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New UKEF guarantee boosts opportunities for UK engineering, design and technical services firms 
| 26-11-2024
UK Export Finance (UKEF), the UK’s export credit agency, has launched a new initiative aimed at helping British engineering,
Inflation on the rise: What October’s figures mean for businesses 
| 26-11-2024
The latest inflation figures from the Office for National Statistics (ONS) reveal that the Consumer Prices Index (CPI) for October 2024 rose to 2.3%, up from 1.7% in September. This marks the first increase in inflation since July,
Important Tax Changes for Double Cab Pick-Ups (DCPU)
| 19-11-2024
The Autumn Budget 2024 announced that double cab pick-up trucks with a payload capacity of at least one tonne purchased after 5 April 2025 will be treated as passenger cars for tax purposes.
VOA to improve transparency on business rates valuations with reforms coming
| 19-11-2024
The Valuation Office Agency (VOA) has announced plans to share more detailed information on business rates valuations,
Help for the high street: New powers for councils
| 19-11-2024
Next month, councils across England will be given new powers to transform high streets by tackling long-term empty shops. Starting from 2 December, High Street Rental Auctions (HSRAs) powers will allow local
Make Work Pay: What are the next steps
| 19-11-2024
Since coming into power, the Labour government has made its Make Work Pay plan a centrepiece of their policies. As a result, we have already seen a number of changes being proposed and implemented.
Why staying up-to-date with your accounts is essential: Lessons from a recent insolvency case
| 11-11-2024
In a recent court case, a company director from Bury was sentenced to prison for failing to comply with basic accounting and legal responsibilities.
Employers now required to take “reasonable steps” to prevent sexual harassment
| 11-11-2024
From 26 October 2024, employers were given a new legal duty to take “reasonable steps” to prevent sexual harassment of employees.
National Minimum Wage increases for April 2025 announced
| 11-11-2024
The government has announced the new National Minimum Wage (NMW) rates that will apply from 1 April 2025. The National Living Wage rate paid to those who are
Businesses count the cost of increases to Employers National Insurance
| 11-11-2024
As has been widely expected in the last few weeks, the Chancellor, Rachel Reeves, made some significant changes to the Employers National Insurance (NI) rate and threshold in the Autumn Budget.
Autumn 2024 Budget speech: History in the making?
| 11-11-2024
On 30 October 2024, Rachel Reeves delivered her first Budget speech. As the first Budget speech ever delivered by a female Chancellor of the Exchequer, the occasion was bound to be one for
Cyber security for the legal profession
| 29-10-2024
Law practices hold sensitive information and can often be the target of cyber attacks. The National Cyber Security Centre (NCSC) has published some specific cyber security tips to help barristers, solicitors and legal
New government grants to boost research on AI risks
| 23-10-2024
Researchers in the UK are being offered new funding opportunities to explore ways of making society more resilient to the risks posed by Artificial Intelligence (AI). These risks include emerging threats
ÂŁ63 billion in new UK investments set to create 38,000 jobs
| 23-10-2024
At the International Investment Summit, the UK government announced nearly ÂŁ63 billion in new investments, which are expected to create 38,000 jobs. These investments, which span
Employment Rights Bill 2024
| 15-10-2024
The government has published the Employment Rights Bill, which is intended help deliver economic security and growth to businesses, workers and communities across the UK. The bill will bring forward 28 individual employment reforms
Is your website compliant with cookie laws?
| 15-10-2024
If you run a business with a website, you’ve likely seen those cookie consent banners asking visitors whether they’d like to accept or reject cookies. But what if your website is not giving visitors a fair and informed choice
Why business owners should start using KPIs to drive success
| 15-10-2024
As a small business owner, it’s easy to get caught up in the day-to-day operations and miss the bigger picture. You might rely on gut feelings or a quick glance at
Have a Child Trust Fund? Time to check if you can claim your savings!
| 07-10-2024
If you, or your child, was born between 1 September 2002 and 2 January 2011, there could be a savings account with your or their name on it – literally!

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UK Export Finance (UKEF), the UK’s export credit agency, has launched a new initiative aimed at helping British engineering, design, and technical services firms secure international contracts. The Early Project Services Guarantee (EPSG) is designed to make UK expertise more attractive to overseas buyers while filling a key financing gap for the early stages of major projects. How the EPSG works  The EPSG provides overseas buyers of UK services with access to private finance by guaranteeing payments to lenders. This assurance makes it easier for international buyers to choose UK firms for essential scoping and design work in the planning phase of projects. Beyond this initial stage, the EPSG also opens the door for buyers to refinance their loans as part of the larger financing for the project’s construction phase. This creates a life-cycle financing advantage, giving UK firms an edge in securing contracts for both the early and later stages of international projects. The EPSG addresses a long-standing gap in market provision for financing the preparatory phases of major projects. By supporting the services sector, UKEF aims to drive export growth across all UK regions. What this means for your business  For UK businesses offering engineering, design, and technical services, the EPSG could be a game-changer in helping you explore opportunities in international markets. It could be the key to unlocking new contracts and expanding your global reach. If you would like help with how your business could take advantage of this new scheme, or would like some broader advice on exporting, feel free to get in touch with us. We’re here to help you seize opportunities and grow your business. See: https://www.gov.uk/government/news/new-export-guarantee-champions-uk-engineering-and-design-services

The latest inflation figures from the Office for National Statistics (ONS) reveal that the Consumer Prices Index (CPI) for October 2024 rose to 2.3%, up from 1.7% in September. This marks the first increase in inflation since July, and it has sparked interest among business owners, economists, and policymakers alike.

