Business News England
Brought to you by DPC Accountants
Welcome to the DPC round up of the latest business news for our clients for 20th May 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…
Understanding economic changes: How recent events affect businesses
Making sense of a confusing picture
Data releases in recent weeks from the Office of National Statistics (ONS) coupled with Bank of England decisions might make recent news about the economy seem a bit confusing.
Understanding how this news affects businesses is important so let’s break it down.
Are you an early bird?
More people are filing their tax returns early
HM Revenue & Customs (HMRC) have released figures showing that 295,250 Self Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th.
This seems to suggest an increasing trend for filing tax returns early. Last year, 246,210 returns were filed in the opening week.
Government promise to cut National Insurance confirmed
Prime Minister’s Office highlights NI cuts
While commenting on the GDP growth and what it indicates about the economy, the Prime Minister again drew attention to National Insurance.
The article released by the Prime Minister’s Office noted that the progress in the economy has allowed them to bring down taxes, particularly the recent cuts in National Insurance.
Ransom payments: New guidance on ransomware demands
Don’t panic!
The National Cyber Security Centre has joined forces with three major UK insurance associations to release new guidance designed to help reduce ransom payments made by victims of cyber crime.
The guidance sets out best practice and gives recommendations that can help businesses and other organisations make informed decisions when they are faced with ransomware.
Less than a month left for exporters to move to Customs Declaration Service
Submitting export declarations through the Customs Declaration Service (CDS) becomes mandatory for all businesses on 4 June
CDS will replace the Customs Handling Import and Export Freight (CHIEF) on that date.
Businesses that use a customs agent to submit their export declarations should check that their agent is ready for the change.
UK benefits from tech investments of over £2 billion in one week
Surge of investment
HM Treasury have published a press release pointing out that over £2 billion has been invested by leading tech firms in the UK in the space of just one week.
Coreweave, the AI (artificial intelligence) firm, are investing £1 billion in the UK and have confirmed that their new European headquarters will be based in London.
Siemens Healthineers have also announced an investment of £250 million to design and manufacture superconducting magnets for MRI scanners at a new facility in North Oxfordshire.
Farming and food sector receives new support measures
Helping UK agriculture reach its growth potential
Measures to support farmers and help the UK’s farming and food sector grow were announced last week by the government.
The support package is designed to support domestic food production and boost innovation so that the sector can reach its full potential.
Recycling collections being revamped to make them simpler
Making recycling just a little easier
Recycling can be confusing, leaving people and businesses wondering what items can be recycled on bin day. So, a new common-sense approach has been announced to make bin day easier and more standard across the country.
Councils will now be allowed to collect plastic, metal, glass, paper, and card in one bin in all circumstances. Food and garden waste can also be collected at the same time.
This approach will keep things simpler for councils and other waste collectors.
