From a new Prime Minister to the death of Queen Elizabeth II, there has been a great deal of news and change affecting businesses over the last month.
Here are the business, tax and accounting stories that made the headlines in September.
Six-Month Emergency Energy Price Cap for UK Businesses
The government has announced an energy price cap for businesses beginning on 1 October. This means companies, charities and public-sector organisations will receive a discount on wholesale energy prices.
The six-month plan is intended to protect organisations from increasing energy bills over the winter. Vulnerable businesses will receive further support after this period ends.
Prime Minister Liz Truss said the support package would protect jobs and livelihoods.
Chancellor Kwasi Kwarteng said: We have stepped in to stop businesses collapsing, protect jobs and limit inflation.
Ernst & Young Announces Major Restructuring
Ernst & Young is moving ahead with plans to separate its audit and advisory businesses.
It will be one of the biggest changes involving one of the UKs Big Four accounting and consultancy firmsEY, KPMG, PwC and Deloittein decades. The decision follows several high-profile corporate collapses, including Carillion and BHS.
Company leaders hope the audit and advisory divisions will grow and expand more quickly once separated, as this could help remove conflicts of interest and operational challenges.
Fracking Ban Lifted
The UK government has lifted the ban on fracking.
Fracking was originally banned in 2019 following concerns about earth tremors after 120 were recorded at Cuadrillas fracking site in Lancashire. However, the energy crisis has reopened the discussion about whether fracking should be permitted.
Business and Energy Secretary Jacob Rees-Mogg announced the lifting of the ban, saying: In light of Putins illegal invasion of Ukraine and weaponisation of energy, strengthening our energy security is an absolute priority.
Businesses Must Reapply for Royal Warrants
Finally, businesses across the UK will have to reapply for a Royal Warrant following the death of Queen Elizabeth II.
If a business is not approved by King Charles III, it will have two years to remove the seal identifying it as a preferred supplier to the sovereign.
Businesses holding a Royal Warrant have the right to display the appropriate Royal Arms on their products, packaging, stationery, advertising, premises and vehicles.
A Royal endorsement can be a powerful selling point and a recognised mark of quality, helping customers decide which products and services to trust.
There is no cost to obtain a Royal Warrant. Businesses without a warrant can still provide their products and services commercially, although they will no longer supply the Royal Household under the warrant.
Royal Warrants last for five years, but the criteria for renewal have been tightened. Businesses must now demonstrate good working practices as well as high-quality products and services.
To Wrap It Up
With the financial outlook for autumn and winter constantly changing because of the cost-of-living crisis, some businesses may find themselves in vulnerable positions and require government support.
As we head into October, businesses will need to watch for government announcements that could help them navigate the months ahead. Make sure you stay up to date throughout the coming weeksand have a great October!