Merry
Christmas and a Happy Prosperous New Year from all the team at Hillmans
Chartered Accountants.
We wish
you and those close to you the happiest and safest of Christmases.
Our Christmas Opening Hours:
Our office is closed for the Christmas and New Year period from 5pm on Friday
23rd December, re-opening at 9am on Tuesday 3rd January.
Merry Christmas
Merry Christmas and a Happy Prosperous New Year from all the team at Hillmans Chartered Accountants.
I wish you and those close to you the happiest and safest of Christmases.
Our Christmas Opening Hours
Our office will be closed for the Christmas and New Year period from 5pm on Friday 23rd December, re-opening at 9am on Tuesday 3rd January.
23rd December 2022 – Hillmans Weekly Update:
Welcome to our round-up of the latest business and tax news for our clients. Please contact us if you want to talk about how these updates affect you. We are here to support you!
Kind regards,
Steve
Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100
https://www.hillmans.co.uk
Making Tax Digital postponed until 2026
Following an announcement from the Government this week, the mandatory use of software by landlords and self employed individuals has been postponed by two years, and will now be phased in from April 2026. This will impact those with an income of more than £50,000 (previously £10,000). Those with an income of £30,000-£50,000 will need to comply from April 2027.
The Government has also announced a review on the needs of smaller businesses, particularly those under the £30,000 income threshold. Mandation of MTD for ITSA will not be extended to general partnerships in 2025 as previously announced.
Welcome to our round-up of the latest business and tax news for our clients. Please contact us if you want to talk about how these updates affect you. We are here to support you!
Please note our office will be closed for the Christmas and New Year period from 5pm on Friday 23rd December, re-opening at 9am on Tuesday 3rd January. If I don't see you beforehand, I would like to wish you a Merry Christmas and a Happy Prosperous New Year.Welcome to our round-up of the latest business and tax news for our clients. Please contact us if you want to talk about how these updates affect you. We are here to support you!
I hope you have a good weekend.
Kind regards,
Steve
Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100
https://www.hillmans.co.uk
Thinking long term is a key
business strategy
We were finally
getting over the financial crisis when Covid struck. Then, in the trough of the
worst economic downturn in 300 years, we discovered that recovery was driving
the FTSE to new heights and the job market into a frenzy. In the wake of
that, it became clear that the recovery was overheating and that we are now
facing a period of rising inflation and industrial action.
Russia’s war in
Ukraine has made things worse. It has not only meant human suffering – it has
affected the entire global economy, driving up the cost of food and energy. It
adds to the hardship for those on low incomes and means serious food security
risks in the world’s poorest economies.
The economy has
always had its ups and downs, but its resemblance to a roller coaster is
currently more marked than ever.
Businesses of
every size face challenges that are now suppressing growth. A business might
have a great product or service, but without a strategic plan to help it
define, articulate and communicate where it is going, it will be at the mercy
of outside events. We encourage our clients to take some time to think
long-term about their business and to establish goals or targets that you can
control.
A plan starts
with identifying and accessing opportunities within your market and should
address how your business is going to evolve to meet the challenges of today
and the future. The plan gives your business purpose and answers questions
about your long-term goals.
The first step
is to look at five important areas:
Once you have
taken time to write your plan and decide where you want your business to be in
(say) 2 years, the next step is to work out a marketing programme with actions
to make it happen.
A marketing
plan is a business document outlining your marketing strategy and tactics. It
is often focused on a specific period of time (i.e. over the next 12 months)
and covers a variety of marketing-related details, such as costs, goals, and
action steps. But like your business plan, a marketing plan is not a static
document. The plan should outline:
1. How you are going to keep existing
customers happy and returning to buy more often.
2. What the goals are for getting new
customers.
3. The marketing methods you are
going to use to achieve 1 and 2.
We specialise
in helping our clients manage their businesses. We do this by preparing and
updating detailed forecasts, using the latest and most powerful software.
Please
talk to us about strategic planning. We can help with a template so you can do
this yourself or work together to produce estimates for various scenarios and
help you take control of your business!
Welcome to our round-up of the latest business and tax news for our clients. Please contact us if you want to talk about how these updates affect you. We are here to support you!
