HLAS

Barratt Developments, the UK's largest housebuilder, has announced a dramatic drop in pre-tax profits, down by 75% for the year ending June 2024. The company completed just 14,000 homes during this period, a notable decrease from the 17,000 homes delivered the previous year. Projections for the upcoming year suggest even lower figures, with estimates ranging between 13,000 and 13,500 homes. For businesses within the construction and property sectors, this downturn may signal difficult times ahead. High interest rates are discouraging potential buyers, while rising inflation is driving up costs, creating a ripple effect throughout the supply chain. If housebuilders like [...]

Last week, Companies House confirmed that their online services will move to the GOV.UK One Login beginning from autumn 2024. The GOV.UK One Login is becoming an increasingly important way of accessing government digital services. It means that you only need one account, one username, and one password to access a range of government services. The Login is already used for a number of government services, including those related to being an apprenticeship provider, finding and applying for grants, and in Wales to manage fishing permits and catch returns. Ultimately, the GOV.UK One Login will be used to access all [...]

In a recent case reported by the Insolvency Service, two connected corporate rescue firms, Atherton Corporate (UK) Ltd and Atherton Corporate Rescue Limited, have been shut down by the UK courts. Trading under the Atherton brand, these companies claimed to provide struggling business owners with a legal alternative to formal insolvency procedures. However, they misled clients by encouraging them to sell their financially distressed businesses in a manner that allowed them to avoid liquidation while retaining company assets, without accepting responsibility for the company’s debts. This scheme was supported by five associated companies that purchased the distressed businesses, appointing new [...]

A recent report by the British Chambers of Commerce and Tussell has brought to light the persistent challenges faced by the public sector in reaching its procurement targets for small and medium-sized enterprises (SMEs). Despite ongoing efforts by the UK government to increase the procurement of goods and services from SMEs, the latest figures indicate a continuing shortfall. In 2023, SMEs received just 20% of the public sector’s direct procurement spend, totalling £39.7 billion out of a total £194.8 billion. The Current Landscape While the overall value of public sector procurement with SMEs has risen by 77% over the past [...]

As a business owner or manager, it's crucial to respond promptly to information requests, especially Subject Access Requests (SARs). The recent reprimand issued to the Labour Party by the Information Commissioner’s Office (ICO) highlights the legal obligations and potential repercussions of failing to meet these requirements. What Happened? The Labour Party was reprimanded by the Information Commissioner’s Office (ICO) for repeatedly failing to respond to SARs in a timely manner. SARs are requests from individuals asking an organisation to provide any personal data it holds about them and details on how that data is being used. Under data protection law, [...]

This month, Home Secretary Yvette Cooper announced a major government crackdown on employers hiring migrants illegally. Overview of the Government's Crackdown Between Sunday 18 and Saturday 24 August, Immigration Enforcement teams conducted a series of targeted visits to businesses suspected of employing illegal workers, with a particular focus on car washes. During this intensive week of action, over 275 premises were visited. As a result, 135 businesses were issued notices for employing illegal workers, and 85 illegal workers were detained. Potential Consequences for Non-Compliant Businesses The consequences for businesses found employing illegal workers are significant. Companies in breach of the [...]

Last week, Prime Minister Keir Starmer visited Berlin and Paris to promote UK economic growth and strengthen international relationships. The visit aimed to revitalise the UK's post-Brexit relations with key European partners by initiating negotiations for a new UK-Germany bilateral treaty. The focus was on expanding trade, enhancing defence and security cooperation, and addressing illegal migration. Germany, as the UK’s second-largest trading partner, and France, as the fourth-largest, play crucial roles in these initiatives. Enhancing export opportunities could open up new markets for owner-managed and small businesses, potentially leading to a more resilient and stable market environment for UK enterprises. [...]

The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be “painful” and the government would be making “big asks” of the country. He said that the country would need to be prepared to “accept short-term pain for long-term good” and that those with the “broadest shoulders should bear the heavier burden”. However, no details were given about what the measures would be, other than Sir Keir reiterated that national insurance, VAT and income tax would not go up. What could change? There are a number of areas of tax [...]

HM Revenue and Customs (HMRC) have released a press statement addressing some common misconceptions about who needs to register for and complete a self-assessment tax return. The key requirement is that anyone needing to submit a self-assessment return for the first time for the 2023-24 tax year must inform HMRC by 5 October 2024. Here are the myths and the realities as clarified by HMRC: Myth: I don’t need to submit a return because HMRC hasn’t contacted me. Reality: It is the responsibility of each taxpayer to determine whether they need to complete a tax return, not HMRC’s. You may [...]

The business landscape is constantly evolving, and the ability to adapt is essential for long-term success. Whether it's changing market conditions, technological innovations, or regulatory shifts, businesses that can pivot and adapt are more likely to succeed. In this article, we explore five key strategies a business can employ to effectively adapt to change and stay ahead of competitors. Cultivate a Growth Mindset The first step in adapting to change is cultivating a growth mindset within your organisation. A growth mindset promotes learning, innovation, and resilience throughout the business. Challenges are seen as opportunities for growth, not as obstacles. Encourage [...]