Home » Latest News » Business News Roundup – 7th October 2024
Welcome to the DPC round up of the latest business news for our clients for 7th October 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!
The latest figures from the Office for National Statistics (ONS) reveal that the UK’s economy grew by 0.5% between April and June, a slight dip from the initial estimate of 0.6%.
This adjustment, largely due to sharper-than-expected declines in the manufacturing and construction sectors, comes at a pivotal moment as the Labour government gears up to unveil its first Budget at the end of the month.
So, what could this mean for your business?
As of 1st October, new laws are in place to ensure that workers keep 100% of the tips, gratuities, and service charges they earn. This is a major development for employees in sectors such as hospitality, where tipping plays a significant role in take-home pay, and for employers, who will need to ensure they comply with the new rules.
The Employment (Allocation of Tips) Act, which came into effect last week, aims to create a fairer system for workers and crack down on businesses that previously kept a portion of tips. While many employers already pass on tips to staff, this new legislation will close loopholes so that all tips go directly to workers.
If you’re a new parent, congratulations! Apparently, around 2,000 babies are born on 26 September each year – more than any other day.
Therefore, HM Revenue and Customs (HMRC) is reminding parents to claim their Child Benefit. A claim can be made online and the first payment could be made within a week of claiming.
Companies House have rolled out a new penalties regime as part of a broader effort to boost corporate transparency and combat economic crime, following the implementation of the Economic Crime and Corporate Transparency Act 2023.
This could mean tougher consequences in the shape of financial penalties for companies that don’t meet their obligations, including filing their confirmation statements on time.
More serious offences, such as ongoing non-compliance or fraudulent activity, could lead to civil action, director disqualification, or even criminal prosecution. Companies House have said they will work closely with the Insolvency Service and other enforcement partners to investigate and prosecute offences when necessary.
If you’re a door supervisor or security guard, or you employ them, you’ll need to be aware of some important changes that may affect you as we approach 2025.
From 1 April 2025, new training will be compulsory for anyone looking to renew their licence. This update, introduced by the Security Industry Authority (SIA), aims to refresh and improve the safety-critical skills needed to keep the public safe.
While 2025 may seem a long way off, the SIA is strongly encouraging licence holders to complete this training as soon as possible. The courses have been made available from 1 October 2024 to allow time to plan and book a place with one of the approved training providers across the UK.
Constructive conflict should be embraced in business. In fact, sometimes “no” is ultimately more useful than ‘yes”. The best managers and leaders in the business world, seek and accept critical feedback from trusted colleagues to maintain a balanced perspective.
Recognising that they won’t always be correct allows leaders to foster a culture of openness, collaboration, and innovation. When leaders are willing to admit mistakes, they create an environment where team members feel comfortable sharing ideas, taking risks, and learning from failure. This freedom can drive innovation and continuous improvement across the whole firm.
Neuromarketing is a field of marketing that combines neuroscience and psychology to understand consumers’ subconscious reactions to marketing stimuli. Neuromarketing uses knowledge about the way our brains are structured and how they interpret the world around us and make decisions in order to develop more effective marketing practices.
By studying brain activity, eye movements, and physiological responses, neuromarketing provides deeper insights into how customers make decisions and what influences their behaviour. Unlike traditional market research methods that rely on surveys and focus groups, neuromarketing taps into consumers’ unconscious minds, offering a more accurate picture of their preferences and motivations.
Any successful business has to balance two different time horizons -long and short-term. In the short term, a business needs to cover its costs, pay salaries and function on a day-to-day basis. However, if it focuses too much on the present, there is a risk that potential opportunities will be missed. Conversely, if a firm’s sole focus is on long-term opportunities, it could quickly become unprofitable.
In the words of Jack Welch, former CEO of General Electric, “you can’t grow long-term, if you can’t eat short-term.”
Resetting at work after a break or a quieter summer period is crucial for regaining productivity and focus. The process begins with getting organised and prioritising tasks. Reviewing upcoming projects, deadlines, and emails allows you to assess what requires immediate attention.
Setting clear, achievable goals for the first few days or weeks helps ease the transition back into a regular work routine. Breaking larger tasks into smaller, manageable pieces can help to prevent the feeling of being overwhelmed and can encourage a gradual rebuild of your momentum.
DPC Accountants, part of the SUMER Group, draws on the expertise of specialist strategic partners to provide high quality, current and bespoke business advice and tax planning solutions.
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