The rise in inflation was widely anticipated, and as a result the Bank of England have already signalled that any future cuts to the base rate will happen gradually. However, the latest CPI figures make it unlikely that the Bank will reduce rates any further when they meet in December.

What’s driving the numbers? 

According to the ONS, the rise in inflation for October was largely driven by higher energy costs. However, other factors helped to balance the increase:

Despite these offsets, some sectors faced steeper price increases:

What does this mean for your business? 

The rise in inflation, though modest, signals shifts that businesses may need to navigate carefully:

A broader economic context 

While inflation has ticked upwards, this is in line with the Bank of England’s forecast that inflation will temporarily rise again before reducing in 2025. For now, businesses can take heart that interest rates are unlikely to rise sharply in the near term. However, with base rate cuts now likely to come more slowly than had been hoped earlier in the year, borrowing costs will remain a factor for planning and investment.

Also, while October’s figures suggest only a modest uptick, sector-specific changes – particularly in services and energy – highlight the importance of staying agile in your pricing and how your business operates.

This period of mild inflationary growth is an opportunity for forward-thinking businesses to fine-tune their strategies for the months ahead.

See: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/latest

The Autumn Budget 2024 announced that double cab pick-up trucks with a payload capacity of at least one tonne purchased after 5 April 2025 will be treated as passenger cars for tax purposes.

The key changes will affect:

DCPU will no longer benefit from the tax treatment traditionally given to vans/ light commercial vehicles.

The BIK is to be aligned with cars and will be calculated as a percentage of the vehicle’s retail price, based on its CO₂ emissions. Most double cab pick-ups have high CO₂ emissions, so they will attract the highest tax band of 37%.

A taxable benefit will arise if the vehicle is available for any level of private use, regardless of how minimal it may be. The VAT treatment of DCPU will remain unchanged.

DCPU will be subject to new deductions from business profits.

Businesses can retain the current, more favourable tax treatment by completing the purchase of a DCPU before 6 April 2025 as transitional benefit in kind arrangements will apply for the purchase, lease or order of a DCPU before 6 April 2025.  The previous treatment can be used until the earlier of disposal, lease expiry or 5 April 2029.

Single cab pick-ups are expected to remain as commercial vehicles

The Valuation Office Agency (VOA) has announced plans to share more detailed information on business rates valuations, making the system more transparent for ratepayers across England. Starting in 2026, businesses will have access to tailored information about their properties, and by 2029, they will be able to see specific valuation details and evidence.

Carolyn Bartlett, Chief Strategy and Transformation Officer at the VOA, noted that while ratepayers generally desire more transparency, some have concerns about data confidentiality. “We’ve balanced the desire for greater transparency from some with the concerns of others about the confidentiality of their data,” Bartlett explained.

Having more detailed information available may make it easier to detect whether an error has been made on your business property valuation.

Business rates reforms coming

The VOA’s disclosure improvements are part of a larger set of business rates reforms that will roll out from 2026 to 2029.

A key part of this reform is a new duty on ratepayers to provide property information to the VOA. This new requirement will start to be tested in phases from April 2026 and will become mandatory by April 2029.

Under the new duty, ratepayers must inform the VOA within 60 days of any property changes, including new occupiers, rent adjustments, and physical changes to the property.

For some businesses, there will also be an annual requirement to submit trade information if it is used in property valuations.

Ratepayers will additionally need to confirm annually that all property changes have been reported.

The VOA have confirmed that businesses do not need to take any action yet. They will contact businesses directly about the changes and tell them when they will be affected.

See: https://www.gov.uk/government/news/sharing-more-information-on-business-rates-valuations

Next month, councils across England will be given new powers to transform high streets by tackling long-term empty shops. Starting from 2 December, High Street Rental Auctions (HSRAs) powers will allow local authorities to auction leases for persistently vacant commercial properties, a move that is hoped will bring new businesses and community groups back to once-busy centres.

Through HSRAs, councils can take action if a property remains empty for more than 365 days within a two-year period. By auctioning leases for up to five years, this policy aims to prevent disengaged landlords from sitting on empty properties, which contribute to the decline of high streets. Local authorities will need to first try to engage with the landlord to resolve the vacancy before putting a property to rental auction.

