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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 6th January 2025
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…
Why review your goals NOW?
The start of January marks a time of new beginnings, and for business owners, it’s the perfect opportunity to pause, reflect, and plan ahead. After the whirlwind of the festive season, January offers a quieter moment to consider where your business is headed, how it’s performing, and whether you’re still on track to meet your goals.
Setting goals is one thing – keeping track of them is another. Running a business is often about managing the immediate – urgent emails, pressing deadlines, and day-to-day challenges. Without a clear plan, though, it can be easy to drift away from your bigger goals. This is why it’s so important to intentionally carve out time at the start of the year.
Were you an early bird?
HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their tax returns, ensuring their 2023-2024 tax affairs were in order well before the 31 January deadline.
In total, 40,072 taxpayers submitted their returns over the Christmas break, proving that even amidst the festive cheer, there’s always time for a little financial housekeeping.
Sustainable Aviation Fuel Mandate kicks in
Flights leaving the UK will now be greener due to the Sustainable Aviation Fuel (SAF) Mandate coming into force on January 1st.
For all jet fuel used in flights taking off from the UK in 2025, 2% must be SAF. This percentage will increase by 2 percentage points each year so that it is 10% by 2030 and then 22% by 2040.
Investing in your greatest asset?
The benefits of exercise on our physical and mental health are well known. The healthier and fitter we are the better we work on our business. A healthier, fitter workforce are also much more likely to be productive and happier. Yet, many of us struggle to find the time or energy to do enough exercise.
The Department of Health and Social Care and the NHS revealed that 8.7 million NHS Couch to 5K runs were completed in 2024, with a total of 790,000 people downloading the NHS fitness app.
Access e-learning resources
January can often be the time of year when entrepreneurs start to make plans for a new business. The Information Commissioner’s Office (ICO) has published some guidance to help entrepreneurs think about data protection when setting up their business, so they get it right from the start.
The ICO has an e-learning site that provides videos and advice for small organisations. The ICO also provides a couple of helpful online tools that can take a lot of the guesswork out of what you need to do.
Crackdown on illegal working
Recent immigration enforcement activity has highlighted the need for employers to ensure their workers have the right to work in the UK. With thousands of enforcement visits, arrests, and hefty fines being issued, businesses that neglect their responsibilities risk serious consequences.
Immigration Enforcement teams have been targeting sectors prone to illegal employments, such as car washes, nail bars, supermarkets, and constructions sites.
Between July and November last year, enforcement teams conducted thousands of visits across the UK. These led to 770 arrests in London alone, with nearly 1,000 premises inspected.
Employers found guilty of hiring workers without the right to work face fines of up to £60,000 per worker, along with reputational damage and potential criminal charges.
£5 million worth of support for Bradford
The government has announced that it will provide an additional £5 million of support to Bradford, which is the 2025 UK City of Culture.
The funds, which bring total support provided to £15 million, will be used to help in delivering a programme of events and support a legacy of cultural regeneration. It is expected that 6,500 jobs will be created in the area as a result of Bradford being UK City of Culture.
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