HMRC is changing how they assess
profits for some sole traders and partnerships
How HMRC
assesses profits for sole traders and partnerships who use an accounting date
between 6 April and 30 March will change
from 6 April 2023. This change will not affect companies.
Your accounting
date is the last day of the period that you prepare your accounts for. You
choose your accounting date when you set up your business and will normally
make your accounts up to that date every year. Under the current rules, you are
taxed on profits for the accounting date that ends in a given tax year. For
example, if your accounting date is 30 November, for the 2022 to 2023 tax year
you will be taxed on profits in your 30 November 2022 accounts.
From 6 April
2024, you will be assessed on your profits for each tax year that runs from 6
April to 5 April. This change will affect how you fill in your tax return if
you use an accounting date between 6 April and 30 March. The way your profits
are assessed if you use an accounting date between 31 March and 5 April will
not change.
There will be a
transition year from 6 April 2023 to 5 April 2024 to allow any overlap relief
that you may be due to be used against your profits for that tax year. You may
be due overlap relief from when you started to trade, or if you subsequently
changed your accounting date.
How
your profits for the 2023 to 2024 tax year will be assessed
The changes
will mean the amount of tax that you owe in the 2023 to 2024 tax year may
change if you use an accounting date between 6 April and 30 March. You will be
assessed to tax on both:
●
The
12-month accounting period you have previously been using (the one that ends in
2023/24).
●
The
rest of the 2023 to 2024 tax year — minus any overlap relief that you may be
due — spread over 2022/23 and the next 4 tax years. You can spread these
‘excess’ profits over a shorter period if you wish.
Example
(assuming no overlap relief is available):
Any increased
profits from the 2023 to 2024 tax year will be treated in a special way to
minimise the impact on benefits and allowances.
Welcome to our round-up of the latest business and tax news for our clients. Please contact us if you want to talk about how these updates affect you. We are here to support you!
I hope you have a good weekend.
Kind regards,
Steve
Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100
https://www.hillmans.co.uk
Chancellor steps into the fiscal storm and pulls more people into the top income tax band
On Thursday 17 November, the Chancellor presented the government’s Autumn Statement in which he told the House of Commons his plans to tackle the cost-of-living crisis, "rebuild our economy" and significantly reduce borrowing over the coming years.
The Chancellor
said that global factors are the primary cause of current inflation and that
most countries are still dealing with the fallout from the pandemic. He stated
that the measures taken to combat Covid-19 in the UK must be paid for. He also
acknowledged that the UK is in recession and that things will have to get worse
before they get better.
His measures on
taxes mean that tax as a percentage of national income will increase by 1% over
the next 5 years and this is now amongst the highest proportion of income going
to HMRC for at least 70 years.
The key
taxation points made by the Chancellor include:
●
The
highest rates of income tax (45% or, in the case of dividend income, 39.25%) will
apply to those with incomes of more than £125,140 from April 2023. The
threshold is currently £150,000.
●
Other
income tax thresholds are being frozen until 2028, effectively meaning higher
tax each year on earnings that increase with inflation.
●
NIC
bands and rates remain as they are, following the reversal of the 1.25% percentage
point increase on 6 November 2022. Like income tax, the NIC bands/thresholds
will also be frozen until 2028.
●
The
dividend allowance, which determines the amount of dividend income subject to
0% income tax each year, will reduce from its current level of £2,000 to £1,000
in the 2023/24 tax year and to just £500 in 2024/25.
●
The
current £12,300 annual tax-free capital gains tax (CGT) allowance will be
reduced to just £6,000 in 2023/24 and to only £3,000 in 2024/25.
●
The
VAT registration threshold will remain at £85,000 until April 2026.
●
Electric
vehicles will no longer be exempt from vehicle excise duty from April 2025 and,
for employer provided company cars, benefit in-kind rates will start to
increase.
●
Tax
reliefs for Research and Development (R&D) are being ‘re-balanced’ meaning
increased rates for some (usually larger companies) and reduced rates for
others (usually small or medium sized enterprises).
●
The
increased Stamp Duty Land Tax starting thresholds that were brought in from 23
September 2022 will now be treated as a temporary change, with the thresholds
reverting to their original levels from 1 April 2025.
Some of the key
spending statements made include:
●
Government
departments will be subject to tighter controls to tackle waste and
inefficiency, except for the department for Health.
