Month: December 2023

HMRC aren’t known for their Christmas spirit, but there is one area where some taxpayers can benefit from a little cashflow bonus if they act now.
Stefanie Tremain, from eading tax and advisory firm Blick Rothenberg, said: “Most people are aware that the normal filing deadline for a Self-Assessment tax return (and to make any payments due) is 31 January, which means 2022/23 tax returns and tax payments are due by 31 January 2024.
“What is less well known is that if your tax liability is less than £3,000 and you have a source of PAYE income (e.g., employment or private pension income), and your tax return is filed by 30 December, your tax can be collected through your PAYE code in the following tax year.”
She added: “For example, if you owed tax of £2,500 for 2022/23, you would either need to pay this in full by 31 January 2024, or HMRC could take a deduction from your pay in 12 instalments, starting in April 2024. This can be a huge boost to cashflow at what is already an expensive time of year.”
Stefanie said: “Taxpayers need to make sure that they have enough PAYE income in the relevant year to collect the additional tax, and make sure they would not end up paying more than half of their income in tax.”
She added: “For any taxpayers filing their own tax returns who would like to take advantage of this, HMRC should do this automatically when they process your return, provided you leave the relevant box unticked.”
She added: “It’s also important that taxpayers remember whether any tax was collected through their PAYE code when they file their tax return for the relevant year in the future (e.g., for 2024/25, in this example) as you they otherwise mistakenly think they are due a refund!”
Read more:
A Christmas tax bonus from HMRC for some UK taxpayers

The Post Office has cut the size of the compensation pot it set aside to pay branch managers wrongly convicted of theft and false accounting by half.
Its annual accounts show it has now set aside £244m, down from £487m last year.
Between 1999 and 2015, more than 700 Post Office staff were convicted when faulty software made it look as though money was missing from their sites.
A call has been made to quash all convictions due concerns over the small number of cases being overturned.
The Post Office Horizon scandal – named after the faulty accounting software – is one of Britain’s most widespread miscarriages of justice.
The convictions of hundreds of postmasters and postmistresses for false accounting and theft resulted in some people going to prison.
To date, 93 convictions have been overturned and, of those, only 27 people have agreed “full and final settlements”.
Meanwhile, 54 cases have resulted in either a conviction being upheld, people being refused permission to appeal or the person appealing has withdrawn from the process, according to the Post Office.
The independent Horizon Compensation Advisory Board has argued that the smaller number of convictions being overturned highlighted the “current approach is not working”.
In its latest accounts, the Post Office said its much lower compensation figure was “management’s latest and best estimate” of the amount of future claims.
A spokesperson said the new amount had “no bearing on the funding availability or the amount of money which is able to be paid out to victims”.
In order for a victim to claim compensation, they must first have had their conviction overturned.
‘Absolutely petrified’
There are several theories why the number of appeals and cases being overturned is relatively low.
Neil Hudgell, a solicitor who has represented most of the those who have successfully had their convictions overturned, said: “Firstly, a number of people have sadly died. Secondly, people have left the country.
“Thirdly, and probably most frequently, people remain scared to come forward. They are absolutely petrified of the Post Office and what has been done to them over the last 20 years.”
He said: “They are scared of the legal process. We have consistently tried to manage those fears and have successfully done so when people have come forward. However, it remains an ongoing battle.”
Professor Chris Hodges, chair of Horizon Compensation Advisory Board, said in a letter to the government an unwillingness to appeal was due to a “deep distrust of authority”, evidence being lost or destroyed and issues with compensation if a Post Office manager is not granted a retrial.
Nick Wallis, journalist and author of The Great Post Office Scandal, told the BBC’s Today programme courts were “working on the basis on Horizon being essential to a prosecution”, and not seemingly taking account of the “huge failures” of Post Office management and prosecutors.
“So unless you can prove Horizon’s essentiality in your prosecution, then you are unlikely to get your conviction overturned,” he added.
The Post Office prosecuted 700 sub-postmasters and sub-postmistresses – an average of almost one a week – between 1999 and 2015 based on information from a computer system called Horizon, which was used by branch managers for accounting.
