As AI is incorporated into increasing aspects of the workplace and individuals’ lives, it’s no surprise that criminals looking to commit fraud are also making use of its potential. While we are all now more used to scam phone calls (have you recently had a car accident?), fraudsters are using AI tools to create extremely realistic fake branding to mimic banks and other providers and using it to harvest identities and funds from the unwary.
Another seedy approach to gaining access to people’s money is through a growing number of ‘finfluencers’ (financial influencers) who recommend financial products on social media to young people, but often with no expertise in this area themselves. A number of social media personalities have been fined for encouraging investment in unauthorised products that they are unqualified to promote. Caution is now the byword.
Employers must prepare for a change in legislation that will allow employees to claim unfair dismissal following six months of employment. This change is coming in from January 2027, so probation periods will also be restricted to a maximum of six months from that point. While a fixed-term contract of six months will not be affected by this change, any fixed-term contracts over six months could be subject to scrutiny over fair dismissal.
It can often appear tempting to set up on your own, but although self-employment can be fulfilling, there are downsides. While it’s widely understood that people across the board are still not saving enough for retirement, those outside of the payroll are particularly affected. Self-employed workers are falling way behind compared to their employed peers, lacking the easy option of a default plan and employer boosted savings, they are choosing instead to prioritise other funding needs. However, they are missing out on tax relief of up to 45% on pension savings by skirting this issue and potentially in line for a difficult later life.
HMRC has issued a warning about its deadlines to those with limited companies and VAT payments due. While the financial year end may be flexible if 6 April falls on a weekend, the same does not apply for VAT payment deadlines. No matter if your bill due date is a Saturday or Sunday, or even over a bank holiday weekend, that date will not be pushed back to the next normal working day. HMRC expects business owners to file on the weekend, or file early in order to meet their deadlines.
We explore these issues and other stories in our latest newsletter.