According to data quoted by the government, one in seven high street shops are currently closed. So, this initiative could provide a helpful boost, creating jobs and driving foot traffic back to town centres.

Local Growth Minister Alex Norris emphasised the importance of reviving high streets, saying: “High streets are the beating heart of our communities. But for too long, too many have been neglected, with more and more empty lots and boarded-up shopfronts.” He added that HSRAs put “local communities first, re-energising town centres and driving local opportunities and growth.”

Additional support for high street businesses

There is currently plenty of talk at government level about how to revitalise high streets.

During the Autumn Budget it was announced that the small business rates multiplier has been frozen for next year. Plans were also revealed to permanently lower business rates for retail, hospitality and leisure properties.

£250 million was also committed for 2025-26 to the British Business Bank’s small business loans programme.

The government has also announced its intention to publish a new Small Business Strategy next year. This will set out further measures to support SMEs and, according to the government announcement, supporting small businesses on the high street will be at the centre of this.

See: https://www.gov.uk/government/news/high-streets-to-be-revitalised-with-new-legal-powers

Since coming into power, the Labour government has made its Make Work Pay plan a centrepiece of their policies. As a result, we have already seen a number of changes being proposed and implemented. This includes the new Employment Rights Bill which is currently making its way through Parliamentary processes.

The government’s Make Work Pay policy paper makes interesting reading on what it intends to do.

The paper outlines how the UK has seen a productivity slowdown in recent years that is more pronounced than other advanced economies. They attribute much of this to issues with the labour market, both in workers feeling insecure and businesses struggling to find the right staff when they need them.

The Plan to Make Work Pay is therefore designed to modernise the UK labour market and address the challenges the economy is facing.

Principally the plan aims to make work more flexible, more secure and more family-friendly. This will help to support more people to stay in work.

Employment Rights Bill

This key legislation is the first phase of delivering the government’s Plan. The changes it will bring about, including ‘day 1 rights’ of employment, banning exploitative zero-hours contracts and increasing worker protections have been widely discussed in the press.

Consultations are planned to take place in 2025, with the majority of reforms taking effect no earlier than 2026.

Employment rights and industrial relations are reserved in relation to Scotland and Wales and transferred to Northern Ireland. The UK government intends to work closely with the devolved governments on delivering and implementing their plan so that rights for people across the entire country are strengthened.

Family friendly rights

The government is looking at how to support workers in working while balancing the essential responsibilities of their wider life, including raising children, improving their own wellbeing or looking after a loved one with a long-term health condition.

Some immediate changes are being made to support this. Flexible working will essentially become the default, a new right to bereavement leave is being introduced, paternity and parental leave will become a day 1 right, and protections for pregnant women as well as new mothers returning to work are being strengthened.

The government also intends to review the current parental leave system and the implementation of carer’s leave.

Fair pay

We have already seen an adjustment in how minimum wage rates are set, with the cost of living now factored in.

The government’s intention is to remove the separate wage rates for different age bands. Instead, there will be one single rate regardless of the worker’s age.

Statutory Sick Pay is also to be strengthened. The lower earnings limit and the waiting period will be removed.

A consultation on how a Fair Pay Agreement process for the adult social care sector should work is also planned.

Ending ‘one-sided flexibility’

Where workers have a zero-hours contract or a ‘low’ number of guaranteed hours but regularly work more than these hours, they will gain the ability to move to guaranteed hours contracts.

Protections from unfair dismissal, which currently have a 2-year qualifying period, will be changed to apply from day 1.

Employers will still be able to assess whether someone is right for the job via probationary periods. Currently the government is suggesting a 9 month statutory probationary period where the worker will have certain day 1 rights, but there will be a lighter-touch process that employers can follow to dismiss an employee who is not right for the job.

There is concern amongst businesses that the proposed changes will expose them to increased legal liability and a greater number of unfair dismissal claims. The government is proposing to identify ways to signpost and support employees that will make clear where bringing claims might be unsuccessful.

They have also said that they will consult on limiting compensation awards for successful claims of unfair dismissal during a probationary period.

In addition, there is a commitment that changes to the unfair dismissal rules will not come into effect any sooner than autumn 2026.

Equality at work

The plan includes measures that will help to ensure greater equality in the workplace, including:

The government also intends to consult on the legal framework around trade unions and modernise it to reduce conflicts but provide workers with a voice.

Many of these changes will be enacted when the government publishes its Equality (Race and Disability) Bill later in this parliamentary session.

Anything else?

Further reforms are also briefly discussed in the plan that will take place over the longer term.

These include consulting on having a single ‘worker’ status that differentiates between workers and the genuinely self-employed. This would include strengthening protections for the self-employed through a right to a written contract. Health and safety guidance and regulations will also be modernised.