Some went to prison following convictions for false accounting and theft. Many were financially ruined and have described being shunned by their communities. Some have since died.
‘Convictions unsafe’
Last week, Prof Hodges said the convictions were “unsafe not only because they relied on the Horizon computer evidence, but also because of egregious systemic Post Office behaviour in interviews and pursuing prosecutions”.
“This led to guilty pleas and false confessions, driven by legal advice to victims to minimise sentences, and by the psychological pressure of dealing with an institution systematically disregarding the truth and fairness,” he said.
His board therefore decided the only viable approach was for all Post Office-driven convictions over the Horizon period to be overturned, so that the victims of the scandal could be receive compensation.
Nick Read, the Post Office’s chief executive, said in its annual accounts that “any suggestion that today’s Post Office is deliberately placing obstacles in the way of that outcome is wholly misplaced”.
He said: “Set against the processes and procedures we have to follow to both secure the necessary funding from government for compensation payments and to make them, we have made good progress.
“We will not rest until justice is achieved, and full and fair compensation paid, for all those so badly affected by the events of the past.”
A Post Office spokesperson added it encourages “people who believe they were wrongly convicted, for any reason, to consider an appeal”.
Read more:
Post Office victims’ compensation pot cut by half

Frasers Group has snapped up luxury clothing website Matches Fashion for £52million.
The company, which is controlled by billionaire Mike Ashley, will buy Matches from private equity firm Apax Partners, its owner since 2017.
It marks a further expansion of Ashley’s empire, with Frasers owning retailers including Sports Direct, House of Fraser and Flannels as well as Savile Row tailor Gieves & Hawkes and bike shop Evans Cycles.
The move into luxury is part of the ‘elevation’ strategy under chief executive Michael Murray (pictured), who is married to Ashley’s daughter Anna.
Murray said: ‘This will strengthen Frasers’ luxury offering, accelerating our mission to provide consumers with access to the world’s best brands.’
Matches, which sells designer brands such as Gucci and Valentino, suffered a £33.5million loss last year.
Its chief executive Nick Beighton said: ‘Being part of Frasers, with their utter commitment to luxury, will give this business the financial stability it needs.’
Read more:
Frasers Group snaps up luxury clothing website Matches Fashion for £52m

Barclays has reached an agreement to stay in its Canary Wharf headquarters until at least 2039, in a boost to the London docklands financial district following a string of exits from other high profile firms.
Canary Wharf Group said the bank had agreed a five year lease extension on its tower One Churchill Place.
Barclays has also agreed to give back a second building at 5 North Colonnade which it decided to leave in 2021.
Its decision to stay comes as rival HSBC said it would leave its headquarters at Canary Wharf when its lease expires in 2027 and would move back to the heart of the City.
Canary Wharf has received a major boost in the last year following the completion of the Elizabeth Line.
The new route is now responsible for one in every six journeys on the London Underground, and allows commuters to get from the banking and financial districts, to Heathrow, in under an hour.
Canary Wharf has faced challenges amid a world of changing work culture and rising interest rates.
But today, Alastair Blackwell,chief executive officer at Barclays, said Canary Wharf is a “fantastic place to work”
He said: “After announcing our intention to exit 5 North Colonnade in 2021, I am pleased we have reached this agreement with CWG which delivers a long-term cost saving for the bank.
“Canary Wharf is a fantastic place to work and our 5-year lease extension at One Churchill Place is testament to that.”
John Mulqueen, chief investment officer at CWG, added that “Canary Wharf is a 15 minute city with access to great transport links, access to 16.5 acres of parks and a wide range of amenities and cafes, bars and restaurants.”
Read more:
Barclays to stay at iconic Canary Wharf until 2039 as WHF sees headquarter culture change

Inflation has fallen faster than expected to its lowest level in over two years, dragged down by easing petrol and food prices, adding impetus to growing calls for the Bank of England to begin lowering interest rates next year.
Prices rose 3.9 per cent over the year to November, down from an increase of 4.6 per cent in October, according to the Office for National Statistics.
The fall was well below City analysts’ expectations of a decline to 4.3 per cent and means that inflation is now down to its lowest mark since October 2021.
