Latest news with #CompaniesHouse
Yahoo
19 hours ago
- Business
- Yahoo
UK companies lag in ECCTA compliance readiness
A study by Vistra has disclosed that a mere 28% of UK directors are prepared for the Economic Crime and Corporate Transparency Act (ECCTA), with the smallest companies being the least prepared and none confirming readiness. The ECCTA mandates identity verification for all directors, persons of significant control (PSCs) and company filers by autumn 2025, yet less than 3% have complied so far. The ECCTA represents the most substantial reform to the UK's Companies House since 1844, introducing stringent requirements for identity verification and a new offence for failing to prevent fraud. Despite the impending changes and the risk of unlimited fines, Vistra's survey of 100 UK company directors reveals that 39% are unaware of the ECCTA deadlines. The act's enforcement could lead to disqualification of company officers and prohibit companies from filing documents or engaging in acquisitions. Larger practices demonstrated a greater degree of preparedness, with 37% indicating they are very prepared and 49% expressing confidence in their processes to meet the 'reasonable procedures' requirement of the new offence. However, the sentiment among companies is that the ECCTA is burdensome, with 58% holding this view and only 23% disagreeing. Vistra global director of entity management solutions Meg Ogunsola warns that many businesses are underestimating the ECCTA's scale and urgency. Ogunsola advises that acting early is crucial to avoid bottlenecks and severe financial penalties. She notes that Companies House will adopt a strict stance against non-compliant businesses and highlights the need for alternative solutions for overseas directors and those reliant on paper documents. 'Given the scale of the reforms and the administrative burden, it is no surprise that we are seeing many organisations seek specialist support to ensure they meet their obligations efficiently and effectively,' Ogunsola said. "UK companies lag in ECCTA compliance readiness" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Daily Mirror
3 days ago
- Business
- Daily Mirror
Your landlord may be breaking the law if they don't follow one deposit rule
Rent is the largest cost of your monthly income – so it's important to make sure you do everything you can to keep costs down as a tenant. Try these tips and hacks to reduce your rental costs, and make sure you get your deposit back when you move out. Know your deposit rights By law, there is an upper limit to how much your rental deposit can be. That is a maximum of five weeks' rent for annual rent under £50,000 and six weeks' rent for over £50,000. In Northern Ireland, the limit is one month's rent. If you are asked to put down a holding deposit, this must be refundable and a maximum of one week's rent. You also cannot be charged application fees for things like credit checks. You may be charged an administration fee for altering the contract mid-tenancy, such as to add another tenant but this is capped at £50 or 'reasonable costs' if extensive changes are needed. On top of the limits, the landlord must put it into a registered tenant deposit protection scheme within 30 days. If they don't, and don't send you confirmation details, you have a right to reclaim the full deposit regardless of any claims on it. You may also be able to claim up to three times' the amount of the deposit in small claims court, should your landlord not return it at the end of your tenancy. Keep an eye out for rental scams In areas where rental properties are in high demand, scams are common. This could be: Someone renting an Air BnB, taking 'holding deposits' from several people to 'view' and disappearing with the cash Someone taking full deposits, seeming like they approve the tenant, give a move-in date… along with several other people Overcharging deposits and charging fees Subletting on a lease where it is not permitted (this gives you no tenant rights) Always check the company information for the property if you can. Either the landlord name or property should come up in a search on Companies House and other organisations – if it doesn't, this is a red flag. If it's a private landlord, make sure you do thorough searches on their name and reputation if possible. Ask to speak to previous tenants, too – any landlord reluctant to do so is a red flag. Decorate wisely Decorating as a rental tenant can help you feel more at home. However, ensure you use rental-friendly items such as Command Hooks that leave no trace on walls, or opt for items that don't attach to walls. Lampshades, table lamps, cushions, throws, and your bed linen can all add a personal touch to your home without risking damage to your rental. If you really want to decorate, either get the landlord's permission in writing, or use things like removable vinyl tiles for kitchen splashbacks and cupboards, and take them off before the end of the tenancy. Invest in a cleaner While most people get an end-of-tenancy cleaner in to make sure they get their deposit back, consider arranging a monthly deep clean instead. The cost can be reasonable, and it will save you a lot of time in the long run as it prevents those small annoying jobs from building up. When was the last time you washed your skirting boards? Exactly. A monthly deep clean keeps your rental in top condition, reducing wear and tear caused by things like mould and mucky build-up. Install a water meter Tenants with a contract for more than six months have a right to request a water meter from the water company. The exception is if you live in a House of Multiple Occupation (HMO), which is where you have a separate tenancy to other people in your home and rent a room or studio flat with shared entrances and communal areas. Your landlord cannot usually refuse to give permission, but it is polite to let them know the property will be metered because once this happens it can't be reversed. There are very limited reasons a landlord can use to refuse a meter, such as the cost of installing one due to digging up the garden to get to the relevant pipe. A water meter could save you hundreds of pounds per year, as you pay only for the water you use instead of a blanket estimated amount. Change electricity and gas supplier If your name is on the utility bill, you have a right to switch supplier. This means you can shop around to find the tariff that suits you best, and that could save you hundreds every year. Some landlords try to keep bills in their name. If this is the case, ask for a breakdown of costs and visibility over the bill. If you want, try doing a comparison on the current price versus the tariff and work with your landlord to switch to a cheaper tariff. Don't be fooled into a broadband contract Do not – do NOT – take on someone else's broadband contract. If a tenant is moving out and tries to get you to switch to keep the same broadband account at the address, refuse. There are two reasons for this. First, it doesn't give you the opportunity to shop around to find the best deal. Second, they may have built up arrears on their account and leave you with debts to pay. They should contact the broadband provider to inform them of their move. Your own broadband is your responsibility – either move your existing provider if you're still in contract, or set up a new one. Don't take on a stranger's previous contract! Be aware of the break clause Make sure you know when and where the break clause is in your tenancy agreement. This is the period in which the landlord – or you – can give notice of your intention to end the tenancy. You cannot be served notice to leave the property before the break clause. This guarantees you a minimum time to stay in the property, even if the landlord changes their mind and wants to sell up or get you out. There are many rights surrounding notice periods and evictions, such as being served a correct Section 21 notice. For example, a Section 21 issued after a break clause is invalid if it was served at a time there was no valid gas safety certificate on the property. Shelter has a lot of useful information about tenant rights, evictions, and deposit claims. Negotiate rent rises Finally, if you like where you are currently renting but have been issued notice of increased rent, try to negotiate with your landlord before making decisions about moving. Point out to them that finding new tenants comes at a cost to them (as they must pay credit check and application fees), and that you've been reliable tenants during your time at the property. Some landlords may wish to retain reliable tenants if they can guarantee a longer tenancy – though avoid anything over a couple of years. Always try to keep communication open between yourself and your landlord, as it can make a big difference in keeping your rent rises down.
