Statistical misuse, building confidence in small business owners and a welcome 40% business rates relief for film studios
Today we delve into the murky world of statistical misuse and how statistics can be mis-reported in the news, plus our tips on helping small business owners to build confidence during challenging times, and film studios welcome a 40% business rate relief.
Can you spot statistical misuse?
While numbers don’t lie, it’s well known that they can be manipulated to fit a story. Can you tell when it’s happening?
The Office for National Statistics (ONS) are running a webinar that they describe as eye-opening and will do a deep dive into the world of statistical misuse.
It will look at how the Office for Statistics Regulation (OSR) investigates statistical misuse, how the ONS publish statistics in different formats to provide clarity and transparency, and how the ONS works to make sure its statistics are fairly and accurately reported in the news.
The webinar is an interactive session that will be held on Microsoft Teams.
It will run on Tuesday, 25 February 2025, starts at 4pm and will last an hour. If you can’t make the live session, then a recording will be added to the ONS YouTube channel for later viewing.
To sign up for the webinar, see: https://www.eventbrite.com/e/the-truth-behind-the-numbers-spotting-statistical-misuse-tickets-1111728994349
Gloomy predictions: How can you maintain confidence?
According to a survey of 2,000 businesses carried out by the Chartered Institute of Personnel and Development (CIPD), just over a third are planning redundancies or to recruit fewer people ahead of National Insurance and Minimum Wage rises this April.
42% of those surveyed have said they will increase prices to cover the increased costs. 25% are looking at cancelling or downscaling plans for investing or expanding their business.
The chief executive of the CIPD, Peter Cheese, said these were the “most significant downward changes in employer sentiment we’ve seen in the last 10 years, outside of the pandemic.”
In separately conducted research, the Federation of Small Business also found that confidence among small businesses has dropped to its lowest point in 10 years when the Covid pandemic is excluded.
These surveys join a growing chorus of concern from businesses. The British Chamber of Commerce reported last month that a survey of almost 5,000 members suggested that confidence is at its lowest level for two years.
Amidst such a pessimistic view, how can you and your team maintain confidence? Here are 5 suggestions.
- Foster a resilient mindset: Remind yourself and your team that challenges like these are temporary and part of business cycles. Reflect on past challenges you’ve overcome to build confidence in your ability to adapt.
- Focus on strengths: Highlight what’s working well in your business. Celebrate small wins and keep your team motivated by focusing on successes.
- Transparent communication: Share challenges and opportunities with your team openly. Transparency builds trust, fosters collaboration, and keeps morale high.
- Embrace innovation: Approach challenges as opportunities for growth. Shifting perspectives from survival mode to innovation mode can inspire new ideas and solutions.
- Long-term vision: Keep your eyes on the bigger picture. Remember, tough economic conditions are often temporary, and businesses that stay positive and forward-thinking tend to emerge stronger.
By focusing on optimism, resilience and adaptability, you can maintain your confidence and inspire your team to thrive even in uncertain times.
See: https://www.bbc.co.uk/news/articles/ckg7gewqevqo
40% business rates relief for film studios
Beginning last week (17 February), Local Authorities were able to begin awarding a 40% reduction in business rates bills to film studios. The tax relief is aimed at boosting the film industry in the UK and contributing towards more box office hits being made.
The creative industries sector employs 2.4 million people and provides £124.6 billion to the UK economy. The government hopes to boost both these figures by providing the relief. The Film Studio Business Rates Relief will be available to eligible studios in England until 2034. Where applicable, it can be backdated to 1 April 2024.
Eligible film studios should not need to apply for the relief, but should be awarded it automatically by their Local Authority.
This is one of several reliefs available or becoming available to the film and TV sector in the UK. Already available is the Audio-Visual Expenditure Credit (AVEC) that provides a tax credit of 34% on UK production costs on a film or high-end TV programme, increasing to 39% on the production costs for an animation or children’s TV programme.
From 1 April 2025, film and high-end TV companies will be able to claim a 39% credit on their UK visual effects costs. Also, the Independent Film Tax Credit will become available. This is for eligible films that have a budget of less than £15 million and will allow for claiming an enhanced 53% rate.
The film and TV industry is seen as significant contributor to the UK economy with the potential for further growth.
If you need help with understanding what tax reliefs are available for your film or TV production, please give us a call at any time. We would be happy to help you maximise the reliefs available to you.