●
The
NHS budget will be increased in each of the next two years by £3.3bn.
●
Education
will have an additional £2.3bn for schools.
●
Additional
funding will be available for the devolved administrations for the NHS and
schools.
●
Overseas
aid spending remains at 0.5% for the forecast period.
●
A
commitment to the climate pact agreed upon at COP26, including a 68% reduction
of emissions by 2030.
●
Northern
Powerhouse rail, the HS2 and the East West Rail will go ahead as planned.
Welcome to our round-up of the latest business and tax news for our clients. Please contact us if you want to talk about how these updates affect you. We are here to support you!
I hope you have a good weekend.
Kind regards,
Steve
Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100
https://www.hillmans.co.uk
Autumn Statement 2022
The new Chancellor Jeremy Hunt had warned the public and the
financial markets that his Autumn Statement would include “eye-watering” cuts
in public spending and tax rises for those with the ‘broadest shoulders’.
Unlike the ill-fated Fiscal Event of 23 September, the Government “rolled the
pitch” this time with several leaks prior to the event. Mr Hunt wants to avoid
the austerity that followed the 2008 financial crash and is focused on measures
that will keep the period of recession as short as possible.
Many pensioners and those on means-tested benefits will be relieved that their
2023/24 payments will be uprated in line with the 10.1% inflation in the year
to September 2022. There will also be further support for those struggling with
energy bills. But this continued support needs to be paid for, and the tax
increases and spending cuts will not be popular.
FREEZING INCOME TAX BANDS
It had already been announced that the income tax personal allowance
(£12,570) and higher (40%) rate threshold (£50,270*) would be frozen until 5
April 2026, instead of increasing each year in line with inflation.
The Chancellor has now announced that these freezes will continue until 5 April
2028.
As earnings increase, this will result in more higher rate taxpayers and is often
referred to as ‘fiscal drag’ because it will raise more tax without actually
increasing income tax rates.
MORE TO PAY 45% INCOME TAX
The income level at which point the ‘additional’ 45% rate of income tax
starts to apply will be reduced from £150,000 to £125,140* from 6 April 2023.
The new £125,140 threshold ties in with the £12,570 personal allowance being
gradually withdrawn for those with income in excess of £100,000. For these
individuals, once their income exceeds £125,140, they will no longer be entitled
to a personal allowance and, from April 2023, will move straight into 45%
income tax.
*It should be noted that, for Scottish taxpayers, income tax rates and
thresholds are, for certain income types, separately set by the Scottish
government.
ALL QUIET ON PENSIONS
In good news, we did not see measures to further restrict tax relief for
pension contributions.
Please do talk to us about how your pension contribution strategy could help to
lessen the impact of the above income tax changes.
NIC BANDS FROZEN
Employers will be relieved that there are no more changes to NIC rates and
bandings or therefore consequential payroll software changes!
Like the main income tax bandings, NIC thresholds are now also frozen until 5
April 2028. This means that employers’ NIC will continue to apply at 13.8% to
earnings in excess of £9,100 a year (£175 per week) and employees and the
self-employed will continue to pay 12% and 9% respectively on earnings/profits
between £12,570 and £50,270 and 2% thereafter.
Despite rumours to the contrary, the 1.25 percentage point increase to NIC
rates that has just been removed from 6 November 2022, will not be making a
return from 6 April 2023.
DIVIDEND INCOME – REDUCED 0% BAND
For all individuals, the first £2,000 of dividend income is taxed at 0%.
Welcome to our round-up of the latest business and tax news for our clients. Please contact us if you want to talk about how these updates affect you. We are here to support you!
I hope you have a good weekend.
Kind regards,
Steve
Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100
https://www.hillmans.co.uk
HMRC guidance on goodwill valuations
The valuation
of business goodwill for tax purposes is very subjective and is often a
contentious area. HMRC have recently updated their guidance in their Shares and
Assets Valuation Manual.
The guidance
makes a distinction between goodwill for Capital Gains purposes and goodwill
within the corporate intangibles regime where accountancy principles apply. The
accounting rules define goodwill as the difference between the overall worth of
a business when it changes hands and the value of its identifiable (including
intangible) assets.