Conclusion

The government’s plan could largely be summed up as ‘a happy worker is a productive worker’. Therefore, the aim of the changes seems to be to make workers feel more secure and give them more flexibility over their working hours. If more workers remain more productive, this should make businesses more productive and the economy will grow as a result.

Of course, this will have to be reconciled with businesses dealing with additional costs and compliance. And you may have a question mark about whether the government’s plan will help you to grow your own business, particularly after a Budget that increased employment costs for many businesses.

While many of the proposals still need to be consulted on before they become law and there is time before the Employment Rights Bill will come into force, it is clear that we all need to be ready for changes over the next few years.

To read the policy in full, see: https://www.gov.uk/government/publications/next-steps-to-make-work-pay/next-steps-to-make-work-pay-web-accessible-version

In a recent court case, a company director from Bury was sentenced to prison for failing to comply with basic accounting and legal responsibilities. Vezubuhle Ndlovu, the former director of VN Electrics Limited, was jailed for 10 months after he failed to provide the required records when his company went into liquidation, leaving over ÂŁ200,000 in unpaid taxes.

This case serves as a stark reminder of the consequences for businesses that do not prioritise accurate accounting, particularly when dealing with financial and tax obligations. Let’s examine why keeping up-to-date records is so important for businesses of all sizes and sectors.

What happened?

Ndlovu’s company, VN Electrics, which operated as a wholesale trade business, was petitioned for liquidation by HM Revenue and Customs (HMRC) in 2019 due to an outstanding tax bill of ÂŁ221,600.

After the company entered liquidation, Ndlovu was required by law to provide the company’s financial records to the Insolvency Service. His failure to do so prevented the Official Receiver from assessing the company’s assets, income, and financial position.

Ndlovu repeatedly refused to cooperate. Even after being disqualified as a director for seven years, he still failed to respond or attend interviews requested by the Insolvency Service. Manchester Crown Court have subsequently sentenced him to 10 months in prison.

The legal responsibilities of directors

Company directors have a legal duty to keep accurate financial records and to be transparent with stakeholders, especially in times of financial distress. This case highlights the severe consequences for not complying. Under the Companies Act and Insolvency Act, it is a criminal offence to fail to keep proper accounting records, and persistent failure to cooperate with authorities can result in prison sentences.

The impact on the stability of your business

Maintaining up-to-date accounts is more than just an administrative task; it is a core responsibility that can safeguard the future of a business.

Businesses that regularly review their accounts are better positioned to make informed decisions, identify potential financial issues early on, and avoid the kinds of tax and debt problems that led to VN Electrics’ liquidation. Without clear records, even the day-to-day management of cash flow, payroll, and expenses can become difficult to handle, potentially leading to further financial instability.

Protecting relationships with stakeholders

For any business, building trust with creditors, suppliers, and partners is essential. Reliable accounting practices demonstrate that a company is well-managed, financially sound, and transparent in its dealings.

In the case of VN Electrics, the lack of financial transparency not only damaged the company’s reputation but also strained relationships with stakeholders who were left uncertain about the company’s financial position.

Key takeaways

The case of VN Electrics serves as an important reminder for all business owners and directors:

In a time when economic challenges and tax obligations continue to impact businesses, staying on top of financial records is one of the best ways to protect a company’s future, meet legal responsibilities, and ensure transparency with all stakeholders.

If you need advice about or help with your accounts please feel free to get in touch and we would be happy to help you!

See: https://www.gov.uk/government/news/bury-director-jailed-after-failing-to-produce-accounts-for-company-which-owed-more-than-200000-in-tax

From 26 October 2024, employers were given a new legal duty to take “reasonable steps” to prevent sexual harassment of employees.

This duty requires employers to anticipate when sexual harassment may occur and take reasonable steps to prevent it. If sexual harassment has already taken place, then an employer would need to take action to stop it from happening again.

It is not possible for an individual to make a claim against their employer for failing to take preventative action. However, if they successfully bring a sexual harassment claim, the employment tribunal will automatically consider whether the employer failed in its duty to prevent the harassment from happening. If they find that the employer was negligent then they can order an uplift in the compensation paid to the employee.

ACAS have provided guidance to employers on what to do, including advising on things that should be included in a sexual harassment policy.

To review the guidance, see: https://www.acas.org.uk/sexual-harassment

The government has announced the new National Minimum Wage (NMW) rates that will apply from 1 April 2025.

These are as follows:

1 April 2025 – 31 March 2026

1 April 2024 – 31 March 2025
 National Living Wage (Age 21 and over)  £12.21  £11.44
 18-20 Year Old Rate  £10.00  £8.60
 16-17 Year Old Rate  £7.55  £6.40
 Apprentice Rate  £7.55  £6.40

The National Living Wage rate paid to those who are aged 21 and over has increased by 6.7%. This is a relatively modest increase in comparison to the last 2 years but is still expected to equal two-thirds of median earnings and in real terms be the highest minimum wage has been in its history in the UK.