Declining price growth in grocery, transport and leisure and recreational activities were the main factors that drove down the headline rate of inflation. Food inflation dropped to 9.2 per cent from 10.1 per cent, the ONS said.
Grant Fitzner, ONS chief economist, said: “Inflation eased again to its lowest annual rate for over two years, but prices remain substantially above what they were before the invasion of Ukraine.
“The biggest driver for this month’s fall was a decrease in fuel prices after an increase at the same time last year. Food prices also pulled down inflation, as they rose much more slowly than this time last year. There was also a price drop for a range of household goods and the cost of second-hand cars.”
November’s inflation figure was better than the 4.6 per cent expected by the Bank of England, signalling that price pressures have cooled faster than the central bank expected. Analysts expect that trend to continue, which would raise the chances of the Bank of England’s monetary policy committee discussing the possibility of lowering borrowing costs at their meetings early next year.
Last week the MPC elected to keep the UK base rate unchanged for the third meeting in a row at a 15-year high of 5.25 per cent. In the run-up to the meeting, financial markets had priced in a sharp reduction in borrowing costs next year of around one percentage point, sparked by the United States central bank, the Federal Reserve, signalling that it may loosen policy soon.
However, the MPC and Andrew Bailey, the Bank of England governor, pushed back against those bets, stressing that the UK base rate must remain in restrictive territory for an “extended period”.
Three members of the nine-strong MPC voted to increase the base rate by 0.25 percentage points, citing concerns about persistent wage growth and services inflation. Ben Broadbent, a deputy governor at the Bank, said this week that rates may need to stay elevated to curb salary increases.
The ONS said today that services inflation, which the Bank monitors closely, fell to 6.3 per cent, lower than the Bank’s 6.9 per cent projection for November. Core inflation, which removes volatile food and energy prices, eased to 5.1 per cent from 5.7 per cent.
Most analysts expect stagnant growth compounded by receding inflation will force the Bank into a loosening of financial conditions next year. However, robust pay growth and falling inflation would deliver a boost to living standards and spending, lifting economic growth.
Jeremy Hunt, the chancellor, said there was “still further to go” on tackling inflation.
Read more:
UK inflation rate falls to 3.9%

The maker of Warhammer 40,000, Games Workshop, has finalised a deal with Amazon to bring the characters and stories to the big screen
British actor Henry Cavill – best known for playing Superman – will be an executive producer and has signed up to appear in the project.
Warhammer simulates battles between armies of miniature painted models.
The deal gives Amazon the rights to hire talent, and to make film and TV projects.
“Now comes the fun part: working out all the creative details with our partners and getting the first script written and into production. What Warhammer 40,000 stories should we tell first? Should we kick off with a movie or a TV show? Both?!” Games Workshop said in statement.
Games Workshop has enjoyed continued success after the pandemic, which saw sales of its toy figurines surge. Shares in the company rose after the deal was confirmed.
The announcement comes a year after the Nottingham-based company first said it was in talks to team up with Amazon’s Prime Video service, also known for the series The Lord of the Rings: The Rings of Power, based on the fantasy novels of JRR Tolkien.
A team of screenwriters is currently being put together to bring the Warhammer universe to the screen, the company said on its community website.
The first Games Workshop store opened in Hammersmith in 1978 and began producing miniature wargaming models.
Over the decades Games Workshop has cultivated a fanbase of millions.
Collectors build large forces of miniature plastic gaming models, which can cost more than £100 each.
A miniature can be made up of hundreds of pieces which must be fitted together and then painted with colours such as “flesh” and “bone”.
This can be used to play out clashes on a “tabletop” battlefield at home or at events, although some fans never play and instead compete to show off their creative versions of the models.
Millions of people around the world play Warhammer, and the worldwide “tabletop” games sector that the fantasy game is part of is worth around £8.6bn, according to the consumer data firm Statista, with new entrants able to raise funds from enthusiasts through platforms such as Kickstarter.
As well as greenlighting the production of Warhammer 40,000 films and TV series, the deal gives Amazon the option to license the rights to other Warhammer franchises further down the line.
