Key Updates and Opportunities for Your Business in 2025

Business News England Welcome to our round-up of the latest business news for our clients. Please get in touch with us if you want to talk about how these updates affect your business. We are here to support you!

A Fresh Start: Reviewing Your Business Goals for the New Year

The start of January marks a time of new beginnings, and for business owners, it’s the perfect opportunity to pause, reflect, and plan. 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.

Why Review Your Goals Now?

Setting goals is one thing – keeping track of them is another. Running a business is often about managing immediate – urgent emails, pressing deadlines, and day-to-day challenges. Without a clear plan, it can be easy to drift away from your bigger goals. This is why it’s so important to carve out time at the start of the year intentionally.

Why not ask yourself:

• Are you meeting your financial targets?
• Have your priorities changed since you first set your goals?
• Are there new opportunities or challenges you need to plan for?

This kind of review isn’t about dwelling on what’s gone wrong; it’s about making sure you’re steering your business in the direction you want to go.

For instance, it can help you clarify what you want to achieve this year. Is it more growth, more stability, or more innovation? It can also help you focus on the areas that truly drive results and allow you to prepare for potential problems and have strategies ready to address them.

A Word on the Role of a Budget

Finances often need to be aligned to help you reach your goals. A budget can be an invaluable tool in helping with that.

Even if you’ve never drawn one up, it’s not as daunting as it might sound. There’s no need to make it complicated. A simple budget can help you understand where your money is going, plan for upcoming expenses, and avoid surprises. Start by reviewing last year’s financial performance and, based on that, set some realistic income and expenditure targets for the months ahead.

Steps to Get Started

Here’s how to make the most of this reflective period:

1. Review your goals: What were your key objectives last year? Did you meet them? If not, why? Use these insights to refine your goals for the coming year.
2. Set SMART objectives: Make sure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For instance, instead of “I want to grow my business,” aim for something like “Increase revenue by 15% by the end of September.”
3. Action plan: Break down your goals into actionable steps. What resources do you need? Who will be responsible? Setting milestones along the way can help you track progress.
4. Monitor and adapt: Remember, a plan is only as good as its execution. Regularly review your progress and be willing to adapt it as new challenges and opportunities present themselves.

A Resolution Worth Keeping

January is more than just a fresh start; it’s a chance to be intentional about where your business is headed. Taking the time out to review your goals will ensure that your efforts align with your ambitions.

Make this the year you take control of your business’s future. With clear goals, a solid plan, and the discipline to follow through, 2025 could be your best year yet.

Christmas Tax Filing: Getting Ahead of the Deadline

HM Revenue and Customs (HMRC) 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 there’s always time for a little financial housekeeping, even amidst the festive cheer.

Festive Filing Highlights

The holiday filing statistics offer a glimpse into the habits of those who opted to tackle their tax obligations during the break:

• Christmas Eve: This was the busiest day, with 23,731 returns filed, as some chose to avoid the chaos of last-minute shopping. The most popular filing hour was 11:00 to 11:59 when 3,458 taxpayers submitted their returns.
• Christmas Day: 368 people filed their returns during the most popular hour of 15:00 to 15:59.
• Boxing Day: 11,932 customers prioritised tax returns over leftover turkey sandwiches, with the busiest hour being 16:00 to 16:59, when 1,108 submissions were made.

Why File Early?

Filing early can bring peace of mind, knowing the task is done for another year. However, it can also provide more time for planning how to pay any tax due by 31 January.

If you need help filing your tax return or are unsure whether to complete one, book a meeting at any time, and we would be happy to assist you!

See: https://www.gov.uk/government/news/its-a-self-assessment-wrap-for-40000-festive-filers

Greener Flights in 2025

Flights departing from the UK will now be greener due to the Sustainable Aviation Fuel (SAF) Mandate coming into force on 1 January.

For all jet fuel used in flights taking off from the UK in 2025, 2% must be SAF. This percentage will increase by two percentage points each year, reaching 10% by 2030 and then 22% by 2040.

SAF is sustainably fuel-sourced, including household waste and used cooking oil. According to government statistics, fuel sourced from such materials produces an average of 70% fewer carbon emissions than traditional fossil-based aviation fuel.

Mike Kane, Minister for Aviation, stated: “From this moment on, aviation will be a greener, more sustainable form of travel, and today marks a significant milestone for the UK SAF industry.”

To read more about the Mandate, see: https://www.gov.uk/government/collections/sustainable-aviation-fuel-saf-mandate

New Year Resolution: A Fitter Workforce?

The benefits of exercise on our physical and mental health are well-known. The healthier and fitter we are, the better we perform in our work and businesses. A healthier, fitter workforce is 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.

