With the cost-of-living crisis affecting many people, Christmas just around the corner, Elon Musk taking over Twitter and the World Cup kicking off in Qatar, it has been a significant monthespecially for businesses.
Here is the business and accountancy news that made the headlines in November.
HMRC Extends Electronic VAT Refund Claims for Non-UK Businesses
Historically, non-UK businesses making a claim for a refund of VAT incurred in the UK have been required to submit it by post.
HMRC has been trialling an electronic claims service, which is now being extended to all agents and businesses.
It is important to note that the service is still being tested and could be paused at any time. Claims that have already been submitted would not be affected.
Budweiser Responds to World Cup Alcohol Ban
Following a last-minute ban on alcohol sales inside stadiums at the World Cup in Qatar, sponsor Budweiser decided to send its unsold beer to the country that won the tournament.
The company told CNN Business that it wants to bring this celebration from the FIFA World Cup stadiums to the winning countrys fans.
Budweiser added: We will host the ultimate championship celebration for the winning country. Because, for the winning fans, theyve taken the world. More details will be shared when we get closer to the finals.
According to multiple reports, Budweisers sponsorship agreement with FIFA was worth $75 million. Although the decision disrupted the companys World Cup marketing plans, fans from the winning country would still be able to celebrate the victory with a drink if they wished.
Elon Musk Takes Over Twitter
Elon Musks $44 billion deal to take over Twitter was completed this month, placing the billionaire in control of one of the worlds largest social media platforms. However, the transition has not gone entirely to plan.
Reports of demanding working conditions led to staff resignations, while the reinstatement of accounts belonging to figures such as Kanye West and Donald Trump also attracted attention.
The introduction and subsequent withdrawal of the paid Twitter Blue verification service was poorly received by parts of the media and public.
There were also concerns that Twitter could become unavailable. Smaller social media platforms, including Hive and Mastodon, experienced increases in users, while Tumblr reportedly struggled as people signed up or returned to their old accounts.
It is safe to say that November was a turbulent month for Twitter, despite Musks assurances that everything was going according to plan. He even responded to some of the coverage on his own Twitter feed using memes and reaction images.
The future direction of the platform remains unclear, so businesses that actively use Twitter should continue to monitor any changes.
Businesses Will Not Receive Additional Support Beyond April
Despite the government announcing continued support beyond April 2023 for households struggling with energy bills, it said that it was not sustainable to continue supporting large numbers of businesses beyond that point.
This came as a blow to business owners facing a difficult winter and spring. However, the government wanted to encourage reduced energy consumption and the development of alternative solutions by withdrawing support for most business energy users from 31 March.
Black Friday Warning
Research suggested that consumers would spend an additional £500 million during Black Friday, with shoppers being warned to check whether they were receiving genuine deals.
During the cost-of-living crisis, experts advised consumers not to be caught out by seemingly attractive offers.
Research by PwC estimated that the average amount spent per person would be approximately £238, with total spending expected to be £500 million higher than in 2021.
Martin Lewis, founder of MoneySavingExpert, advised customers on Twitter: My Black Friday shopping memo If you were going to buy it anyway and its half price, youve saved 50%. If you werent going to buy it, but do because its half price, youve wasted 100%.
As we reach the end of November, the festive period will be in full swing as we approach Christmas Day. Keep an eye on the news throughout the coming monthand have a great December!