Games Workshop will spend 12 months working with Amazon to agree “creative guidelines” for the films and series.
Read more:
Amazon set to bring Warhammer 40,000 shows and movies to the big screen

After another year of increasing costs and continued supply chain issues, businesses have become accustomed to operating in an ever-changing economic landscape.
While many are looking ahead to the fresh opportunity that a new year brings, business growth may be harder to find in 2024. Instead, with elevated interest rates and higher energy prices on the horizon, the majority of businesses will be looking to create new ways to be efficient and extract maximum value from every pound spent.
Linked to this increasing drive for efficiency is the rise of Artificial Intelligence (AI). After hitting the mainstream in 2023, growing businesses are looking at how AI can help them automate, gain new strategic insights, and supercharge their operations.
Here, Nicky Tozer, SVP, EMEA, Oracle NetSuite details the top five ways businesses can drive efficiency and productivity in 2024:
By doing more with less
Economic circumstances continue to squeeze profit margins and create operating difficulties for businesses. In 2024, increasing efficiency and boosting productivity will be critical to success. Business leaders can only manage what they can measure, and success in the next year will undoubtedly require management to know their numbers – from performance metrics to supply chain data – which will be the key to finding ways to do more with less.
Achieving this will require robust data integration, and automation of manual processes, across internal teams like finance, sales, and operations. There is a strong case to be made for boosting productivity, regardless of the current business landscape. The International Monetary Fund highlights the link between improved productivity in Europe and overcoming short-term financial pressures, while research has shown maintaining just a 1% annual improvement in SME productivity over five years could grow advanced economies like the UK economy by £94 billion.
By cautiously tackling AI FOMO (fear of missing out)
As the potential gains afforded by AI mature in the year ahead, many will look to embedded and generative AI in their business management system to help increase user productivity, reduce costs, harness the power of their own data, and improve overall efficiency. AI should be used to advise and assist. By combining AI with finance and operational data, web analytics, lead-generation data and customer satisfaction metrics, businesses could uncover unique trends to unlock new insights or develop strategies to build their audience.
But SMEs must taper their enthusiasm to adopt AI at any cost. They must consider how connected their data is, ensuring that it draws on information from across lines of business. AI is only as good as the data it is trained on, highlighting the continued importance of having business information that is integrated and relevant across departments.
By solving the software hairball
Connected to doing more with less is solving the ‘software hairball’. We’re in a period of steady convergence, with manufacturers, retailers, and service companies more commonly becoming all-in-one platforms – leading to complicated ‘hairball’ scenarios whereby companies inherit five pieces of software for five different outcomes. However, this hairball adds complexity. Data may be siloed or require complex integration processes, while also eating into budgets and draining the internal resources required to manage multiple vendor technologies.
Businesses require simplicity, and the ability to create connections across processes and lines of business. In 2024, visibility of real-time, reliable data will be vital to enable proactive action. By adopting one integrated system, businesses can bring together data from across functions such as finance, inventory, and supply chain under a single view to help maximise return on investment, deepen customer relationships, and spark investment in future growth.
By putting ESG higher up the business agenda
Business leaders no longer look at environmental, social, and governance (ESG) metrics as something that only pertains to big companies. Small and mid-sized, fast-growing businesses also must chart a strategy for ESG success.
Investors, customers, and employees all increasingly favour businesses with clear goals and real progress around ESG, especially environmental sustainability. Regulation is also a driving force, with the Corporate Sustainability Reporting Directive (CSRD) requiring larger enterprises and listed SMEs to report across several areas of ESG in 2024.
More robust regulations increase the need for greater tools and measures to support compliance. Systems that go beyond basic financial and managerial reporting to include specific and non-financial metrics such as capturing carbon emissions and plastic usage, will be especially pertinent. In 2024, ESG success will be key to attracting conscious consumers, recruiting in-demand talent, as well as increasing revenue while mitigating risk – all of which will be intricately connected.
By harnessing Industry 4.0
After years of promise, Industry 4.0, smart manufacturing and smart warehousing are gaining traction and forecast to grow significantly, according to the Global Smart Manufacturing Market Report 2023. Having historically been dominated by larger international organisations, advancements in automation, robotics, and AI are making Industry 4.0 a more realistic goal for growing manufacturers and logistics companies.