The app is designed to help beginners gradually build up to running 5 kilometres. Andrew Gwynne, Public Health Minister, said: “The NHS Couch to 5K app is a great way to get fitter and build sustainable running habits.”

Regular running is a proven way to reduce the risk of long-term illnesses, such as heart disease, type 2 diabetes, and stroke. It also helps maintain a healthier weight and improve your mood.

Users of the app get a guided commentary from a celebrity coach they can choose from, and they can track their progress by doing three runs a week. Users also receive celebration videos and progress summaries as they complete each running challenge. There is also guidance and support for those who have setbacks.

The app now also features ‘graduation’ content to help motivate people to make running a habit.

Of course, running is not the only form of exercise. Some may prefer cycling, swimming, walking, going to the gym, or playing sports.

However, regardless of the type of exercise, exercising with someone else or committing to someone else provides extra motivation to persist with an exercise habit. The workplace can be a good source of ‘buddies’ to give that motivation.

In view of the benefits available, could promoting the NHS Couch to 5K app or an exercise club not only help improve your and your staff’s health and well-being but also benefit your business?

To read more, see: https://www.gov.uk/government/news/record-numbers-complete-nhs-couch-to-5k-app

ICO Highlights Data Privacy to New Startups

January is often the time of year when entrepreneurs start making plans for a new business. The Information Commissioner’s Office (ICO) has published guidance to help entrepreneurs consider data protection when setting up their business, ensuring they get it right from the start.

The ICO has an e-learning site that provides videos and advice for small organisations. This is well worth a look, and you can access it here.

The ICO also offers helpful online tools that can take much guesswork out of what you must do.

Privacy Notice

The ICO highlights that every organisation holding personal information needs to explain why it holds it and what it does with it. This is usually done through a privacy notice, which can be placed on the business’s website or included in other communications.

Fortunately, the ICO provides a privacy notice generator that helps you create bespoke privacy notices for your organisation. It takes 10 to 15 minutes and can assist you in creating privacy notices for your customer and supplier information and your staff and volunteers.

Direct Marketing Advice Generator

You are involved in direct marketing if you advertise or communicate marketing messages to specific people or organisations. In such cases, you must comply with the Privacy and Electronic Communication Regulations (PECR) and the UK GDPR.

The ICO’s direct marketing advice generator provides reliable compliance advice tailored to your direct marketing activities. This tool makes it easier to know what steps you need to take to remain compliant with the law and ensure you’re only contacting people who are happy to hear from you.

The idea of tackling data protection can seem overwhelming when starting a new business. However, these new tools can be invaluable in reducing this stress and ensuring you’re compliant from the outset.

To find out more, visit the full article: https://ico.org.uk/about-the-ico/media-centre/news-and-blogs/2025/01/new-year-new-start-ups-get-data-privacy-right-from-the-start/

The Importance of Right to Work Checks Continues to Be Emphasised

Recent immigration enforcement activity has underscored 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.

Crackdown on Illegal Working

Immigration Enforcement teams have been targeting sectors prone to illegal employment, such as car washes, nail bars, supermarkets, and construction sites.

Between July and November last year, enforcement teams conducted thousands of visits across the UK, leading to 770 arrests in London alone and nearly 1,000 premises being inspected.

Employers guilty of hiring workers without the right to work face fines of up to £60,000 per worker, reputational damage and potential criminal charges.

How to Stay Compliant

Employers must carry out right-to-work checks before employing someone.

You need to:

1. Request sight of original documents: Review the worker’s passport, visa, or other approved documents that prove their right to work in the UK.
2. Verify authenticity: Confirm that the documents are genuine, belong to the individual, and haven’t expired.
3. Keep records: Retain copies of the documents, including the date you verified them, for at least two years after employment ends.
4. Use the Home Office’s online service: The Home Office offers an online right-to-work checking service for non-UK nationals, confirming a worker’s status.

For further guidance on conducting right-to-work checks, see the full employer’s guide: Right to Work Checks: Employer’s Guide

Additional Financial Support for Bradford’s Cultural Year

The government has announced another £5 million in support for Bradford, which will be the 2025 UK City of Culture.

This funding, which increases the total support to £15 million, will be used to deliver a programme of events and support a legacy of cultural regeneration. It is anticipated that 6,500 jobs will be created in the area due to Bradford’s status as the UK City of Culture.

Around 1,000 events are being organised for 2025, expected to attract an additional 3.3 million visitors to the area. This influx is projected to bring approximately £140 million into the local economy.

The government also hopes that the increased exposure will stimulate further growth for Bradford.

To see more information about the programme, visit: Bradford 2025