The HMRC
guidance goes on to state that the goodwill of a business is the “attractive
force” which brings in custom, it is the thing that distinguishes an old
established business from a new entity. In a business reliant on the skill,
personality and other personal attributes of the proprietor, it is likely that
the goodwill will be personal to the proprietor.
The guidance
also sets out the information required by HMRC Shares and Assets Valuation when
asked to agree on a goodwill valuation with the taxpayer.
Note that the
disposal of goodwill and customer-related assets by individuals no longer
qualifies for CGT Business Asset Disposal relief (previously entrepreneurs’
relief) but the disposal would be subject to CGT at normal rates. Corporate
intangibles relief for the acquisition of goodwill was abolished for
acquisitions from 7 July 2017, although a restricted form of relief was
introduced in the Finance Act 2019.
We can assist
you in valuing the goodwill of your business and calculating the value of your
business in general whether for tax purposes or when you are considering a
sale.
Welcome to our round-up of the latest business and tax news for our clients. Please contact us if you want to talk about how these updates affect you. We are here to support you!
Creating value through innovation
Innovation has
generally been recognised as essential for value creation, both for individual
companies and for the UK economy as a whole. The development of new ideas,
processes and technologies and their flow across different sectors is a
significant driver of economic growth and productivity. Recently, innovation
has also been identified as crucial to the transition of the economy away from
fossil fuels and carbon-intensive business activities.
Many factors
affect whether and how businesses innovate, for example, the availability of
skills and capital and government policy measures such as tax incentives.
However, none
are more important than the company’s own culture, capabilities and internal
systems – all of which are aspects of its governance. Unless companies are
governed in a way that is conducive to innovation, they are unlikely to be in a
position to take advantage of new opportunities.
Our most
innovative clients share some key characteristics:
●
They
invest in activities with uncertain outcomes for which the likely commercial
return is difficult to quantify and the risk of failure is higher than normal;
●
They
benefit from the availability of company-specific skills, which may be highly
specialised;
●
They
have a culture which encourages flexibility, experimentation and a high level
of individual decision-making; and
●
They
require a longer-term time investment horizon than many other kinds of business
activity.
Research and
Development (R&D) is the process of taking an idea and transforming it into
a fully-fledged product or procedure. R&D tax credits are a government
incentive designed to encourage innovation across multiple
industries. This is an opportunity for you to reduce your corporation tax bill
or receive a refund from HMRC based on the number
of working hours and relevant costs your business dedicates
to Research & Development. Under the scheme, SMEs can claim back
up to 33% of the costs associated with R&D.
If you are
looking for long-term finance to support innovation, you will need to ensure
your management accounts are up to date, you make available detailed lists of
debtors and creditors, and you might need up-to-date projections before an
expert will consider your application.
Please
talk to us about R&D tax credits and long-term finance. Our independent
experts have many years of experience and success in advising businesses across
a wide range of sectors.
A fiscal U-turn without precedent!
Over the last few days, we have seen a
gradual dismantling of the mini-budget of Friday 23 September 2022, along with
the economic policies that soon-to-be ex-Prime Minister Liz Truss based her leadership
campaign on.
On Friday 14th October, Ms Truss
announced a change of Chancellor, from Kwasi Kwarteng to Jeremy Hunt. This was
swiftly followed by a series of U-turns culminating in Mr Hunt delivering an
‘emergency statement’ on Monday 17th October. This emergency statement effectively replaces
and re-writes the mini-budget.
Designed to ensure the UK’s economic
stability and provide confidence in the Government's commitment to fiscal
discipline, the emergency statement confirmed:
·
Income tax – the basic rate of income tax will remain at 20% until
economic conditions allow for it to be cut. This had been due to drop to 19%
from 6 April 2023.
It had already been
confirmed that the ‘additional rates’ of income tax for those earning more than
£150,000 a year, including the 45% rate on non-savings income, would remain in
2023/24.
·
Income tax on dividends – will remain at the current rates of 8.75% in the basic rate
band, 33.75% in the higher rate band and 39.35% in the additional rate band. They
had been due to each drop by 1.25 percentage points from 6 April 2023.
·
Corporation tax - the increased corporation tax rates, already legislated to
come in from 1 April 2023, will go ahead. These will take some companies from a
19% rate of corporation tax to 25% or 26.5%. It had been proposed that
corporation tax would remain at a single 19% rate.
