Recession looming, what will it mean for your business?

Goldman economists said that if prices stayed at current peaks, the UK will be forced to increase its energy cap by a further 80% in January. That would be on top of October’s 80% increase in the cap, which is lifting average dual fuel bills to £3,549 per year. If it happened, Goldman calculates it would push inflation to 22.4%, and trigger a 3.4% decline in GDP.

One month left for importers to move to single customs platform

Businesses must submit import declarations through the Customs Declaration Service from 1 October. Businesses importing goods only have weeks left to move across to the UK’s new streamlined customs system.

Couples urged to ‘say yes’ to Marriage Allowance proposal

Eligible married couples or people in a civil partnership could reduce their tax by up to £252 a year by signing up to Marriage Allowance.

Changes to basis period rules for the Self-employed

To prepare for Making tax digital for Income Tax Self-Assessment the basis period rules for businesses that are unincorporated will no longer stand. The basis period for the self-employed is the period of accounts that is taxed each year. Replacing this will be an assessment of profits for the tax year.

Government sets out new plans for data protection

Once the UK left the EU, rules surrounding data protection were taken into domestic law virtually unchanged as UK GDPR. That situation is set to change as the government has published its response to Data: a New Direction, a 2021 consultation on reforms to create “an ambitious, pro growth and innovation friendly data protection regime”.

How inflation will affect small businesses

Increased demand, high energy prices and supply chain issues have all put pressure on the economy – inflation has risen and is expected to get even higher. How will the increase affect you? Start preparing your business and protecting your supply chains.