Smart tools and connected systems can sense and interact with the real world and provide predictions that can allow organisations to benefit from improved productivity. It can also improve operational efficiency by minimising – or entirely preventing – sudden shutdowns of manufacturing facilities or limiting the disruptions when supply chains face bottlenecks. Recognising these advantages, businesses across industries will become more digital to create new, innovative, and competitive business models. Data is the glue for bringing together the processes that make Industry 4.0 a reality. In 2024, growing manufacturers should look to integrated business systems that enable flexible planning, enhanced control, and deep analysis of supply chain data.
Read more:
Five Ways UK Businesses Can Maximise Success in 2024

Google has agreed to pay US$700m and to allow for greater competition in its Play app store, according to the terms of an antitrust settlement with US states and consumers disclosed in a San Francisco federal court.
Google was accused of overcharging consumers through unlawful restrictions on the distribution of apps on Android devices and unnecessary fees for in-app transactions. It did not admit wrongdoing.
The company will pay $630m into a settlement fund for consumers and $70m into a fund that will be used by states, according to the settlement, which still requires a judge’s final approval.
The settlement said eligible consumers will receive at least $2 and may get additional payments based on their spending on Google Play between 16 August 2016 and 30 September 2023.
All 50 states, the District of Columbia, Puerto Rico and the Virgin Islands, joined the settlement.
Lead plaintiff Utah and other states announced the settlement in September, but the terms were kept confidential ahead of Google’s related trial with “Fortnite” maker Epic Games. A California federal jury last week agreed with Epic that parts of Google’s app business were anticompetitive.
Wilson White, Google vice-president for government affairs and public policy said the settlement “builds on Android’s choice and flexibility, maintains strong security protections, and retains Google’s ability to compete with other [operating system] makers, and invest in the Android ecosystem for users and developers”.
The company said it was expanding the ability of app and game developers to provide consumers an alternative billing option for in-app purchases next to Play’s billing system. Google said it had piloted “choice billing” in the US for more than a year.
As part of the settlement, Google said it would simplify users’ ability to download apps directly from developers.
Lawyers for the states in their court filing said the settlement terms “will offer significant, meaningful, long-lasting relief for consumers throughout the country”.
The states’ attorneys said “no other US antitrust enforcer has yet been able to secure remedies of this magnitude from Google” or another major digital platform.
Google faces other lawsuits challenging its search and digital advertising practices. It has denied any wrongdoing in those cases
Read more:
Google agrees to pay $700m after antitrust settlement over app store competition

Much of what we do in modern society is done within an interconnected space, where digital interactions are just as common, necessary, and authentic as face-to-face ones.
That means that strong and reliable digital security is a prerequisite to ensuring that our interactions—whether they involve buying basic goods or doing business online with other companies—are sufficiently protected, and that we, as digital users, remain safe.
Now that there’s been an increase in the types of cyber threats we’re vulnerable to, ranging from viruses to sophisticated malware, finding the right antivirus software has become a more prominent need than ever. But users may have a hard time choosing the right solution, or even choosing it to onboard at all, thanks to some prevailing misconceptions about how antivirus software works and how necessary it really is.
Being able to separate the fact from the fiction is important considering the kinds of digital threats you’re up against as a consumer and a professional. Find out the truth behind the most common misconceptions surrounding antivirus software and cybersecurity below:
Myth #1: Free Antivirus Software is Ineffective
One very prevalent misconception is that free antivirus software is substantially less effective than its paid counterparts. While paid antivirus programs do come with additional features, such as enhanced firewalls or parental controls, the core virus detection and protection capabilities in free versions are generally quite potent as well. For many users, especially those with basic computing needs, free antivirus solutions can provide adequate protection against common threats.
If you’re deciding on which antivirus solution to purchase and subscribe to, you can look into Total AV reviews and other online resources that can compare between free and paid antivirus solutions and give you honest insight into each of these. It’s best to assess your specific needs and think about particular risks when choosing between free and paid options, rather than outright dismissing free antivirus software as ineffective.
