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Business News England
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Welcome to the DPC round up of the latest business news for our clients for 27th 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!
Assess whether your concept has potential
The economy is continuing to grow, according to the latest figures for the April to June quarter. Gross Domestic Product (GDP) is estimated to have increased by 0.6% for the quarter. This compares with an increase of 0.7% for the January to March quarter.
Two quarters of growth after last year’s recession is encouraging news for businesses and the economy as a whole. Economic growth creates new market opportunities, making it an ideal time for entrepreneurs to develop and launch innovative business ideas.
Of course, every successful business begins with a compelling idea, but not all ideas translate into viable businesses. Whether you are thinking about setting up in business or looking at a new idea to expand your existing business, evaluating a business idea is a crucial first step that can save time, money, and effort.
In this article we look at five areas that can help you assess whether your concept has the potential to thrive in the marketplace.
Inflation edges up
The Office of National Statistics has reported that inflation for July has risen to 2.2%. This is the first rise of 2024 after inflation fell during the early part of the year and then settled at 2% for May and June.
A rise was expected because energy prices are now falling by less than they were doing a year ago.
This means that inflation has now gone back above the Bank of England’s target. However, the Bank themselves expected this, and many economic forecasters are predicting that inflation will stay above 2% for the rest of the year.
Payroll departments take note
In the aftermath of the GCSE results day on 22 August 2024, many families are considering the next steps for their school-leaving children. If your child plans to continue in approved education or training, it’s important to extend your Child Benefit claim before 31 August to avoid missing out on financial support.
Child Benefit can continue if your child, aged 16 to 19, is enrolled in full-time non-advanced education or approved unpaid training.
Tailored privacy notices
The Information Commissioner’s Office has launched a new tool that can help small businesses create a bespoke privacy notice that protects people’s information rights.
By law, businesses must explain why it holds people’s information and what it does with it. This allows customers, suppliers, staff and volunteers to know what will be done with their personal information.
Many businesses choose to display this privacy notice on their website.
The new tool can help create a tailored privacy notice for businesses in various industry sectors. For instance, it includes sections specific to businesses in finance, legal, insurance, education and childcare, health and social care, retail and manufacturing. The tool can also assist charities and volunteer organisations.
Don’t miss out
As a pensioner you were likely dismayed to learn that Winter Fuel Payments are now being restricted to those who are on benefits and Pension Credit. The Winter Fuel Payment is a key benefit to help with increased heating costs during winter that was previously paid to all pensioners. However, with recent changes, the payment is now means-tested and linked to eligibility for Pension Credit.
It could be though that you are eligible for Pension Credit but are not currently claiming. Here’s what you need to know to make sure you don’t miss out.
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