Business News England
Brought to you by DPC Accountants
Welcome to the DPC round up of the latest business news for our clients for 30th 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…
Tackling tardy payment
Late payments are a huge headache for small businesses across the UK, costing SMEs around £22,000 per year on average. In fact, it’s estimated that they’re responsible for about 50,000 business closures each year!
The government has just announced new measures to tackle the problem, but these won’t come into play overnight, so what can you do in the meantime to protect your business?
Optimism in the air?
The Chancellor, Rachel Reeves, gave an important speech at the Labour Party conference last week, in which she appeared to shift tone to speak more positively about the economy.
Recently she spoke about the upcoming Budget being a “painful” one. As a result, there has been speculation on where spending will be cut and tax raised, which may have affected consumer confidence.
However, the Chancellor’s speech at the party conference concentrated on the positive results she expects to bring to the economy.
Simplifying admin, closing the tax gap
The Chancellor unveiled a series of announcements last week that could have implications for UK businesses. One of the most relevant for business owners was the government’s push for electronic invoicing (e-invoicing).
HM Revenue and Customs (HMRC) will soon launch a consultation on encouraging the wider use of e-invoicing, with the goal of simplifying business transactions and reducing administrative burdens but perhaps especially, reducing errors in tax returns so that HMRC can ‘close the tax gap’.
Change is coming
In line with the e-invoicing initiative we reported on elsewhere, the Chancellor also outlined broader reforms to modernise HMRC through a Digital Transformation Roadmap, which is expected in Spring 2025.
This roadmap will aim to create a “digital-first” tax system, although it will include measures to ensure support for those unable to go fully digital.
In addition, James Murray, who is Exchequer Secretary to the Treasury and is responsible for the UK’s tax system, has been appointed as the Chair of the HMRC Board. This in part is to help him oversee how HMRC can ‘close the tax gap’ – in other words, collect tax that the government currently believes is being underpaid.
Encouraging employers to invest more in younger workers
The government has announced some reforms to the apprenticeship system in England, which could bring some exciting opportunities for business owners. These reforms, aimed at boosting young people’s access to apprenticeships, come with a new “growth and skills levy” that will replace the existing apprenticeship levy.
Here’s what you need to know, and how this could benefit your business.
Dont’s miss out!
If you, or your child, was born between 1 September 2002 and 2 January 2011, there could be a savings account with your or their name on it – literally!
More than 670,000 young people, aged 18-22, have yet to claim their Child Trust Fund, with HM Revenue & Customs calculating that the average fund is worth £2,212. That’s a decent chunk of money, so it’s worth checking to see if you’re one of those with unclaimed funds.
Let’s look at how you can find out if you or someone in your family are owed this cash, and what steps you need to take.
Setting a minimum standard for warmer homes
The government has announced new measures designed to improve the warmth of homes for renters and lower heating costs. As things currently stand, a private rented home can be rented out if it meets Energy Performance Certificate (EPC) E. Social rented homes have no minimum standard at all.
A consultation will shortly be launched on proposals for both private and social rented homes to have to meet EPC C or its equivalent by 2030.
Also announced was a new Warm Homes: Local Grant that will help low-income homeowners and private tenants to be able to make necessary energy performance upgrades to their home.
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