HLAS

Recent research by Shawbrook Bank reveals that half of small business owners have had to dip into their savings to fund their businesses. The survey indicated that small businesses applying for finance from lenders over the past year found it insufficient for their needs. Consequently, they resorted to using savings and credit cards to secure the necessary funds for growth. For small businesses, financial constraints often hinder growth, whether it's for investing in new equipment, expanding operations, or hiring additional staff. Access to the right funding is crucial. Here are some viable options available to small businesses: Traditional Bank Loans: [...]

The UK government has launched a new initiative to enhance fish stock sustainability by implementing Remote Electronic Monitoring (REM) technology in English waters. This cutting-edge technology includes cameras, gear sensors, and GPS units to ensure precise recording of catches and prevent the unlawful discarding of fish. The data collected will help manage fish stocks sustainably and boost confidence in the sustainability of UK fish among retailers and consumers. Starting this summer, volunteers from five priority fisheries will begin using REM systems. Their feedback will refine the UK’s monitoring objectives and ensure the technology is effective for fishers. Once these objectives [...]

In today's digital age, managing the multitude of passwords required for our personal and work lives can be challenging. The National Cyber Security Centre (NCSC) has recommended the three random words method as an effective strategy to address this issue. This method involves selecting three random words and combining them into a single password, such as "paperhumbleconnect." While weak passwords can be easily cracked, longer and more unique passwords are much harder for cybercriminals to decipher. Although there has been much advice over the years about creating complex passwords with random letters, numbers, and symbols, such passwords are often impractical [...]

The Bank of Canada announced a reduction of a quarter of a percentage point to its key interest rate last week, bringing it down to 4.75%. This move makes Canada the first country in the G-7 to lower rates following recent global trends of increasing rates to combat inflation. Since March 2022, Canada has been raising rates to address inflation concerns. The Bank of Canada expressed confidence that inflation is moving towards its target of 2%, prompting the decision to cut the rate. Economists predict that this could initiate a trend among G-7 economies to reduce interest rates, which would [...]

The Charity Commission has recently concluded its regulatory compliance case involving the Actors’ Benevolent Fund, drawing out important lessons for all charities. This case, initiated in February 2022, stemmed from concerns about the Fund's governance and financial controls. Significant disagreements about trustee appointments and removals disrupted the charity and its ability to fulfill its aims. As a result, the Charity Commission advises all charity trustees to consider how to prevent disputes over trusteeship and, if they do arise, how to handle them while minimizing their impact on the charity. Key Recommendations for Trustees: Review Governing Documents: Ensure the charity’s governing [...]

How General Elections Impact Your Business: Key Insights The news is currently dominated by reports on the general election, to the point where you might feel overwhelmed and tempted to tune out! We aim to remain neutral and avoid promoting any particular party's views. However, regardless of the outcome, a general election is a significant event that can shape a country's economic landscape. For your business, these elections bring about a period of uncertainty and potential change. Here are some factors to watch out for to help you prepare for potential changes: Economic Policies and Regulation General elections directly impact [...]

The Fisheries and Seafood Scheme (FaSS) has reopened for grant applications, with an additional £2 million available to support England’s seafood sector. Administered by the Marine Management Organisation (MMO) on behalf of Defra, the scheme aims to assist the fisheries and seafood sector in various ways, including improving the health and safety of fishing crews, enhancing the value and quality of fisheries products, making vessels more energy-efficient, mitigating climate change, and fostering innovations that support the sector's longevity and diversification. Since its inception in May 2021, FaSS has awarded over £27 million to more than 1,300 fisheries projects in England. [...]

The Economic Crime and Corporate Transparency Act 2023 introduced significant reforms to Companies House procedures and powers, with the first phase taking effect from 4 March 2024. These reforms aim to enhance the reliability and usability of the company register, protect individuals and businesses from fraud, and prevent the misuse of UK companies by international money laundering networks. The Department for Business and Trade has released a progress report on the Act's implementation and operation, committing to annual updates until 2030. According to the report, from 4 March to 1 April 2024, Companies House has: - Removed 4,000 inappropriate registered [...]

The Leasehold and Freehold Reform Act has officially become law, impacting both owners of freeholds for leasehold properties and house builders. Key reforms include: Immediate Lease Purchase: Leaseholders no longer need to wait two years before they can buy or extend their lease. Extended Lease Terms: The standard lease extension term is now 990 years for both houses and flats, up from the previous 50 years for houses and 90 years for flats. This change is aimed at providing leaseholders with greater security in their homes. Ban on New Leasehold Sales: The sale of new leasehold homes is now prohibited, [...]

A spreadsheet released by the Police Service of Northern Ireland (PSNI) in response to a freedom of information request inadvertently contained personal information about all 9,483 serving PSNI officers and staff. This data, which was included in a “hidden” tab in the spreadsheet, was subsequently published online. The Information Commissioners Office (ICO) determined that PSNI’s internal procedures and sign-off protocols for securely disclosing information were inadequate. The release of this information has had a significant impact on the lives of many affected individuals. Due to fears for their safety, some have had to relocate, distance themselves from family members, or [...]