·
IR35 – the off-payrolling rules, as introduced in 2017 and 2021,
will remain into 2023/24 and beyond. This keeps the IR35 compliance burden with
medium and large sized employers.
·
Energy Price Guarantee – the support for households to cap average annual electricity
and gas costs at £2,500 will be reviewed in April 2023. We had been told
that households would receive this support until September 2024.
·
VAT – a VAT-free shopping scheme for non-UK visitors to Great
Britain will no longer be pursued.
·
Alcohol duties – will not be now frozen from 1 February 2023 and increased
duties will apply.
The following mini-budget announcements
remain:
·
The 1.25% rise in NICs will still
be reversed from 6 November and the government will not go ahead with the
planned1.25% levy to fund health and social care next year.
·
The annual investment allowance
will remain at £1 million from 1 April 2023, rather than reverting to £200,000.
·
There are to be more than 40 new “investment
zones” in England.
·
The increased thresholds for
Stamp Duty Land Tax in England and Northern Ireland, as implemented from 23
September, will remain in place.
·
The Energy Bill Relief Scheme for
Business will continue to be subject to a governmental review after 31 March
2023. The Chancellor has now said that any support for businesses will be
targeted to those most affected, and that the new approach will better
incentivise energy efficiency.
On 31 October, Mr Hunt will present an update
on the government’s medium term fiscal plan, complete with Office for Budget
Responsibility forecasts. Further changes to fiscal policy are expected to be
announced at this time.
We are clearly in turbulent political and
economic times and faced with such uncertainty you may ask yourself “What
actions can I take as a business owner?”.
It is a good time to look at your business’s
strengths, weaknesses, opportunities and threats and get a clear understanding
of its position in the marketplace, the competition, the systems and the way
things are done and the improvements that could be made. Focus on what the
business is to look like when it is “complete” or running profitably and
successfully. Then you can determine priorities – the big issues that need to
be focussed on – then you can make a plan.
It is also a good idea to plan for a range of
scenarios “good and bad” so that you can be flexible about the direction your
business should take.
Please talk to us about your
plans, we can assist with cash flow planning and “what if” scenarios.
Self Assessment: Be alert to
potential scams
HMRC is urging
their Self Assessment customers to be vigilant of fraudsters and scams asking
for personal information or bank details.
Self Assessment
customers, who are starting to think about their annual tax returns for the
2021 to 2022 tax year, should guard against being targeted by fraudsters, warns
HMRC.
Fraudsters
target customers when they know they are more likely to be in contact
with HMRC, which is why businesses should be extra vigilant about this
activity. There is a risk they could be taken in by scam texts, emails or calls
either offering a refund or demanding unpaid tax, thinking that they are
genuine HMRC communications referring to their Self Assessment return.
Some customers
who have not done a Self Assessment return previously might be tricked into
clicking on links in these emails or texts and revealing personal or financial
information to criminals.
Criminals
claiming to be from HMRC have targeted individuals by email, text and
phone with their communications ranging from offering bogus tax rebates to
threatening arrest for tax evasion. Contacts like these should sound alarm
bells - HMRC would never call threatening arrest.
Anyone contacted
by someone claiming to be from HMRC in a way that arouses suspicion
is advised to take their time and check the scams advice from HMRC.
Customers can
report any suspicious activity to HMRC. They can forward suspicious texts
claiming to be from HMRC to 60599 and emails to phishing@hmrc.gov.uk. Any tax scam phone calls can be reported
to HMRC using their online form.
Preparing your business for
emergencies
The UK
Government has a webpage with guidance to help businesses identify and prepare
for the hazards and threats that may disrupt their operations.
Being more
prepared and resilient can give a competitive advantage to your business. The
actions you take to make your business resilient will depend on your
circumstances and the risks you are comfortable taking. Having assessed these,
only you can decide how much time, and possibly money, you want to invest in
increasing your resilience. The suggested actions below will get you started,
ranging from a free ‘print-off and fill-in’ plan to more specialised training.
Quick
and easy preparation:
●
Make
sure you have suitable insurance – the Association of British Insurers provides helpful
information. Commercial property insurance is particularly relevant.
