Companies House have rolled out a new penalties regime as part of a broader effort to boost corporate transparency and combat economic crime, following the implementation of the Economic Crime and Corporate Transparency Act 2023. This could mean tougher consequences in the shape of financial penalties for companies that don’t meet their obligations, including filing their confirmation statements on time.
If you’re a door supervisor or security guard, or you employ them, you’ll need to be aware of some important changes that may affect you as we approach 2025. From 1 April 2025, new training will be compulsory for anyone looking to renew their licence. This update, introduced by the Security Industry Authority (SIA), aims to refresh and improve the safety-critical skills needed to keep the public safe.
Being an effective leader involves recognising it’s impossible to be right all the time. Constructive conflict should be embraced in business. In fact, sometimes “no” is ultimately more useful than ‘yes”. The best managers and leaders in the business world, seek and accept critical feedback from trusted colleagues to maintain a balanced perspective.
What is it and how can it be harnessed by your firm? Neuromarketing is a field of marketing that combines neuroscience and psychology to understand consumers’ subconscious reactions to marketing stimuli. Neuromarketing uses knowledge about the way our brains are structured and how they interpret the world around us and make decisions in order to develop more effective marketing practices.
Any successful business has to balance two different time horizons -long and short-term. In the short term, a business needs to cover its costs, pay salaries and function on a day-to-day basis. However, if it focuses too much on the present, there is a risk that potential opportunities will be missed. Conversely, if a firm’s sole focus is on long-term opportunities, it could quickly become unprofitable. In the words of Jack Welch, former CEO of General Electric, “you can’t grow long-term, if you can’t eat short-term.”
How do you reset at work after a break or a quieter summer period? Resetting at work after a break or a quieter summer period is crucial for regaining productivity and focus. The process begins with getting organised and prioritising tasks. Reviewing upcoming projects, deadlines, and emails allows you to assess what requires immediate attention.
Late payments are a huge headache for small businesses across the UK, costing SMEs around £22,000 per year on average. In fact, it’s estimated that they’re responsible for about 50,000 business closures each year! The government has just announced new measures to tackle the problem, but these won’t come into play overnight, so what can you do in the meantime to protect your business?
The Chancellor, Rachel Reeves, gave an important speech at the Labour Party conference last week, in which she appeared to shift tone to speak more positively about the economy. Recently she spoke about the upcoming Budget being a “painful” one. As a result, there has been speculation on where spending will be cut and tax raised, which may have affected consumer confidence. However, the Chancellor’s speech at the party conference concentrated on the positive results she expects to bring to the economy.
The Chancellor unveiled a series of announcements last week that could have implications for UK businesses. One of the most relevant for business owners was the government’s push for electronic invoicing (e-invoicing). HM Revenue and Customs (HMRC) will soon launch a consultation on encouraging the wider use of e-invoicing, with the goal of simplifying business transactions and reducing administrative burdens but perhaps especially, reducing errors in tax returns so that HMRC can ‘close the tax gap’.
In line with the e-invoicing initiative we reported on elsewhere, the Chancellor also outlined broader reforms to modernise HMRC through a Digital Transformation Roadmap, which is expected in Spring 2025. This roadmap will aim to create a “digital-first” tax system, although it will include measures to ensure support for those unable to go fully digital. In addition, James Murray, who is Exchequer Secretary to the Treasury and is responsible for the UK’s tax system, has been appointed as the Chair of the HMRC Board.
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