Baronness Philippa Stroud, Chair of the Low Pay Commission (LPC), appeared to acknowledge the strain the increases in recent years have placed on businesses when she said: “The data shows some signs of employers finding it harder to adapt to minimum wage increases.” She also said that while the economy is expected to grow over the next year, “productivity growth remains subdued.”

After coming into power, Labour asked the Low Pay Commission, an independent body that recommends what rates are used each year, to work towards removing the age bands so that all adults receive the same minimum wage. As a result, the increases to the 18-20 Year Old, 16-17 Year Old and Apprentice Rates are significant.

While these increases are good news for workers, employers will need to look at affordability when planning their headcount for next year.

See: https://www.gov.uk/government/news/national-living-wage-to-increase-to-1221-in-april-2025

As has been widely expected in the last few weeks, the Chancellor, Rachel Reeves, made some significant changes to the Employers National Insurance (NI) rate and threshold in the Autumn Budget.

From 1 April 2025, the rate for Employers National Insurance (NI) will increase from 13.8% to 15%. At the same time, the level at which employers start paying national insurance on each employee’s salary will be reduced from £9,100 per year to £5,000. The combination of these two changes means a potentially significant increase in payroll costs for businesses.

To counteract this, the employment allowance will be increased from its current £5,000 to £10,500. The Chancellor claimed that this would mean that “865,000 employers won’t pay any National Insurance at all next year and over 1 million will pay the same or less than they did previously.”

An employer who employs 4 full time (35 hours per week) employees at the National Living Wage rate will not have to pay NI on their wages.

However, there is some encouraging news for larger businesses. Previously the Employment Allowance could only be claimed by an employer if their Employers NI liability was less than ÂŁ100,000 in the tax year. This restriction will be removed and mean that all employers that otherwise qualify will be able to reduce their national insurance liability by ÂŁ10,500.

Businesses planning their headcount and budgeting payroll costs for next year will want to factor in the increased national insurance costs. If you need any help with doing this, please do not hesitate to give us a call.

See: https://www.bbc.co.uk/news/articles/c4g7x6p865zo

On 30 October 2024, Rachel Reeves delivered her first Budget speech. As the first Budget speech ever delivered by a female Chancellor of the Exchequer, the occasion was bound to be one for the history books regardless of what was said.

The Chancellor’s speech lasted 76 minutes and right from the start she claimed that difficult decisions were having to be made because of the £22bn ‘black hole’ left in the public finances by the previous government.

Once the speech had concluded there was a feeling that the Budget may not have been as bad as we might have expected. This is likely the effect the Chancellor was hoping for and may have had something to do with the fact that the main way of increasing taxes – from a rise in Employers National Insurance (NI) – had already been strongly indicated before the Budget took place.

For working people, the Budget maintained the status quo with no increases to income tax, national insurance or VAT. The personal allowances and tax rate bands were frozen by the previous government as a way of raising taxes known as ‘fiscal drag’. This is because as pay increases, more earnings are likely to be taxed at higher rates. The Chancellor did promise that from 2028/29, personal tax thresholds would be uprated in line with inflation once again.

However, businesses were one of the big losers in the Budget, largely through the aforementioned Employers NI increases as well as increases to the minimum wage rates, which are both explored in the two articles below.

Retail, hospitality and leisure (RHL) businesses received some support through continued business rates relief. For the 2025/26 tax year, RHL businesses will be given a 40% relief on their business rates, subject to a cap of ÂŁ110,000 per business. The small business multiplier will also be frozen in 2025/26. These are interim measures as the government intends to introduce permanently lower tax rates for RHL properties with rateable values under ÂŁ500,000 from 2026/27.

The Chancellor also announced investments in public services and home building. These may mean contracts and work for businesses across various sectors.

Law practices hold sensitive information and can often be the target of cyber attacks. The National Cyber Security Centre (NCSC) has published some specific cyber security tips to help barristers, solicitors and legal professionals in firms of all sizes protect themselves.

The tips they provide are good practice for businesses of all types. Here’s a summary of what NCSC suggests.

Backups are important

Regularly taking backups, and testing that you can restore them, allows you to be able to recover and access your client or customer data even if you are the victim of a computer virus or ransomware attack.

Update software

Software and operating system updates are important because they contain protection from viruses and other malware. Turning on ‘automatic updates’ on devices also removes the chance that you will forget to apply an update.

Encryption

Windows, Apple and Android devices all include free encryption that will stop a thief being able to access your sensitive data. Windows’ BitLocker, MacOS’s FileVault, and iOS’s advanced data protection for iCloud should all be switched on.

Use strong passwords and 2-step verification

Strong passwords are a must, and it’s particularly important to protect your email, banking and social media accounts. The three random words method or a password manager can help you create strong passwords. 2-step verification, also known as multi-factor authentication is also strongly recommended.