●
Complete
the Business Emergency Resilience Group 10 Minute Plan.
●
Think
through potential disruptions to your company and what you can do about them in
greater detail using the Dummies Guide to Business Continuity.
●
Put
together a ‘battle box’ containing important documents and items to keep your
business running, in case you have to relocate with little or no notice.
●
Consider
your preparation
for cyber threats.
More
advanced preparation:
●
Complete
a free Business
Resilience Health Check to help you understand how to make your company more resilient
in about 1.5 hours.
●
Talk
to neighbours, businesses and customers about your plans and how you could
support each other.
●
Test
your plan and adjust it where necessary to avoid complications in an emergency.
●
Make
sure all your staff have copies of your plan and that they know their
responsibilities in an emergency.
●
Read
the guidance for preparing your businesses for flooding and for preparing your premises.
See: Preparing for emergencies - GOV.UK (www.gov.uk)
Young people at work
The Health and
Safety Executive (HSE) have a dedicated webpage for employers reminding them of
the need to be extra cautious with the safety of young people.
When you employ
young people under the age of 18, you have the same responsibilities for their
health, safety and welfare as you do for other workers. This applies whether
they are:
●
A
worker
●
On
work experience
●
An
apprentice
Young people
are likely to be new to the workplace and therefore at a greater risk of injury
in the first six months of a job, as they may be less aware of risks. They will
often be vulnerable, as they may:
●
Lack
experience or maturity.
●
Not
have reached physical maturity and lack strength.
●
Be
eager to impress or please people they work with.
●
Be
unaware of how to raise concerns.
Young people
need clear and sufficient instruction, training and supervision so they
understand the importance of health and safety and can work without putting
themselves and other people at risk. They may need more supervision than
adults.
Work experience
and work-based learning will be the first time most young people experience the
work environment.
Good
preparation and organisation of placements is essential if these opportunities
are to be helpful and safe introductions to work.
If your
workplace has health and safety representatives, they can play a valuable role
early on by:
●
Introducing
the young person to the workplace.
●
Helping
with their ongoing training.
●
Giving
employers feedback about particular concerns.
See: Young people at work - Overview - HSE
National Insurance for employees
working in the EU or Switzerland
HMRC have
recently updated their guidance to employers whose employees are working in the
EU or Switzerland.
If a worker
leaves the UK to work in the EU or Switzerland they will only pay into one
country’s social security scheme at a time. They will usually pay social
security contributions in the country they are working in. Employers’ liability
to pay social security contributions follows the liability of the employee
concerned.
The UK has
social security agreements with the EU and Switzerland. National Insurance
continues to be payable in the UK but not the other country if HMRC has issued
the relevant certificate. The reason for applying for the certificate is that
UK National Insurance Contributions are generally lower than the Social Security
costs in most European countries.
The certificate
can be used as evidence that the worker does not need to pay social security
contributions in the country they are working in, and generally applies for up
to 2 years.
The individual
or their employer should apply for a certificate. Use the form below to apply
for a certificate of continuing liability. You can apply if the non-UK country
has a social security agreement with the UK and you’re:
●
An
employer sending employees to work temporarily.
●
Self-employed
in the UK and will be self-employed in that country.
See: Apply for a certificate of continuing liability for
National Insurance - GOV.UK (www.gov.uk)
There are
similar procedures for individuals working in Iceland, Liechtenstein, or
Norway.
HMRC have also
updated their guidance on workers from the above countries coming to the UK.
The guidance helps workers and employers check if they should pay National
Insurance in the UK or social security contributions in the EU, Iceland,
Liechtenstein, Norway, or Switzerland.
New cyber guidance for retailers
The National
Cyber Security Centre (NCSC) has published tailored guidance designed to
support retailers, hospitality providers and utility services in protecting
themselves and their customers from the impact of cybercrime.
The guidance is
specifically designed for any organisation with an online presence, but
particularly for:
●
Organisations
that employ online customer accounts.
●
Organisations
at risk of having their brand spoofed by malicious actors.
The guidance
recognises that passwords remain the default method of authentication for a huge
range of services, both at work and at home. However, accounts authenticated by
passwords alone are known to be vulnerable to attack and so, in some cases,
alternate authentication models may be more suitable.
