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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 9th December 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…
Striking the right balance in changing times
If you trade as a limited company, then you will likely know that balancing salary and dividends is key to extracting profit from your company in the most tax-efficient way. Both methods have distinct implications. and the right mix will depend on your specific circumstances.
The Autumn Budget, with its changes to employers national insurance rates and the employment allowance has further complicated the picture.
Tackling late payments
The government’s promised new Fair Payments Code was launched last week to try and tackle late payment problems that can be particularly harmful to small businesses.
The code introduces a gold, silver, and bronze system that smaller firms can use to identify business partners who have made themselves accountable to pay fairly and within certain time limits.
No changes to the tax rules for someone selling unwanted possessions online
New changes come into effect from January 2025 where online platforms, such as eBay and Airbnb, will start sharing some user sales and personal data with HM Revenue and Customs (HMRC).
Although these reporting requirements have caused concern, HMRC have confirmed that there are no changes to the tax rules for someone selling unwanted possessions online.
Helping more disabled entrepreneurs get access to finance and support
In the runup to Small Business Saturday last week, a new Disability Finance Code was launched.
Research indicates that if opportunities were improved for disabled founders, it could unlock an additional £230 billion for the UK economy in growth and jobs.
Barclays, HSBC, Lloyds and NatWest have all signed up to this new scheme that is designed to help more disabled entrepreneurs get access to finance and support to start their own business.
Helping to reduce cancellations and lateness?
Following Royal Assent of the new Passenger Railway Services (Public Ownership) Act 2024, the Transport Secretary has revealed that South Western Railway’s services will be the first to transfer into public ownership in May 2025.
C2C will be transferred in July 2025, with Greater Anglia following in autumn 2025. The Department for Transport expects to transfer all passenger services that are currently being operated under contracts to public ownership within the next 3 years.
The publicly run services will eventually be run by Great British Railways (GBR), a body that the government will set up, but initially will be handled by DfT Operator Limited.
Low level power for thousands of years?
The UK Atomic Energy Authority (UKAEA) reported last week that its scientists and engineers along with the University of Bristol have successfully created the world’s first carbon-14 diamond battery.
A battery of this type has the potential to provide power for thousands of years, making it a very convenient and long-lasting energy source.
According to Sarah Clark, Director of Tritium Fuel Cycle at UKAEA, “Diamond batteries offer a safe, sustainable way to provide continuous microwatt levels of power. They are an emerging technology that use a manufactured diamond to safely encase small amounts of carbon-14.”
How can you detect if someone is suffering?
In a survey of 1,025 employees carried out by ACAS, 9 in 10 said they thought it was important for mental health to be prioritised at work.
As a result, ACAS is encouraging employers to have empathetic conversations with their staff to ensure mental wellbeing is supported in the workplace.
Many do not like to talk about mental health and not everyone will show obvious signs of poor mental health.
Things to be aware of…
In the run up to the winter holidays, you may be considering taking on additional temporary staff to help with the workload. While these staff may only be with you for a short period, you still need to consider them for pension purposes each time you pay them.
Staff need to be put into a pension scheme based on their ages and how much they earn. This applies to family members too.
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