Business News England: Key Updates and Insights for UK Businesses
Business News England
Welcome to our round-up of the latest business news for our clients.
At Naseems Accountants, we are committed to keeping you informed about key developments that may impact your business.
If you would like to discuss how any of these updates apply to your specific circumstances, please don’t hesitate to get in touch. Our expert team is here to provide tailored advice and support, helping you stay compliant, make informed financial decisions, and plan confidently for the future.
Book a free consultation today to discuss your business goals and learn how we can help you stay ahead.
Preparing Your Business for Life Beyond You
When Spotify’s founder, Daniel Ek, announced he would step down as Chief Executive, it made headlines. After nearly 20 years running one of Europe’s most successful tech companies, he’s transitioning into a chairman role and handing over day-to-day control to two long-serving deputies.
For most business owners, the numbers and scale are quite different, but the principle remains the same. At some point, you may want (or need) to take a step back. Whether that’s for retirement, to explore new opportunities, or to prevent burnout, the question is: how do you prepare your business to thrive without you at the helm every day?
Here are some practical steps worth considering:
1. Build a Capable Leadership Team
Ek’s transition wasn’t sudden. His deputies had already been managing much of the business since 2023, meaning staff and customers were accustomed to their leadership.
For smaller businesses, this may involve gradually delegating more responsibility to key managers. Allow them to make decisions, even if you might approach things differently. It’s far better to resolve issues while you’re still around than to hand over to an untested team later.
Tip from Naseems Accountants: Empowering others doesn’t mean losing control, it’s about ensuring your business can function efficiently without constant input from you.
2. Separate Ownership from Management
Many founders assume stepping back means selling up. Not necessarily. Ek remains chairman, guiding long-term strategy, but no longer oversees daily operations.
As a business owner, consider retaining your shares and remaining involved at the board level, while hiring or promoting someone to handle day-to-day management. This way, you continue benefiting from the company’s growth without being tied to the daily grind.
Need advice on succession or restructuring? Naseems Accountants can help you plan a smooth transition that safeguards your ownership and business value.
3. Get Your Systems in Order
The more your business relies on “what’s in your head”, the harder it becomes for others to manage it effectively. This isn’t always easy to recognise, especially if you enjoy being involved in every decision.
Ask yourself:
- How many decisions come my way each day?
- Do all of them need my input?
- Would documented processes allow my team to handle more independently?
Up-to-date procedures, reliable accounting systems, and clear contracts with customers and suppliers can make all the difference. The clearer your operations are, the less guesswork your team faces.
Pro tip: Naseems Accountants can help streamline your accounting and reporting systems, so your business runs smoothly, even when you’re not there.
4. Think About Your Own Role Differently
Ek is shifting his focus towards strategy, capital allocation, and regulatory matters, areas where his long-term vision adds the most value. This is a valuable perspective for any business owner.
Ask yourself:
- Which tasks genuinely require me?
- What could be delegated effectively?
Freeing yourself from day-to-day firefighting allows you to focus on long-term growth, innovation, and sustainability.
5. Plan the Story You’ll Tell Staff and Customers
When Ek’s decision was announced, Spotify’s share price briefly dipped, a reminder that leadership changes can cause uncertainty. The same applies to smaller businesses: employees may worry about their roles, and customers may question the continuity of service.
Clear communication is key. Explain your plan, express confidence in your team, and reassure clients that the business remains in good hands.
Need help managing change and communicating effectively? Book a free consultation, Naseems Accountants can guide you through the financial and strategic aspects of transition planning.
A Final Thought
You don’t have to be running a global tech giant to learn from this example. Every business owner must eventually decide how long to remain hands-on. Planning your own “step back” early helps strengthen your business, provide flexibility, and protect the value you’ve worked so hard to build.
Plan your next chapter with confidence.
Contact Naseems Accountants today to discuss how we can help you prepare your business for the future, ensuring financial stability, smooth succession, and lasting success.
See the original story on BBC News
Autumn Budget 2025: What Might Be Coming for Businesses?
The Autumn Budget will be delivered on 26 November, but the Chancellor’s recent speech in Liverpool offered several clues about what could be on the table.
The Chancellor, Rachel Reeves, appeared to set expectations when she stated:
“We will face further tests, with choices to come, made all the harder by harsh global headwinds and long-term damage to the economy, which is becoming ever clearer.”
Her remarks highlighted two key issues:
- Global headwinds: including trade tensions, conflicts, and higher interest rates that continue to drive up costs.
- The UK’s productivity challenge: with the Office for Budget Responsibility (OBR) expected to publish a critical reassessment of the nation’s long-term productivity performance.
In short, the message seems clear: don’t expect generous tax cuts or giveaways, and be prepared for possible tax rises.
How Might Taxes Be Raised?
There will be no change to the main tax rates, such as Income Tax, National Insurance, and VAT.
When questioned about the possibility of a VAT increase, the Chancellor reaffirmed:
“The manifesto commitments stand.”
