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Welcome to the DPC round up of the latest business news for our clients for 29th July 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…
Chancellor Launches Landmark Review to Boost Pensions and Investment
Significant review underway
The Chancellor, Rachel Reeves, has announced a significant review aimed at enhancing pension investments, increasing pension pots, and reducing waste in the pensions system. The review was highlighted in the King’s Speech, confirming a new Pensions Bill that could significantly benefit UK pensioners and the broader economy.
Insolvency Service continues to tackle Covid Loan Abuse
The prosecutions continue
The recently released Insolvency Service’s 2023-24 Annual Report and Accounts provides some interesting information on how the Service is doing in tackling Covid loan abuse.
The report identifies that 831 directors have been disqualified for abusing Covid loans. 22 criminal prosecutions have been carried out, and efforts have been made towards recovering nearly £3 million for the taxpayer.
In addition, the Report shows other more general enforcement work has been carried out. Including that a total of 1,222 directors were disqualified for various forms of misconduct. 139 live company investigations were conducted during the year and 45 companies were ordered to wind up for acting against the public interest.
Nine out of ten small employers concerned about new legislation
Costs and risks to employers may increase
The King’s Speech detailed proposals for a number of areas of new legislation that are likely to affect small employers.
The Federation of Small Businesses (FSB) subsequently reported that nine-in-ten employers surveyed by them had said they have concerns that the costs and risks associated with employing people would be increasing.
IT outage causes significant global disruption
Ramifications of the CrowdStrike outage
On Friday 19th July there were significant IT outages affecting businesses across the globe. The outage primarily affected businesses that use security software from a company called CrowdStrike. A recent update to their antivirus software contained an error that caused issues in the systems of many of the world’s leading businesses.
The National Cyber Security Centre (NCSC) has confirmed their assessment that the outages were not the result of a security incident or malicious cyber activity.
They have also encouraged affected businesses to apply the fix that has already been issued. Their statement also encourages businesses to continue installing security updates, saying that this is still an essential security practice.
HMRC conducting Business Asset Disposal Relief checks
Don’t get caught out
The Institute of Chartered Accountants in England and Wales (ICAEW) have reported that HM Revenue and Customs (HMRC) are contacting taxpayers they believe may have overclaimed Business Asset Disposal Relief.
Failing to do anything is likely to mean that HMRC will amend the return to discount the claim or open an enquiry into the return. If they then find any additional tax is due to be paid during the course of the enquiry, HMRC may charge a penalty.
Getting help with redundancy: The Redundancy Payments Service
Help when you need it most
Losing a job can be a very challenging and stressful experience. However, if your employer has become insolvent and cannot pay you money that you are owed this adds even further to your stress.
If you are in this situation, the latest Annual Report from the Insolvency Service highlights some important information about the support available that may be available to you through the Redundancy Payments Service (RPS).
Upcoming change to the law on sexual harassment in the workplace
New act comes into force
The new Worker Protection (Amendment of Equality Act 2010) Act 2023 will come into force on 26 October 2024.
This Act will bring in a new positive legal obligation on employers for them to take reasonable steps to protect their workers from sexual harassment.
The Equality and Human Rights Commission (EHRC) has powers to take enforcement action where an employer fails to meet its duties under the act. Employment tribunals will also be given powers to be able to increase compensation for sexual harassment by up to 25%.
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