Business News England
Brought to you by DPC Accountants
Welcome to the DPC round up of the latest business news for our clients for 17th June 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…
Exploring finance options for small businesses: A guide to fuelling growth
Financing growth
Shawbrook Bank recently conducted research that indicated that half of small business owners have had to raid their savings to fund their businesses.
Their survey found that small businesses applying for finance from lenders over the last year said that it didn’t meet their needs. So, they were using savings and credit cards to provide the necessary funds to grow their business.
For small businesses, the path of growth is often obstructed by financial constraints. Whether it’s investing in new equipment, expanding operations, or hiring more staff, accessing the right funding is crucial.
What are some viable options available to small businesses?
Latest labour market trends: what they mean for your business
Changing trends
The latest labour market report from the Office for National Statistics shows a few important trends that might affect your business.
First off, it looks like the job market is starting to cool down. It’s estimated that there are fewer job openings now, which means businesses aren’t hiring as much as before. On top of that, the unemployment rate has gone up to 4.4%, which is higher than it was last year.
Invest in Women Hub launched
Championing women in business
If you are a female entrepreneur in the UK, you can now access a new resource designed to help you access the finance you need to start, grow, and scale your business. The new hub is designed as a one-stop shop that provides the resources and information you need.
For example, to try and simplify the process of finding a finance partner, the hub has a ‘Find a Finance Provider’ tool. The tool includes business incubators, accelerators, and venture capitalists within the options it provides. The Hub can also help you to connect with networks and to find a mentor.
Extended Fisheries & Seafood Scheme now closed
Scheme closes due to high demand
We reported last week that the Fisheries and Seafood Scheme (FaSS) had been reopened after a further £2 million of funding was made available.
However, due to overwhelming demand the scheme has now been closed to new applications.
Buying a second home: what should you think about?
Look before you leap
As accountants, DPC are often asked about the financial and tax implications of buying a second home. Sometimes the pull of a country or seaside retreat might inspire you to think about having a second home. Or maybe you have spare cash or income and are wondering if a second home could be a good investment.
Whatever the reason, before you take the plunge, what are some things you might want to consider?
Apple Intelligence
Power and privacy
At WWDC 2024 last week, Apple unveiled its much anticipated first step into artificial intelligence.
Apple’s strategy is to use AI within its ecosystem to enhance user experiences, focusing on practical applications. These AI features are designed to enhance the functionality of Apple’s operating software for Mac, iPad and iPhone, and one of the standout features is an update to Siri, Apple’s voice assistant, that will improve its voice control and functionality.
During the announcement, Tim Cook expressed his belief that Apple’s unique combination of hardware, software, and services integration gave them an advantage over other tech companies making use of AI.
Microsoft recalls “Recall,” its new screenshot feature
A feature too far?
Sticking with an AI theme, Microsoft also recently announced changes to Windows that will incorporate Copilot+, its AI solution.
One of the new features of Copilot+ is called “Recall” where screenshots are frequently captured of whatever desktop activity is happening at that moment and then storing them. This was advertised as a function to make users’ lives easier.
Recall is a feature that can search through a users’ past activity, including their files, photos, emails and browsing history. In addition, the tool also takes screenshots every few seconds and stores them.
