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Home » Latest News » Business News Roundup – 27th January 2025
Business News England
Brought to you by DPC Accountants
Welcome to the DPC round up of the latest business news for our clients for 27th January 2025
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…
Responding to challenges ahead
Recent economic developments have sparked concerns among UK businesses. Government borrowing costs surged in December to their highest levels in four years, and this has drawn heavy criticism of the Chancellor’s fiscal strategy.
The BBC reported that the gap between government spending and tax revenue widened to £17.8 billion in December, compared with £10.1 billion a year earlier. This was notably higher than the Office for Budget Responsibility (OBR)’s forecast of £14.6 billion.
Adding to this, interest on government debt reached £8.3 billion in December, the third highest on record for the month since 1997. While yields on 10-year gilts have since retreated to 4.5% (they peaked at 4.9%), the situation underscores the volatility of financial markets.
What do these developments mean for your business, and how can you respond to any challenges ahead?
Greater scope but reduced declaration data requirements
Starting from 31 January 2025, entry summary declarations will now be required for goods imported into Great Britain (GB) from the EU. This extends the already existing requirements to submit entry summary declarations for imports into GB from countries outside the EU and exit summary declarations for exports to the EU.
To help businesses, HM Revenue and Customs (HMRC) are reducing the amount of safety and security data that needs to be provided. There will be 20 mandatory fields which will always need completing. There are then 8 conditional fields and a remaining optional 9 fields.
If you already submit safety and security declarations, then HMRC advise that you don’t need to change your existing systems and procedures. However, you may prefer to benefit from the reduced data requirements.
Damaging trust in the tax system?
A report released by the Public Accounts Committee (PAC) has further criticised HM Revenue & Custom’s (HMRC) phone service. It found that nearly 44,000 customers were cut off without warning after being put on hold for more than an hour in the first 11 months of last year.
Having criticised HMRC’s phone service last year, the committee said the service was worse again since it’s last report. It said HMRC had “damaged trust in the tax system” as a result.
Last days to beat the deadline
There are only a few days left now to file 2023-24 tax returns before the 31 January deadline.
Failing to meet the deadline can result in penalties as well as interest on tax that’s paid late.
If you are self-employed and usually complete your own tax return, you may find that the 2023/24 tax return requires you to complete extra entries due to basis period reform. There may also be additional tax to pay as a result.
Promoting more sustainable packaging alternatives
A new scheme administrator tasked with helping businesses reduce packaging usage was unveiled last week. PackUK (called PecynUK in Wales) will also promote more sustainable packaging alternatives.
As part of the UK’s four nation Extended Producer Responsibility for Packaging (pEPR) scheme, PackUK is being used to apply the ‘polluter pays’ principle. It will shift the cost of managing household packaging waste from taxpayers and local authorities to businesses that use and supply the packaging.
Therefore, PackUK will set and raise pEPR’s fees from affected businesses. It will also make packaging waste disposal payments to local authorities in exchange for their delivering better collection and recycling services.
Considering Capital Allowances, Pension Contributions and the R&D Relief Scheme
As the UK tax year-end approaches on 5 April, it’s an excellent time for you to review your business finances and explore tax planning opportunities, particularly if you are self-employed. Tax planning can help you to reduce tax liabilities, boost your cash flow and put you in a stronger financial position.
Identifying key growth issues
HM Treasury has confirmed that the Chancellor will be hosting a series of Industry Forums in January and February with the aim of seeking views about the best way to deliver long-term growth in the sector and across the country.
Financial services have been identified as a key growth-driving sector in the government’s Modern Industrial Strategy. The Industry Forums will help to make sure that the key issues that matter most in the financial services industry are considered as part of the government’s upcoming Financial Services Growth and Competitiveness Strategy.
Boosting UK-Swiss trade
A new agreement between the UK and Switzerland was announced last week that means UK-qualified business people will now find it easier to work in Switzerland and vice versa.
The agreement applies to a wide range of professions including lawyers, auditors, driving instructors, cabin crew and anaesthesia associates.
The ability of professionals and businesses to supply services overseas in regulated professions usually depends on the destination country accepting their qualifications. The new deal means that there could be a boost to UK-Swiss trade. According to government statistics, this is currently worth £46 billion a year, with professional and business services worth £8 billion.
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