Business News England
Brought to you by DPC Accountants
Welcome to the DPC round up of the latest business news for our clients for 19th August 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…
Looking to expand?
A small business from Barnsley, Slime Party UK, has successfully secured government-backed financing, enabling it to significantly expand its operations, create new jobs, and develop new product lines.
This success story provides a valuable blueprint for other small businesses seeking to grow, especially those looking to enter or expand in export markets.
Fraudulent scheme exposed
Andrew Paul Bird, a 60-year-old former investment firm director from Quarndon, Derbyshire, has been subjected to the maximum 15-year bankruptcy restrictions after being found guilty of defrauding investors. Mr Bird misled 13 individuals and couples into investing in a fraudulent scheme between 2011 and 2016, promising secure returns while exposing them to significant financial risks for his personal gain.
Payroll departments take note
The latest annual update to Student Loan interest rates was made last week by the Department for Education.
Different rates and thresholds apply depending on the type of student loan and the new rates will apply from 1 September 2024 to 31 August 2025.
Those running payroll may want to be aware that the rates are changing in case of queries from staff with student loans who notice a change in their deduction in their September pay packet.
Data security matters
A recent case involving a former employee of Enterprise Rent-A-Car highlights the importance of robust data protection measures.
Jonathan Riches, 46, was fined £10,000 and ordered to pay £1,700 in costs after pleading guilty to illegally accessing motorists’ personal details. This breach, which occurred between 2009 and 2011, involved Mr Riches using his former connections at Enterprise to obtain sensitive data for personal injury claims. According to the Information Commissioner’s Office, he made hundreds of thousands of pounds in financial gain as result.
Practical, helpful advice
The recent riots have left many small businesses dealing with damage and disruption.
The Federation of Small Businesses (FSB) Insurance Service has created some guidance to help businesses that have been affected.
The guide includes practical steps that businesses can take when experiencing or expecting problems.
Fast internet access expanding
Rural business owners across Britain are on the cusp of a significant digital transformation, thanks to a landmark deal between the UK Government and Openreach that’s part of an initiative aimed at modernising outdated broadband infrastructure.
With up to £800 million in investment, this ambitious project is aiming to deliver lightning-fast gigabit-capable broadband to around 312,000 homes and businesses in some of the most remote areas, including parts of Wales, Scotland, and England.