She also emphasised her intention to protect take-home pay and “not put up the prices in shops”, which makes a direct VAT rise unlikely. However, there could still be changes elsewhere.
One option the Government might use to raise additional revenue is by keeping tax thresholds frozen. As wages increase with inflation, more individuals and businesses are drawn into higher tax bands, a method often referred to as a “stealth tax”.
Other areas potentially under review could include:
- Pension tax reliefs
- Housing-related tax incentives
- Business reliefs
Any adjustments in these areas are likely to be framed as “closing loopholes” rather than introducing new taxes.
In addition, Reeves has indicated potential changes to the biannual forecasts produced by the OBR. Currently, these mid-year forecasts can create speculation and market instability when results fall short of expectations. Moving to annual forecasts could reduce uncertainty and provide greater stability.
What This Could Mean for You
We’ll have to wait until the Budget is delivered at the end of November to know the full details. However, the indications suggest this Budget will focus on fiscal stability rather than offering incentives or financial windfalls for businesses.
As always, preparation is key. By staying informed and understanding how potential changes affect your business, you can make timely adjustments to safeguard your financial position.
Our Advice:
At Naseems Accountants, we’ll be analysing the Autumn Budget announcements in detail. We’ll break down what’s changed and what it means for businesses, landlords, and individuals across the UK.
If you’d like personalised tax or business advice ahead of the Budget, or want to discuss potential impacts on your finances, book a free consultation with us today. Our expert accountants can help you prepare and plan for whatever changes may come.
See: https://www.bbc.co.uk/news/articles/cj6x07j9e43o
Could Your Child Be Sitting on £2,000 Without Knowing It?
Recent figures have revealed that more than 750,000 young people have yet to claim their matured Child Trust Funds (CTFs), with each pot worth an average of £2,242.
If your children, employees, or apprentices are aged between 18 and 23, there’s a real chance that some of them could be sitting on unclaimed savings without realising it.
What is a Child Trust Fund?
The Government introduced Child Trust Funds (CTFs) for children born between 1 September 2002 and 2 January 2011. Each account began with a government contribution of at least £250, and many parents and guardians chose to add their own savings over the years.
These accounts are tax-free, and once the child turns 18, the money becomes theirs legally to withdraw or reinvest.
If your child falls within this age range, it’s worth checking whether they have funds waiting to be claimed, it could provide a valuable financial start to adult life.
Why So Many Are Unclaimed
When the CTF scheme was active, if parents didn’t open an account themselves, the Government automatically did it on their behalf.
According to HMRC, around 758,000 accounts remain unclaimed, with September being the most common birth month for CTF holders. That means there’s a new wave of 18-year-olds each autumn becoming eligible to access their savings.
This unclaimed money is sitting in accounts earning interest or investment returns, but it can only be accessed once it has been claimed.
How to Find Out If You’ve Got One
If you already know the account provider, you can contact them directly.
If not, the Child Trust Fund Finder Tool on GOV.UK makes it easy to locate unclaimed accounts. The process only takes a few minutes, and most people receive a response within three weeks.
You’ll need the young person’s National Insurance number and date of birth to complete the request.
Find a Child Trust Fund on GOV.UK
A Quick Reminder for Business Owners
If you employ young people aged between 18 and 23, it could be worth mentioning this to them. Many may not even realise they have money waiting for them.
A quick conversation could genuinely make a meaningful difference to their finances, and they’ll likely remember your help and support.
Final Thought
At Naseems Accountants, we understand that financial awareness and education can make a lasting impact, especially for young adults. Whether it’s personal finance, tax planning, or business advice, our expert team is here to help you and your family make informed financial decisions.
Get in touch with Naseems Accountants today, we’re here to help you make the most of your money.
CMA Flags Concerns Over Rising Fuel Margins
The Competition and Markets Authority (CMA) has released its latest monitoring report on fuel prices, revealing increases in both pump prices and retailer margins nationwide.
Between May and August 2025, the average petrol price rose to 133.9 pence per litre (ppl), while diesel climbed to 141.9ppl, an increase of 1.9ppl and 3.5ppl, respectively.
Although part of this rise can be attributed to global oil market trends, the CMA has expressed concern that retailers may be retaining higher profits rather than passing on the savings to motorists.
Margins Far Above Historic Levels
The CMA’s findings show a notable increase in retail margins:
- Supermarket fuel margins averaged 8.4% during the first half of 2025, more than double the 4% margin seen in 2017.
- Non-supermarket retailers averaged 9.8%, compared with 6.4% in 2017.
Dan Turnbull, Senior Director of Markets at the CMA, stated:
“What’s deeply concerning is that fuel margins – a key indicator of retailer profit – remain far above historic levels.”
However, the current report does not assess how retailers’ operating costs have changed over time. To address this, the CMA will conduct a comprehensive review as part of its first annual road fuel monitoring report, due at the end of 2025. This will help determine whether higher costs justify the increased margins, or whether retailers are simply benefiting from more substantial profits.
Retail Spreads Remain High
The CMA also analysed “retail spreads”, the difference between the price paid by drivers at the pump and the benchmark wholesale price retailers pay for fuel.
