HLAS

From 1 April 2023, the way obliged entities can report a material discrepancy has changed. An obliged entity is one which must carry out due diligence checks under anti-money laundering regulations. Obliged entities include, amongst others, financial and credit institutions, independent legal professionals, and estate agents. Obliged entities carry out due diligence checks on companies under anti-money laundering regulations. They must report differences between the information they gather, and the information held at Companies House. Specifically, obliged entities must report differences in information about: people with significant control (PSC) of a company, PSCs of a limited liability partnership (LLP), PSCs [...]

The UK Space Agency will co-host a global summit to agree new ways of ensuring a safe, sustainable, and secure space environment, including tackling space debris which threatens the satellites we rely on in our daily lives. The 4th Summit for Space Sustainability, hosted with the Secure World Foundation in London on the 22 and 23 June, brings together government, industry, and academics from around the world to discuss how to ensure the sustainability of space operations. Orbital congestion created by space debris is one of the biggest global challenges facing the space sector. There are currently around 30,000 pieces of [...]

Smart Manufacturing Data Hub (SMDH), led by Ulster University, aims to support 10,000 UK manufacturing SMEs to uptake, learn, and implement digital transformation technology in their factories through a range of support initiatives and funding measures. The programme is supported by £50 million of funding under the Made Smarter Initiative from Innovate UK. Support for SMEs will include education and expert advice on digitalisation pathways, implementation of data driven technology, and funding to help manufacturing SMEs reach their digital transformation goals. SMDH offers unique opportunities for SMEs to access data expertise that will aim to save SMEs time and money, predict [...]

The UK has climbed to second in the international rankings for women’s representation on boards at FTSE 100 level, with new data being released showing that nearly 40% of UK FTSE 100 board positions are now held by women, compared with 12.5% just 10 years ago. The data has been published in a new report by the government-backed FTSE Women Leaders Review, which monitors women’s representation in 24,000 positions on FTSE 350 Boards and in leadership teams of the UK’s biggest companies, building on the success of the previous Hampton-Alexander and Davies Reviews. The findings demonstrate a major sea-change in attitudes to getting women leaders to the top [...]

Companies House (CH) has confirmed that Companies House Direct (CHD) and WebCHeck are closing on the 30 November 2023. Users should use the Find and update company information service instead. Current features include: advanced company search, dissolved company search, company snapshot reports, alphabetical search, and ordering facility for certificates, certified documents and missing images. The Find and update company information service is a fully accessible service and has already replaced most of the functionality provided by CHD and WebCHeck. All records of companies dissolved since January 2010 are available on the Find and update company information service. CH are continuing to keep [...]

As the new tax year approaches, we highlight some important employer developments and changes to legislation and allowances relating to UK employer taxes, especially about online P11D submissions. Spring Budget 2023 On the 15 March, the Chancellor of the Exchequer, the Rt Hon Jeremy Hunt MP, made his Spring Budget announcements. Headline tax measures announced include reforms to capital allowances, changes to the pension allowances and a series of rate changes. Information on all the measures announced can be found in the Budget Red Book. You can also read an overview of tax legislation and rates announced. Reporting expenses and benefits for the [...]

Innovate UK, part of UK Research and Innovation, is investing up to £5 million in innovation projects to deliver feasibility studies around Artificial Intelligence (AI). Funding for this opportunity is subject to business case approval by the Department for Science Innovation and Technology (DSIT) and HM Treasury. The funding will be to develop AI and Machine Learning (ML) driven solutions that address a business challenge or opportunity in target industry sectors: construction, transport, including logistics and warehousing, creative industries, and agriculture and food processing. The aim of this competition is to support innovative projects prompted by a challenge to business [...]

With continuing inflation in the UK, many of us and our businesses have been put “off track” in the short to medium term. The Bank of England recently increased interest rates by a quarter of a percentage point to 4.25 per cent, despite the turmoil that has engulfed banking in recent weeks. The rise was as expected by economists in view of the latest data showing inflation rising to 10.4 per cent in February and annual food prices spiralling to 15 per cent last month. Andrew Bailey, the Bank of England governor, said last week that recent financial turmoil would [...]

With a planned statutory code of practice, the UK Government aims to protect employees and crack down on employers that use controversial dismissal tactics. The code, subject to a consultation first, will make it clear to employers that they must not use threats of dismissal to pressurise employees into accepting new terms, and that they should have honest and open-minded discussions with their employees and representatives. This new statutory code of practice will set out employers’ responsibilities when seeking to change contractual terms and conditions of employment, including that businesses must consult with employees in a fair and transparent way [...]

The programme is designed to provide high-quality, practical education and business support to leaders of high-growth small businesses and social enterprises across the UK. Participants of the programme will benefit from: specialist workshops, one-on-one business advising, business coaching, access to professional experts, networking opportunities, and a network of graduates. The closing date for applications is spring 2023, interviews will be held summer 2023 and the programme will begin autumn 2023. See: Goldman Sachs | United Kingdom