significant concern in many workplaces.
The awards seek to recognise companies that have made simple changes to their work environments or processes, resulting in a substantial reduction in musculoskeletal risks for their employees. This could involve reducing tasks that require heavy lifting, pushing, pulling, or awkward postures.
Highlighting opportunity
Business Finance Week 2024 will run from 24 September to 2 October and includes a variety of national and regional in-person events and webinars.
Business Finance Week is hosted by British Business Bank along with their various partners and can help smaller businesses learn about the various finance options that are available to help them.
Getting Britain working (again)
On Monday, 9th September, the newly formed Labour Market Advisory Board, appointed by Work and Pensions Secretary Liz Kendall MP, had its first meeting. This board is no ordinary group—it’s a collective of experts drawn from business, industrial relations, and academia, all focused on tackling what’s being called the “greatest employment challenge for a generation.”
The UK is facing a significant employment crisis. It’s the only G7 country whose employment and inactivity rates haven’t bounced back to pre-pandemic levels. Nearly 2.8 million people are currently out of work due to long-term sickness, which not only affects individuals and families but also has a knock-on effect on businesses and the economy at large.
“Refresher qualification” required
Businesses providing security services and holding SIA licences need to be aware of changes affecting door supervisor and security guard licences.
Starting from 1st April 2025, anyone renewing these licences must complete a mandatory ‘refresher’ qualification. The refresher training will be available from 1st October 2024.
Before taking the refresher training, employees and others must have a valid Emergency First Aid at Work qualification (or equivalent). This qualification must be presented to their training provider when they are registered for the course.
Working together to stamp out cyber crime
The Information Commissioner’s Office (ICO) and the National Crime Agency (NCA) have announced the signing of a Memorandum of Understanding that details how the two organisations will cooperate to improve the UK’s cyber resilience.
The aim is that their working more closely together will help organisations and businesses across the country to have better protection from the activity of criminals who steal data and hold it to ransom.
The Memorandum confirms that the ICO will encourage organisations to report cyber crime to the NCA at the earliest opportunity.
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