- Petrol spreads averaged 13.3ppl between June and August 2025, which is lower than in spring but still double the 2015–2019 average of 6.5ppl.
- Diesel spreads also averaged 13.3ppl, significantly above the long-term average of 8.6ppl.
This data suggests that retail margins remain persistently high, even as wholesale prices fluctuate.
Fuel Finder Scheme Coming
Following a recommendation from the CMA’s 2023 road fuel market study, the Government plans to roll out the new Fuel Finder scheme by the end of 2025.
The initiative will enable drivers to compare real-time fuel prices through navigation apps, in-car systems, and comparison websites.
By improving price transparency, the Fuel Finder scheme aims to increase competition among retailers, potentially helping to reduce margins and deliver fairer prices at the pump.
What’s Next
The following major CMA report, due at the end of 2025, will provide a closer examination of retailers’ operating costs and assess whether current profit margins are justified.
Until then, both businesses and individual motorists will be closely monitoring the Fuel Finder scheme to see if it delivers the intended results, more competition and fairer fuel pricing.
If your business is affected by rising transport costs, book a free consultation with us today about reviewing your cash flow, expenses, and tax-efficient strategies.
Our team can help you navigate cost pressures and protect your profitability.
See the full CMA report here: https://www.gov.uk/government/publications/road-fuel-quarterly-update-report-september-2025
Digital ID to Become Mandatory for Right to Work Checks
The Government has announced plans to introduce a new digital ID scheme, which is set to become the standard method for completing Right to Work checks by the end of the current Parliament.
The new digital ID will be available to all UK citizens and legal residents and will be securely stored on mobile phones, functioning in a similar way to the NHS App or contactless payment systems.
Simplifying Compliance for Employers
This initiative aims to simplify and streamline Right to Work compliance for employers. Instead of manually verifying physical documents, employers will be able to carry out checks quickly and securely through digital verification.
The Government has confirmed that further guidance will be released as the roll-out continues, alongside a public consultation later this year to help shape how the system will operate in practice.
Accessibility and Security
There will also be provisions for individuals who do not use smartphones, ensuring inclusivity across all user groups.
To protect sensitive personal information, the digital ID system will include robust encryption and authentication features. This will help minimise the risk of fraud or misuse, while offering a faster and more reliable way for employers to complete statutory checks.
What Employers Should Do Now
For the time being, employers should remain vigilant for government updates and begin considering how to integrate digital Right to Work checks into their internal processes.
Practical tip: If your business employs new staff regularly, it may be worth reviewing your onboarding and compliance procedures now to ensure you’re ready for the upcoming changes.
Need help preparing for compliance changes?
At Naseems Accountants, we can help ensure your business remains compliant with all employment and payroll regulations, saving you time, reducing risk, and keeping your records entirely up to date. Book a free meeting with our team today for personalised support.
See: https://www.gov.uk/government/news/new-digital-id-scheme-to-be-rolled-out-across-uk
£150 Million Boost for Creative Industries Across the Regions
Creative businesses and freelancers outside of London are set to benefit from increased government support, following a major funding announcement aimed at accelerating growth in the UK’s creative sector.
Six regions with established strengths in film, television, music, fashion, and video games will each receive £25 million to help drive innovation and create new opportunities for creative talent.
The investment comes as part of the Creative Places Growth Fund, first announced in June’s Creative Industries Sector Plan.
£25 Million Each for Six Regions
The funding will be distributed equally across six key areas:
- Greater Manchester
- Liverpool City Region
- North East
- West of England
- West Midlands
- West Yorkshire
Culture Secretary Lisa Nandy confirmed that the funds will be devolved to local Mayors, enabling them to address regional challenges and unlock opportunities within their creative communities.
The investment will be delivered over three years, beginning in the 2026 financial year, and is expected to provide a significant boost to local economies, helping to sustain and grow creative clusters outside the capital.
£8 Million in Grants for SMEs Announced
In addition to the regional funding, more than 100 micro, small, and medium-sized creative enterprises across 12 regions are set to receive a share of £8 million through the Create Growth Programme.
Grants will range between £20,000 and £140,000 and are designed to help creative businesses:
- Develop and commercialise new ideas
- Access specialist expertise and resources
- Attract private investment to support scaling and long-term growth
Some of the recipients include:
- Translating Nature, an art and design studio based in Margate
- King Bee, an animation studio located in Hertfordshire
Supporting the Future of the UK’s Creative Sector
This funding underscores the Government’s ongoing commitment to bolstering the UK’s position as a global leader in the creative industries, while ensuring that opportunities are accessible to every region of the country.
If you run a creative business, now is a great time to review your financial strategy and explore how grants, funding, and tax reliefs could support your growth.
At Naseems Accountants, we work with creative entrepreneurs and SMEs to help them manage their finances, maximise funding opportunities, and scale sustainably.
Book a free consultation today to find out how we can support your business.
See: https://www.gov.uk/government/news/six-regions-receive-25-million-to-bolster-creative-industries
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