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Business News Roundup – 24th June 2024

Business News England

Brought to you by DPC Accountants

Welcome to the DPC round up of the latest business news for our clients for 24th 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…

Guide to the General Election 2024: Tax implications for your business

Party manifestos examined

As a business owner, you’ll likely be wondering how the upcoming general election on 4 July 2024 is likely to affect your business. A new government can mean significant legislative changes and tax upheavals that can impact your business operations and financial planning. The parties have issued their manifestos, so let’s break down what they’ve said about tax.

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Inflation falls to 2%

Inflation slowing

Figures released by the Office of National Statistics show that the Consumer Prices Index (CPI) for May 2024 was 2%. This is a reduction from the 2.3% assessed in April and means that inflation has hit the Bank of England’s target rate for the first time in nearly 3 years.

The main reason for the drop is food, where prices are falling now but were rising a year ago. However, it is worth noting that food prices are generally still 25% higher than they were at the beginning of 2022.

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New rules on distributing tips: Understanding the Employment (Allocation of Tips) Act 2023

New rules address longstanding concerns

On 1 October 2024, the Employment (Allocation of Tips) Act 2023 will come into effect, introducing significant changes to how tips are managed and distributed in the hospitality industry.

This legislation aims to improve fairness by mandating that all tips, gratuities, and service charges are allocated fairly among employees. The new rules address longstanding concerns about the retention and distribution of tips by employers, ensuring transparency and fairness.

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Don’t be caught by false claims on business rates appeal deadlines

Caution advised!

The Valuation Office Agency (VOA) has issued a warning about false claims being made about the deadline for appealing the 2023 list for business rates.

Some are claiming that the deadline is 30 June, however this is not true. Generally, you are able to appeal your property valuation on the 2023 list at any time until March 2026.

If an agent contacts you trying to pressure you to make a decision or sign a contract; makes claims about ‘unclaimed credits’; says they are acting on behalf of the VOA; or demands large sums of money upfront, then VOA advise you to be cautious.

[READ FULL ARTICLE]

Mackerel fishing deal struck with Norway and the Faroe Islands

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?

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Don’t lose out on Child Benefit available to children in further education

Don’t miss out on what’s due to you

Parents of children aged between 16 and 19 years of age and continuing their education or training after their GCSEs can extend the Child Benefit they receive.

If this is true for you, then HM Revenue & Customs (HMRC) should be in the process of writing to remind you about this. On their letter, it will include a QR code. If you scan this and follow the link, you will be directed to a page on GOV.UK that will allow you to easily update your claim.

You should receive this letter by 17 July. If for some reason, you have not received a letter by then, you can also make the claim via GOV.UK yourself or by using the HMRC app. You will need a Government Gateway user ID and password to be able to do this.

[READ FULL ARTICLE]

Openreach fined £1.34 million after death of an engineer

Health and safety at work matters

The Health and Safety Executive (HSE) announced that they have fined Openreach £1.34 million after investigating the death of an engineer.

The engineer, Alun Owen from Bethesda, tragically died while trying to repair a telephone line that ran across the River Aber in Abergwyngregyn.

A number of engineers had been trying to repair the telephone lines in the area over a 2-month period, working both near and in the river. At the time of the incident, because of flooding, the river was much higher and flowing faster than usual.

[READ FULL ARTICLE]

Meta pauses plans to train AI with user data

Privacy issues scrutinised by the ICO

Meta, the company behind Facebook and Instagram, have had plans to use Facebook and Instagram user date to train generative AI.

The Information Commissioner’s Office (ICO), shared concerns with Meta that they had received from users in the UK. The ICO were subsequently pleased to report that Meta have responded by pausing and reviewing their plans.

ICO reported: “In order to get the most out of generative AI and the opportunities it brings, it is crucial that the public can trust that their privacy rights will be respected from the outset.”

[READ FULL ARTICLE]

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