From a new Prime Minister to the death of Queen Elizabeth II, there has been a lot of news and changes for businesses over the last month.

Here’s what stories were hitting the headlines in the month of September in business, tax and accounting.

6 Month Emergency Energy Price Cap for UK Businesses

The government has announced an energy price cap for businesses, beginning from October 1st. This means there’ll be a discount on wholesale power prices for companies, charities and public sector organisations.

The 6 month plan is there to protect companies from increasing bills over the winter. Vulnerable businesses will receive further support after the time period ends.

Prime Minister Truss said the package of support to protect firms would “protect jobs and livelihoods”.

Chancellor Kwasi Kwarteng said that “We have stepped in to stop businesses collapsing, protect jobs, and limit inflation.”

Accountancy Firm Ernst & Young Shake Up

Ernst & Young are moving ahead with plans to separate its audit and advisory businesses.

It’ll be the biggest change for one of the UK’s ‘big four’ accounting and consultancy firms – EY, KPMG, PwC and Deloitte in decades after high-profile corporate collapses of Carillion and BHS.

Leaders hope the audit and advisory arms will grow and expand faster when they have been separated, as it will help to remove conflicts of interest and operational challenges.

Fracking Ban Lifted

The UK Fracking ban has been lifted by the Government.

Originally banned in 2019 over fears of earth tremors after 120 were recorded at Cuadrilla’s fracking site in Lancashire, the energy crisis has caused a discussion to re-open on whether fracking should be allowed.

Business and Energy Secretary Jacob Rees-Mogg announced the lift on the ban, saying “In light of Putin’s illegal invasion of Ukraine and weaponization of energy, strengthening our energy security is an absolute priority”.

Business Must Re-apply For Royal Warrants

Finally, businesses across the UK will have to re-apply for a Royal Warrant after the death of Queen Elizabeth II.

If businesses are not approved by King Charles III, they will have two years to remove the seal that marks them as preferred suppliers to the sovereign.

Those with the warrant have the right to display the appropriate royal arms on their product, packaging, stationery, advertising, premises and vehicles.

A Royal endorsement is a powerful selling point, and guarantees quality, helping Britons to choose which goods to trust.

There is no cost to obtaining a royal warrant, and suppliers can still commercially provide their services – though the royals will use other suppliers.

Royal warrants will last for 5 years, but the criteria for renewal have been tightened, with businesses having to prove they have good practices as well as products.

To wrap it up…

With the financial forecast for the autumn and winter ever-changing due to the cost-of-living crisis, businesses may find themselves in vulnerable positions requiring government intervention. As we head into October, businesses will have to keep an eye out on plans announced by the government that could help with survival. Make sure you stay up-to-date throughout the coming weeks, and have a great October!

To wrap it up…

With the financial forecast for the autumn and winter ever-changing due to the cost-of-living crisis, businesses may find themselves in vulnerable positions requiring government intervention. As we head into October, businesses will have to keep an eye out on plans announced by the government that could help with survival. Make sure you stay up-to-date throughout the coming weeks, and have a great October!