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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 28th October 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…
Using the Business Banking Resolution Service
A strong relationship with your bank is a crucial part of the success and stability of your business. You may rely on them for tailored financial solutions, ranging from short-term credit facilities to long-term loans, to support your growth plans or manage cash flow fluctuations.
At the same time, we can sometimes feel that the bank is calling all the shots, and it is difficult to get any redress when something goes wrong. If you are in that position, then the Business Banking Resolution Service (BBRS) may be able to help you.
While the service is wholly funded by the participating banks, the BBRS has been set up as a free and independent service for SME customers of banks that can help to resolve disputes. However, the service, which first opened in 2021, is scheduled to close to new registrations on 13 December 2024, so there is limited time available to start a claim.
Consultation on four key areas
Following the release of the Employment Rights Bill, its Impact Assessment was published last week showing that the new Bill will have a “positive direct impact on economic growth.”
The Bill received a majority vote at its second reading in the House of Commons last week, and now goes to committee stage, where it will be given a detailed examination.
The government has now launched consultations on 4 areas of the proposed legislation, which will become part of amendments that will be made to the Bill in the early part of 2025.
Key protections extended
The UK government has announced a consultation on new legislations designed to regulate Buy-Now, Pay-Later (BNPL) products.
The forthcoming rules, which will bring BNPL products under the supervision of the Financial Conduct Authority (FCA), are designed to provide the same key protections for BNPL as exist for other consumer credit products.
If you offer BNPL, what do you need to know?
Good communication matters
If a cyber incident affects your business, the way you communicate with your staff, stakeholders, customers and perhaps the media, can make a huge difference in the way your business is perceived.
In an incident, attention tends to focus on the technical aspects of putting things right and communication may be left as a secondary concern. With this in mind, the National Cyber Security Centre has published some guidance on how to manage your communication strategy.
Financial mismanagement and unfinished projects
Samantha Fairweather, the director of Essex-based Fairweather Construction Ltd, has been disqualified from serving as a company director for eight years, after it was discovered that the firm took in excess of £300,000 in deposits for home improvement projects it failed to deliver.
Fairweather, 53, had been the sole director of the company since its incorporation in 2014. Her firm, which marketed itself as a specialist in residential building projects such as window installations and conservatories, ceased operations in September 2022, owing creditors more than £700,000, including over £100,000 in unpaid taxes to HMRC.
Practical steps to protect barristers, solicitors and legal professionals
Law practices hold sensitive information and can often be the target of cyber attacks. The National Cyber Security Centre (NCSC) has published some specific cyber security tips to help barristers, solicitors and legal professionals in firms of all sizes protect themselves.
The tips they provide are good practice for businesses of all types. Here’s a summary of what NCSC suggests.
Farmers urged not to take chances and gamble high-risk crops
During the Environment Agency’s Flood Action Week, which ran from 14 to 20 October, they issued a press release urging farmers in Devon and Cornwall not to take chances and gamble high-risk crops against a changing climate.
The Environment Agency is concerned about the effect heavy and prolonged rainfall is having on the farmland in Devon and Cornwall, especially in areas with steep slopes.
The wet year has delayed harvest time for some farmers. This has left less time available for planting cover crops that will act to bind the soil and reduce runoff during the winter’s wet weather.
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