The NCSC's new
guidance on authentication methods will help you explore
alternative models for authentication such as:
●
Two-step
verification
●
OAuth
●
FIDO2
●
Magic
links
●
One
time passwords
In addition to
protecting your users' accounts, the NCSC also recommends that you consider
measures that protect your brand from being exploited online through, for
example:
●
False
representations of your products or services.
●
Fake
endorsements.
●
Your
brand being used in phishing or malware to make attacks look credible.
The NCSC's
new takedown guidance tells you how to go about removing
malicious content such as phishing sites. Typically, you can:
●
Contact
hosting companies and domain registrars yourself, requesting that the service
be withdrawn.
●
Use
a takedown provider who can manage this process on your behalf.
Whichever
method you choose, removing malicious websites that are exploiting your
reputation to defraud the public is key to protecting your brand.
Charity Fraud Awareness Week 2022
Charity Fraud
Awareness Week takes place from 17 to 21 October 2022 and is a campaign run by
a partnership of charities, regulators and other not-for-profit stakeholders
from across the world.
All charities,
NGOs and not-for-profits are susceptible to fraud and can be targeted. Those
providing services and supporting local communities may be especially
vulnerable to fraudsters attempting to exploit current national and global
crises to carry out fraud and cybercrime. This means that now - more than ever
- charities need to be fraud aware and take steps to protect their money,
people and assets from harm.
The purpose of
the week is to raise awareness of fraud and cybercrime affecting the sector and
to create a safe space for charities and their supporters to talk about fraud
and share good practices.
See: Charity Fraud Awareness Week 2021- Fraud Advisory Panel
Energy Bill Relief Scheme for
non-domestic customers
The Energy Bill
Relief Scheme (EBRS) will provide energy bill relief for non-domestic customers
in Great Britain (Scotland, England and Wales). Discounts will be applied to
energy usage initially between 1 October 2022 and 31 March 2023.
This support
will be applied automatically to all eligible bills by suppliers. You do
not need to take action or apply to the scheme.
The level of
support for each organisation will vary depending on the type and date of the
contract. You will find details of how you will get the reduction based on the
type of contract you are on and several examples of how the scheme will work in
the UK Government Energy Bill Relief Scheme guidance.
The scheme will
be available to everyone on a non-domestic contract, including:
●
Businesses.
●
Voluntary
sector organisations, such as charities.
●
Public
sector organisations such as schools, hospitals and care homes.
Who are:
●
On
existing fixed price contracts that were agreed on or after 1 April 2022.
●
Signing
new fixed price contracts.
●
On
deemed / out of contract or variable tariffs.
●
On
flexible purchase or similar contracts.
The scheme is
intended to be for a wide range of businesses and other non-domestic customers,
but there may be very limited exclusions. For example, businesses that use gas
or electricity for the purpose of generating power they are selling back into
the grid, such as power stations, pumped hydro or grid-level battery storage.
Non-domestic
suppliers and consumers must not profit from the scheme other than for its
intended purpose of providing relief on necessary energy bills.
EU laws to end 31 December 2023
The UK
Government will end the special status of all retained EU law by 31 December
2023. Under the Brexit Freedoms Bill, all EU legislation will be either
amended, repealed or replaced.
Many EU laws
kept on after Brexit were agreed as part of a compromise between 28 different
EU member states and were duplicated into the UK’s statute books.
All EU
legislation will be amended, repealed, or replaced under the new Brexit
Freedoms Bill introduced to Parliament last month, which will end the special
legal status of all retained EU law by 2023 and give the UK the opportunity to
develop new UK laws.
The Brexit
Freedoms Bill will enable the UK government to remove EU regulation in favour
of, what they describe as a “ More agile, home-grown regulatory approach that
benefits people and businesses across the UK. By removing these legal
restraints and replacing them with what works for the UK, our businesses and
economy can innovate and grow to new levels.”
They further
comment that “As a result of the bill, around £1 billion worth of red tape will
be removed, giving businesses the confidence to invest and create jobs, while
transforming the UK into one of the best regulated economies in the world.”
The Bill is an
integral step in the new Prime Minister’s mission for growth and it is hoped
that it will support Britain’s businesses to capitalise on the UK’s leadership
in areas like clean energy technologies, life sciences and digital services.