Use screen locks

Mobile devices should have their screen lock facility turned on, and you should use a passcode or fingerprint/face recognition to be able to access the device. Laptops and computers should also be locked when you’re not at your desk.

Firewall

When you use the internet or public networks, your device can be seen by others who are connected to the network. You should use a firewall to prevent any unwanted connections. Windows and macOS both include free firewalls.

Limit administration accounts

Administrator accounts will carry full access rights to make changes and access files. If a user doesn’t need these rights, then it is often better not to give them administrator access. Limiting the number of administrator accounts reduces the opportunity a cyber criminal has to access a user account and gain full access.

Antivirus

Make sure your antivirus software is turned on.

Track lost or stolen devices

Most devices come with the ability to remotely delete the data on the device if it is stolen or lost. Make sure this is set up properly.

Privacy permissions

Some apps will ask for permissions to access other apps, data, or system features. This may be a necessary part of the app’s function, however it could be exploited by

a criminal. Therefore, make sure that staff only have access to the apps they need to carry out their work and avoid having redundant apps to minimise a potential problem. To review the guidance in full, see: https://www.ncsc.gov.uk/guidance/cyber-security-tips-for-barristers-solicitors-and-legal-professionals

Researchers in the UK are being offered new funding opportunities to explore ways of making society more resilient to the risks posed by Artificial Intelligence (AI). These risks include emerging threats such as deepfakes, misinformation, and cyber-attacks, and the funding is intended to support work aimed at ensuring AI’s safe and responsible use.

This initiative, launched last week, is a collaboration between the government, the Engineering and Physical Sciences Research Council (EPSRC), and Innovate UK, which is part of UK Research and Innovation (UKRI). The initiative is focused on exploring how AI systems can be made safer, and will also support research to tackle the threat of AI systems failing unexpectedly, for example in the finance sector.

Why this research matters

AI is considered to hold significant potential to drive long-term economic growth and improve public services. However, there are risks that come with AI, including system failures and misuse.

The government is keen to promote and maximise the benefits of AI across the UK economy and therefore it is looking at ways to ensure that as AI is adopted across different industries, it remains safe, reliable, and trustworthy.

Grant opportunities

The Systemic Safety Grants Programme, overseen by the UK’s AI Safety Institute, has opened applications for its first phase, which is set to distribute up to £4 million in funding.

This programme is part of a broader ÂŁ8.5 million fund that was first announced at the AI Seoul Summit in May, so further phases of grant funding will become available in the future.

Here are the key details:

Final thoughts

For researchers interested in contributing to the future of AI safety, this funding could present a significant opportunity.

If your business is involved in AI development or research, it could be worth considering if you could benefit from this opportunity to apply for grant funding and play a part in the ongoing development of AI and safety in its use.

For more information and guidance on how to apply for the grant scheme, see: https://www.aisi.gov.uk/grants.

 

At the International Investment Summit, the UK government announced nearly ÂŁ63 billion in new investments, which are expected to create 38,000 jobs.

These investments, which span various sectors, are projected to fuel growth across the country. While these investments tend to focus on large businesses and large-scale projects, there could be significant implications for small and medium-sized businesses (SMEs) as these investments roll out.

Renewable energy opportunities

Octopus Energy has committed to investing ÂŁ2 billion in renewable energy projects, including four new solar farms across the UK.

These solar farms will power up to 80,000 homes and generate business for smaller suppliers and contractors in the construction, maintenance, and energy sectors.

SMEs in renewable energy services, installation, and related fields could benefit from the need for equipment, local expertise, and operational support as these projects roll out.

Additionally, BW Group is proceeding with a £500 million investment in battery energy storage projects, which are expected to help the UK’s shift towards cleaner energy.

These projects, set in Hampshire and Birmingham, may create new supply chain opportunities for small businesses involved in the production or installation of renewable energy components.

Data Centres: A growing sector for small business support

The growing focus on data centres offers further potential. For example, Amazon Web Services has committed ÂŁ8 billion to expand its UK data centre operations, a move expected to support around 14,000 jobs annually at local businesses.

Businesses involved in construction, facility maintenance, engineering and telecommunications could find new contracts in the data centre market.

For more information on the project investments announced, see: https://www.gov.uk/government/news/record-breaking-international-investment-summit-secures-63-billion-and-nearly-38000-jobs-for-the-uk

The government has published the Employment Rights Bill, which is intended help deliver economic security and growth to businesses, workers and communities across the UK.

The bill will bring forward 28 individual employment reforms, from ending exploitative zero hours contracts and fire and rehire practices to establishing day one rights for paternity, parental and bereavement leave for millions of workers. Statutory sick pay will also be strengthened, removing the lower earnings limit for all workers and cutting out the waiting period before sick pay kicks in.

The existing two-year qualifying period for protections from unfair dismissal will be removed, ensuring that all workers have a right to these protections from day one on the job.

