Business News England
Brought to you by DPC Accountants
Welcome to the DPC round up of the latest business news for our clients for 2nd September 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…
Adapt and thrive
The business environment is constantly changing and the ability to adapt to change is crucial for long-term success. Whether it’s shifting market conditions, technological advancements, or regulatory updates, if your business can pivot and adapt you are more likely to thrive.
In this article we look at 5 things a business can do to successfully adapt to change and stay ahead of the competition.
Five myths busted
HM Revenue and Customs (HMRC) have issued a press release debunking some common myths about whether or not someone needs to register to complete a self-assessment tax return.
The basic requirement is that anyone who needs to complete a self-assessment return for the first time to cover the 2023-24 tax year, needs to tell HMRC by 5 October 2024.
“Short term pain, long term good?”
The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be “painful” and the government would be making “big asks” of the country.
He said that the country would need to be prepared to “accept short-term pain for long-term good” and that those with the “broadest shoulders should bear the heavier burden”.
However, no details were given about what the measures would be, other than Sir Keir reiterated that national insurance, VAT and income tax would not go up.
Boosting post-Brexit ties
Last week, Prime Minister Keir Starmer visited Berlin and Paris to boost UK economic growth and strengthen international relationships. The trip aimed to reset the UK’s post-Brexit ties with key European partners by launching negotiations for a new UK-Germany bilateral treaty, focusing on increasing trade, enhancing defence and security cooperation, and tackling illegal migration.
Germany, as the UK’s second largest trading partner, and France, as the UK’s fourth largest trading partner, are both vital to these efforts.
Employment crackdown begins
Last month, the Home Secretary, Yvette Cooper, announced a significant government crackdown on employers hiring migrants illegally.
From Sunday 18 to Saturday 24 August, Immigration Enforcement teams carried out a series of targeted visits to businesses suspected of employing illegal workers, with a particular focus on car washes. Over this intensive week of action, more than 275 premises were targeted. Of these, 135 businesses were issued notices for employing illegal workers, and 85 illegal workers were detained.
Learning from Labour’s mistakes
As a business owner or manager, it’s important to respond promptly to information requests, especially when it comes to Subject Access Requests (SARs). The recent reprimand issued to the Labour Party by the Information Commissioner’s Office (ICO) serves as a reminder of the legal obligations and potential consequences of failing to meet these requirements.
