HLAS

In a busy week for cyber-related news, the National Cyber Security Centre (NCSC), have released a warning that they anticipate global ransomware threats to rise with AI. They have published an assessment of the near-term impact of AI on the cyber threat. In it, they conclude that AI is already being used in malicious cyber activity and this will only increase. The report suggests that AI lowers the barrier of entry by effectively giving unskilled and novice cyber criminals and hackers access to skills that would otherwise take considerable time to develop. NCSC therefore anticipate an increase in the volume [...]

The government has pledged £500,000 of funding to help facilitate agreements that will allow UK professionals to qualify more easily to provide services in foreign countries. UK-qualified professionals, such as architects, lawyers or accountants, are often not qualified by their UK qualification to practise abroad. Therefore, anyone wishing to do so usually has to obtain further professional qualifications in foreign countries, which is slow and expensive. UK regulators and professional bodies will be able to apply for grants of up to £75,000, for each year that the grant is available, to enable them to make deals with their counterparts in [...]

Are you thinking about or in the process of applying to become a Community Interest Company? If so, Companies House are running a webinar that will help attendees fully understand how a Community Interest Company works. It will also provide some helpful tips for the application process. The Business Support Helpline will also be sharing in the webinar to explain the help they can offer you and your business. The webinar will run on Thursday 8th February 2024, starts at 11am and is scheduled to last an hour. To sign up, see: https://register.gotowebinar.com/register/1761272928126826587

The National Cyber Security Centre (NCSC) is providing a funded Cyber Essentials programme to help small businesses in certain sectors across the UK implement essential security controls. While all businesses face cyber threats, some that hold sensitive information or that are seen as an easy target can face increased risks. The focus of the funded programme is to help these additional risk businesses protect themselves. The Cyber Essentials programme covers how to control firewalls, secure settings, access controls, malware protection, and software updates. These controls can help a business protect itself from the most common types of cyber threat. The [...]

In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC. The discussion has led to many people asking questions such as “Will I have to pay tax on the money I make from selling my old belongings on Vinted or eBay?” The key point to remember is that the rules for declaring income and paying tax on it have not changed. HMRC had the power to request information from online marketplaces anyway; from 1 January 2024 the new rules [...]

The Department for Business (DBT), the Cabinet Office, and HM Revenue & Customs (HMRC) have initiated a pilot program to detect potential fraud committed by sole traders under the Bounce Back Loan Scheme. The objective is to identify those who either applied for a loan when inactive during the eligibility period, or who misrepresented their turnover. In the first phase, the Cabinet Office and DBT will share sole trader borrowing data with HMRC. HMRC will then cross-reference it with its records. Identified high-risk cases will be flagged for investigation by DBT. In the second phase, the identified risk cases will [...]

According to consultancy Cornwall Insight, domestic energy prices are predicted to drop in April with analysts predicting that there could be a further fall in the summer. This is good news all round, as energy prices have been a significant factor in the UK’s high inflation rate. A drop in energy prices could lead to a drop in interest rates, and with it a more positive outlook in the economy. In the wake of a more positive economic outlook, businesses are often presented with opportunities for expansion and growth. But also, because there is a more favourable lending environment, or [...]

Inflation figures for December show a small increase to 4% from 3.9% in November. Economists had expected inflation to fall slightly, but a 12.9% increase in prices for alcohol and tobacco were behind the rise. Expectations for the Bank of England to cut the base rate later in the year remain though. Energy bills are predicted to drop in 2024 and inflation has fallen from its peak of 11.1% in October 2022 more quickly than the Bank predicted. The Bank's target is 2%, so December's inflation figure of 4% is still double the target. Deputy chief UK economist at Capital [...]

In the dynamic world of managing a business, one of the most critical elements to success is effective cash flow management. Cash flow forecasting is a fundamental tool for business owners to navigate financial challenges and ensure sustained growth. In this article, we will delve into the importance of cash flow forecasting and talk about what is needed to master this essential financial practice. Understanding Cash Flow Forecasting Cash flow forecasting involves projecting future cash inflows and outflows to determine the financial health of a business. By anticipating cash needs and planning accordingly, you can make informed decisions that will [...]

A UK government consultation is in process looking at introducing a new threshold for bringing cases to the Energy Ombudsman that will include small businesses. Currently, most small businesses that have a dispute with their energy supplier are unable to access the Energy Ombudsman for help with dispute resolution. The consultation proposes that there be a new small business definition that will expand access to businesses with: up to 50 employees; and less than £6.5 million annual turnover or £5 million balance sheet total; or annual electricity consumption of less than 500,000kWh; or annual gas consumption of less than 500,000kWh [...]