The government will also consult on a new statutory probation period for companies’ new hires. This will allow for a proper assessment of an employee’s suitability to a role as well as reassuring employees that they have rights from day one.

The bill will end exploitative zero hours contracts, following research that shows 84% of zero hours workers would rather have guaranteed hours. They, along with those on low hours contracts, will now have the right to a guaranteed hours contract if they work regular hours over a defined period, giving them security of earnings whilst allowing people to remain on zero hours contracts where they prefer to.

The bill will also:

See: https://www.gov.uk/government/news/government-unveils-most-significant-reforms-to-employment-rights

If you run a business with a website, you’ve likely seen those cookie consent banners asking visitors whether they’d like to accept or reject cookies. But what if your website is not giving visitors a fair and informed choice when it comes to how their personal data is used?

A recent case involving Sky Betting and Gaming shows just how serious the consequences can be when businesses fall short of these legal requirements.

What happened?

Between January and March 2023, Sky Betting and Gaming was found to be processing personal information from visitors to their website and sharing it with advertising companies without obtaining their prior consent.

Visitors to the SkyBet website had their personal data used for targeted ads before they had the opportunity to accept or reject cookies.

While there was no evidence that Sky Betting and Gaming was deliberately targeting vulnerable users, the investigation concluded that the company’s use of cookies was neither lawful, transparent, nor fair.

As a result, Sky Betting and Gaming made necessary changes to ensure that people could reject advertising cookies before their personal information was processed. But the case serves as a clear warning to businesses about the importance of complying with cookie and data protection regulations.

Why businesses should take note

The SkyBet case is part of a wider crackdown by the regulator on websites that misuse advertising cookies. Last year, the regulator reviewed the UK’s top 100 websites and found that more than half of them had issues with how they were using cookies.

Many of these sites have since made changes, but any business that fails to comply could face enforcement action.

The key takeaway? Businesses need to ensure their websites give visitors a clear choice when it comes to cookies, particularly when it comes to how personal data is used for targeted advertising.

There continues to be increasing scrutiny on how businesses handle personal data online. As a business owner, it’s essential to make sure your website complies with data protection regulations—especially when it comes to cookies and targeted advertising.

Compliance isn’t just about avoiding fines; it’s about building trust with your customers and ensuring that your business operates fairly and transparently in today’s digital world.

See: https://ico.org.uk/about-the-ico/media-centre/news-and-blogs/2024/09/action-taken-against-sky-betting-and-gaming-for-using-cookies-without-consent/

As a small business owner, it’s easy to get caught up in the day-to-day operations and miss the bigger picture. You might rely on gut feelings or a quick glance at your bank account to determine how well your business is doing. However, without specific measures of success, it can be difficult to truly understand your business’s performance or identify areas for improvement. This is where Key Performance Indicators (KPIs) come into play.

KPIs are measurable values that show how effectively a business is achieving its objectives. Using KPIs can be a game-changer, offering insights and clarity that help you make better decisions, drive growth, and stay competitive. Here’s why you should consider implementing KPIs in your business.

Track your progress more effectively

Running a business can often feel like you’re spinning plates – juggling multiple tasks, dealing with customers, managing finances, and more. KPIs help bring clarity to the chaos by giving you a simple, straightforward way to measure how well you’re doing over time.

For example, if one of your goals is to increase sales, tracking a KPI like ‘monthly revenue growth’ allows you to see whether your efforts are paying off. Or if customer retention is a priority, measuring ‘repeat customer rate’ gives you a clear picture of whether people are coming back or not.

By tracking the right KPIs, you gain insight into how close (or far) you are from your goals and can course-correct if necessary.

Make more informed, data-driven decisions

Many small business owners rely on intuition to make decisions, but KPIs offer a more reliable approach: data. By tracking KPIs, you’ll have access to hard facts and figures that give you a more accurate understanding of your business’s performance.

For instance, if your ‘website traffic’ KPI is increasing but your ‘conversion rate’ is dropping, this would flag up an issue in your sales funnel that needs attention.

Instead of guessing or waiting for problems to surface, KPIs can give you the information you need to make smart, informed decisions and take action quickly.

Increase accountability and focus

It can be difficult to ensure that everyone in your business is working toward the same goals, especially if you have a growing team. KPIs can help keep everyone on track.

When you establish KPIs for different departments or team members, you’re setting an expectation for what they prioritise in their work and this allows you to shape what they focus on.

For example, if your sales team knows they’re being measured on ‘weekly sales calls made’ or ‘lead conversion rates’, they’ll focus on the activities that move the needle.

KPIs not only motivate employees by giving them clear targets to aim for, but they also provide accountability, making sure that their efforts will contribute towards your business goals.

Drive continuous improvement

KPIs are not just about measuring current success—they can also help you to identify opportunities where improvements could be made.

For example, if your ‘stock turnover’ KPI shows that stock is sitting on the shelves for too long, it might be time to review your purchasing or marketing strategies. Similarly, a low ‘customer satisfaction’ score could signal a need to improve your product or service offering.

