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Welcome to our round up of the latest business news for our clients for 17th February 2025.
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…
Conventional approaches to work and earning an income are changing and with the cost of living ever rising, many now use various ways to make some extra cash outside of their main job. If that’s true of you then you may wonder whether you need to pay tax on those earnings.
HM Revenue & Customs (HMRC) have launched a new campaign aimed at demystifying whether you need to tell them about your side hustle earnings so you can avoid any nasty surprises.
The guidance looks at five different types of hustle. Here we briefly review them and what you need to know.
The Department for Education have released details of additional flexibility coming to apprenticeships.
When adult learners over the age of 19 start their apprenticeship course, businesses will now be able to decide whether they need to complete a level 2 English and Maths qualification (equivalent to a GCSE) in order to pass the course.
The Department for Education stressed that apprentices will still be assessed on the core English and Maths skills that are relevant to the work they do. However, they will be able to focus more on their paid work.
The minimum duration of an apprenticeship is also being reduced from the current 12 month minimum to 8 months. This change will come into effect from August 2025.
The government announced major plans last week to modernise the house buying and selling process. The reforms centre on digitalising and making property and identity data available electronically. This will allow mortgage companies and surveyors to have information within easy reach.
It is thought that these changes will help to avoid surprises being encountered late in the process, with the waste of time and money that goes with that.
In Norway, property transactions complete in around one month and the reforms take account of learning about how this has been achieved.
Artificial intelligence (AI) continues to make headlines as businesses work out how to make effective use of it.
The government is continuing to push for growth in the AI industry. Last week, it opened bidding so that local authorities can submit proposals to become the next AI Growth Zone. It expects thousands of jobs to be created as a result and that it could rejuvenate local communities in various parts of the UK.
Last week saw the Artificial Intelligence Action Summit take place in Paris. Representatives from 80 countries that include world leaders, tech bosses and academics discussed the current progress of AI and future goals.
Following a consultation in 2024, the fees payable by data controllers to the Information Commissioner’s Office (ICO) will be increased by 29.8%.
There is a £5 discount for direct debit payments and any organisations that are currently exempt from paying the fee will continue to be exempt.
Following the reduction in the Bank of England base rate, HM Revenue & Customs (HMRC) have confirmed that their interest rates will be reduced accordingly.
Late payment interest will reduce to 7% from 7.25%. Repayment interest – paid on tax repayments – will be reduced to 3.5%.
The UK government has intensified its crackdown on illegal working, with January 2025 seeing record enforcement activity. Home Secretary Yvette Cooper announced these efforts as the Border Security, Asylum, and Immigration Bill returned to Parliament last week.
Ensuring your employees have the legal right to work is more critical than ever. Employers can use the Home Office’s guidance on checking a job applicant’s right to work. A proactive approach to vetting staff can save significant headaches down the line.
The Security Industry Authority (SIA) has reported that a director for a Manchester-based security company has been fined for failing to comply with an investigation into the use of unlicensed security operatives.
The law requires security operatives working under contract to hold and display a valid SIA licence. Merseyside Police reported to the SIA that unlicensed security operatives had been used at a venue in Liverpool.
The SIA sent two requests for information before inviting the director to attend an interview under caution. The director failed to respond or attend and so the SIA initiated prosecution proceedings.
The UK government is consulting on changes that will require private landlords in England and Wales to meet higher energy performance ratings by 2030.
Currently, 48% of all private rented homes have an Energy Performance Certificate (EPC) of C or above. However, under new plans the government is proposing that by 2030 all privately let properties will need to meet a minimum EPC C. Currently the minimum level required is EPC E.
The government estimates the average cost to landlords to comply with the proposals by 2030 would be between £6,100 and £6,800.
Road schemes affecting Wiltshire, Leeds, Essex and Buckinghamshire were given approval last week following the grant of £90 million of government funding.
The improvement in infrastructure these schemes will bring is expected to help businesses be able to transfer goods more easily and generate growth in the economy.
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