HLAS

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 [...]

The table below sets out the HMRC advisory fuel rates from 1 September 2024. These are the suggested reimbursement rates for employees' private mileage using their company car. Where there has been a change the previous rate is shown in brackets. You can also continue to use the previous rates for up to 1 month from the date the new rates apply. Note that for hybrid cars you must use the petrol or diesel rate. For fully electric vehicles the rate is 7p (9p) per mile. Where the employer does not pay for any fuel for the company car these [...]

The Government’s Tax-Free Childcare Accounts offer a 25% subsidy towards childcare costs. These accounts can be used to cover nursery fees, breakfast clubs, after-school clubs, and registered childminders. The scheme works by topping up savings of up to £8,000 per child by 25%, potentially providing an extra £2,000 per year from the Government to spend on eligible childcare. Generally, the scheme applies to children under 12. However, for disabled children, the age limit extends to 16, and the amount that can be saved increases to £16,000 annually, with the Government adding a further 25%, potentially bringing the total to £20,000. [...]