Myth #2: Antivirus Software Slows Down Computers
This misconception stems from earlier times, when antivirus programs required substantial system resources to be able to operate. However, you’ll find that modern antivirus solutions are designed with efficiency in mind. Developers have optimized these programs to guarantee that they provide strong protection without compromising the performance of your computer.
In fact, most antivirus solutions now operate seamlessly in the background, with minimal impact on processing speed or system resources. And as you’ll understand when such a solution is in place, any slight delay introduced by antivirus checks is a small price to pay for the security benefits the software will provide.
Myth #3: There’s No Need to Install Antivirus Software on Mac or Linux Systems
There’s a common belief that Mac and Linux systems are inherently secure and don’t require antivirus protection. This myth is rooted in the behavior of cybercriminals from past decades, who targeted these operating systems less due to their smaller user bases compared to Windows.
But knowing just how popular both Mac and Linux have grown, they haven’t escaped the eye of today’s bad actors. Today, malware designed to target these systems in particular is on the rise, which debunks the myth of their invulnerability. As such, regardless of your operating system, you’ll want to onboard a compatible antivirus solution to sufficiently protect your digital assets from a diverse range of cyber threats.
Myth #4: There’s No Need to Update Your Antivirus Software Regularly
Another common myth is that once you install antivirus software, it doesn’t require regular updates. Sadly, this misconception often undermines the software’s effectiveness and leaves the user more vulnerable than they think. Cybercriminals continually develop new malware and train themselves in novel techniques. If an antivirus program isn’t updated frequently enough, it could become too outdated to counter these evolving methods.
Failing to update your antivirus software on time can leave your system open to newer types of attacks that weren’t known at the time of its last update. That’s why you’ll want to be conscientious about maintaining the efficiency of your antivirus protection. Antivirus software updates typically include new virus definitions and improved algorithms to detect and neutralize imminent threats, which makes the chore of updating your software well worth it as time goes on.
Myth #5: Antivirus Software Can’t Protect Against New Malware
Still others believe that antivirus software is only effective against old and known threats, leaving systems especially vulnerable to new, unknown malware. But remember that contemporary antivirus software is nothing to sneeze at. Modern antivirus programs employ advanced techniques like heuristic analysis and behavior-based detection. These methods enable the software to identify suspicious behavior or patterns characteristic of malware, even if that specific threat has not been previously encountered on the device.
This proactive approach is what allows antivirus software to offer you protection against emerging threats. Staying vigilant and keeping your antivirus software updated further enhances a solution’s ability to guard against new forms of malware.
Myth #6: Antivirus Software Only Protects Against Viruses
While the primary function of antivirus software is to protect against viruses, modern solutions offer a much broader range of protection. Many antivirus programs now defend against various types of malware, including ransomware, spyware, and adware. These also include features like phishing protection, network firewalls, and even web browsing safety tools. This expanded scope of protection showcases the evolution of modern antivirus software from singularly focusing on viruses to encompassing a range of all-in-one comprehensive cybersecurity tools.
Myth #7: Antivirus Software is Unnecessary If One Practices Safe Browsing Habits
Lastly, some believe that practicing safe browsing habits alone will be enough to protect against malware and viruses. And while it’s always good to be cautious about one’s browsing behavior, it’s not a foolproof strategy.
Cyber threats can still manifest in seemingly safe environments, for example through sophisticated phishing scams or through the exploitation of vulnerabilities in legitimate websites. Antivirus software acts as an essential safety net for these, providing users with additional protection even when their browsing habits are discreet.
The Final Byte: Acting on the Truth behind Your Antivirus Solution
Knowing the difference between truths and falsehoods about your antivirus software should empower you to safeguard your digital life more proactively. This should involve reshaping your approach to digital security in a world where cyber threats are ever-evolving and could strike at any time, especially when you’ve fallen complacent. With a better perspective on how antivirus software really works, choose a solution that can keep up with your needs and shield you from the threats you’re most likely to encounter in the digital world.
Read more:
7 Common Myths about Antivirus Software Debunked