The process of tracking KPIs, and reviewing them regularly, helps you spot inefficiencies and encourages continuous improvement, so your business can become more efficient and effective over time.

Align your business with long-term goals

It’s important that every part of your business is pulling in the same direction. KPIs can help make sure that your daily operations are contributing to your long-term goals.

For example, if your long-term goal is to increase profitability, you might track KPIs like ‘gross profit margin’ or ‘operating expenses as a percentage of revenue’ to ensure you’re making financial decisions that support that aim.

How to get started with KPIs

Starting with KPIs doesn’t have to be complicated. Here’s a simple guide to help you get going:

  1. Define your business goals: Start by identifying your key objectives. What are the most important things you want your business to achieve? This could be anything from increasing sales, improving customer satisfaction, or reducing costs.
  1. Choose the right KPIs: Pick a few KPIs that directly align with your goals. For example, if growth is your aim, KPIs like ‘monthly sales’, ‘new customer acquisition’, or ‘website conversion rates’ may be relevant.
  1. Make KPIs measurable and realistic: KPIs should be clear, measurable, and achievable. Set targets that challenge your business but are still realistic. For example, ‘increase sales by 10% over the next quarter’ is better than simply ‘grow sales.’
  1. Review regularly: KPIs are only valuable if you monitor them. Set up regular check-ins (monthly or quarterly) to review your performance against each KPI. This ensures you stay on top of your progress and can make adjustments as needed.

Conclusion

KPIs might seem like tools for big businesses, but they’re valuable for businesses of any size. By implementing KPIs, you can gain better insight into your performance and make sure your business is moving in the right direction.

Whether you’re looking to grow, improve efficiency, or keep your team focused, KPIs can be a real help in running a successful business. Start small, track what matters most, and watch your business thrive.

If you’re not sure where to start, please reach out to us. We have tools and experience on setting KPIs and would be happy to help you.

Employment Rights Bill 2024

The government has published the Employment Rights Bill, which is intended help deliver economic security and growth to businesses, workers and communities across the UK.

The bill will bring forward 28 individual employment reforms, from ending exploitative zero hours contracts and fire and rehire practices to establishing day one rights for paternity, parental and bereavement leave for millions of workers. Statutory sick pay will also be strengthened, removing the lower earnings limit for all workers and cutting out the waiting period before sick pay kicks in.

The existing two-year qualifying period for protections from unfair dismissal will be removed, ensuring that all workers have a right to these protections from day one on the job.

The government will also consult on a new statutory probation period for companies’ new hires. This will allow for a proper assessment of an employee’s suitability to a role as well as reassuring employees that they have rights from day one.

The bill will end exploitative zero hours contracts, following research that shows 84% of zero hours workers would rather have guaranteed hours. They, along with those on low hours contracts, will now have the right to a guaranteed hours contract if they work regular hours over a defined period, giving them security of earnings whilst allowing people to remain on zero hours contracts where they prefer to.

The bill will also:

See: https://www.gov.uk/government/news/government-unveils-most-significant-reforms-to-employment-rights

If you, or your child, was born between 1 September 2002 and 2 January 2011, there could be a savings account with your or their name on it – literally!

More than 670,000 young people, aged 18-22, have yet to claim their Child Trust Fund, with HM Revenue & Customs calculating that the average fund is worth £2,212. That’s a decent chunk of money, so it’s worth checking to see if you’re one of those with unclaimed funds.

Let’s look at how you can find out if you or someone in your family are owed this cash, and what steps you need to take.

What is a Child Trust Fund?

Child Trust Funds are tax-free savings accounts that were set up for every child born between 1 September 2002 and 2 January 2011. The government kickstarted each account with a ÂŁ250 deposit, and in some cases, parents may have topped this up over the years. Once the child turned 18, the account matured, meaning that the funds can be withdrawn or reinvested.

The key thing to note is that these accounts aren’t held by the government but are managed by banks, building societies, or other savings providers. So, while the money is there, it’s not automatically sent to the account holder—you’ll need to take action to claim it.

How do you find your Child Trust Fund?

If you already know which provider holds the Child Trust Fund, then you can simply contact them directly and start the process to withdraw or reinvest your savings.

But what if you don’t know where your fund is? No problem. There’s a handy online tool on GOV.UK that can help you find your Child Trust Fund provider. All you need is your National Insurance number and your date of birth. If you’re unsure of your National Insurance number, you can easily find it using the HMRC app.

If you’re not sure whether you or your child have a Child Trust Fund or how much it’s worth, the best thing to do is do a quick check. You won’t lose anything by checking and you may get a nice surprise of discovering some extra savings for you or your family member.

If you need any help at all navigating the process, please feel free to get in touch – we’re always happy to help!

See: https://www.gov.uk/government/news/671000-young-people-urged-to-cash-in-their-government-savings-pot