Business News England
Brought to you by DPC Accountants
Welcome to the DPC round up of the latest business news for our clients for 3rd June 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…
Choosing the best way to finance business asset purchases: Lease, Contract Hire or Hire Purchase?
Make an informed decision
Picture this: your business is booming, and it’s time to invest in some new equipment or a company vehicle. But with so many financing options out there, how do you decide which one of them is right for you? Let’s break down three popular choices – leasing, contract hire, and hire purchase – so you can make an informed decision without getting lost in financial jargon.
Business Insights
Recent survey sheds some new light
The Office for National Statistics conducts a fortnightly Business Insights and Conditions Survey (BICS). The voluntary responses received from the latest survey revealed the following insights.
Digital Markets, Competition and Consumers Act becomes law
New law promotes fair competition and protects consumers
The Digital Markets, Competition and Consumers Act has now received Royal Assent and become law in the UK. This new legislation aims to protect consumers and promote fair competition, particularly targeting large technology companies.
This article provides a summary of the key points of the Act:
Report on Companies House progress released
Protecting individuals and companies
The Economic Crime and Corporate Transparency Act 2023 brought in reforms to Companies House procedures and powers with the first phase applying from 4 March 2024.
The reforms will contribute to making the information held in the company register more reliable and usable, protecting individuals and businesses from fraud and preventing the misuse of UK companies by international money laundering networks.
£750,000 fine for data breach … it could have been £5.6 million!
Data breach prosecuted by the ICO
A spreadsheet released by the Police Service of Northern Ireland (PSNI) in response to a freedom of information request contained personal information about all 9,483 serving PSNI officers and staff. The information which was included in a “hidden” tab in the spreadsheet was published online.
The Information Commissioners Office (ICO) found that PSNI’s internal procedures and sign-off protocols for safely disclosing information were inadequate.
New guidance issued on machine learning principles
Making security part of the design
The National Cyber Security Centre (NCSC) has issued guidance to help developers, engineers, decision makers and risk owners in creating and using machine learning systems.
Machine learning is a type of artificial intelligence where computers find patterns in data or solve problems automatically.
Reforms to leasehold properties becomes law
Leaseholders no longer have to wait two years before they can buy or extend their lease
The Leasehold and Freehold Reform Act has become law and will affect owners of freeholds for leasehold properties as well as house builders.
The new reforms mean that leaseholders no longer have to wait two years before they can buy or extend their lease. If they do extend their lease, the Act increases the standard lease extension term to 990 years for both houses and flats. Previously this was 50 years for houses and 90 years for flats. These changes are designed to allow leaseholders to have more security in their home.
Fisheries & Seafood Scheme reopens for applications
Support for England’s seafood sector
The Fisheries and Seafood Scheme (FaSS) has reopened for grant applications. An additional £2 million of funding has been made available to support England’s seafood sector.
The scheme is administered by Marine Management Organisation (MMO) on behalf of the Defra and is designed to help the fisheries and seafood sector in a number of ways.