Yahoo
5 days ago
- Business
- Yahoo
Bath Rugby finances revealed following Gallagher Premiership win as sport faces 'crisis'
Bath Rugby is facing mounting financial pressure, along with all the clubs in the Gallagher Premiership, as experts warn over the future of the sport. Despite a historic win for Bath in June, which saw the South West side take its first title in 29 years, off the pitch there is less to celebrate. Bath Rugby Limited - the operating company behind the club - is millions of pounds in debt. The company turned over £20.8m for the financial year ending June 30, 2024. This was up on the £19.7m the year before, but it still made a loss of £3.6m, while its net debt stood at £17.2m. Rugby has long been reliant on owners and benefactors to cover ever-mounting debt burdens. Three major clubs - Wasps, Worcester Warriors and London Irish - have already disappeared from the Premiership after collapsing in the 2022-23 season, but it is 'not impossible' that more could go under if changes are not made, one sports finance expert has warned. READ MORE: Police enforce 48-hour ban in Bath city centre READ MORE: Bath Rugby's 2025/26 Gallagher Prem fixtures in full Analysis of Companies House documents by our sister site Business Live reveals that each of the teams in the Gallagher Premiership was in the red for the financial year ended June 30, 2024. Runners up Leicester Tigers, who were defeated by Bath at the Allianz Stadium in Twickenham by just two points (23-21), did not fare much better. The club's operating company Leicester Football Club Plc made a loss of £3.5m for the period - up from £1.4m the year previously - despite turnover increasing to £21m from £19.4m the year before. According to a rugby finance report published by Leonard Curtis last year, while some teams may break even or turn a small profit in the next couple of years, the prospect of the current overall loss-making trend being reversed looks slim. Dr Ellie Nesbitt, a senior lecturer in sports management at Nottingham Trent University, says rugby is not operating in the capacity it needs to. "Rugby clubs need to be operating as businesses," she said. "It's about commercialising and hospitality is key. Some clubs are much better with big events, and they can thrive, but you also have clubs that don't have the facilities to do that. "The sport is going to have to change it's approach. It's a short-term fix having owners and benefactors responsible for funding - and debts. These individuals clearly love the sport or the team - and you see that all the way through the structure, not just the Premiership. [But] it's not sustainable and over time we will see that play out even more." Many of the Premiership clubs would, in fact, be 'defunct' if they were 'normal businesses', says Christina Philippou, associate professor in accounting and sport finance in the School of Accounting, Economics and Finance at the University of Portsmouth. 'Rugby at the very basics is a loss-making industry and 60 per cent [of clubs] are technically insolvent,' she told Business Live. Professor Philippou says broadcasting deals and competition from countries like France, drawing top players out of the league with tax incentives, has proved challenging for the sport. 'Rugby is [also] shooting itself in the foot by going behind a paywall with broadcasting deals. People need to be able to watch it. 'You can do that by splitting broadcasting agreements or being clever with digital content to get people interested in the club game, and then that can pull through into actual money.' But she says clubs losing money does not necessarily sound "the death knell' for the Premiership, and that rugby could learn some lessons from cricket. 'Tapping into other formats might be a way forward for the sport,' she explained. 'That is how cricket is rejuvenating itself as it had a similar issue.' 'There is a crisis' Rob Wilson, a professor of applied sport finance and director of specialist sports consultancy Play it Forward, believes the salary cap - the limit on the total amount of money clubs can spend on players' wages each season - is still too high. For the 2025-26 season, the Premiership has confirmed the salary cap is £6.4m, with a number of credits and exclusions, meaning that clubs can spend at least £7.8m plus an excluded player salary. 'A lot of clubs see it as a target rather than a limit and then they overspend,' Professor Wilson told Business Live. 'Clubs need to start spending less than they earn on a cost basis.' He added: 'There is a crisis with three teams going out of business and a shortening of the league. I think they should close off the league for a while and focus on the top 10 clubs. It wouldn't be a popular decision but it would be a sensible one." All the clubs were contacted for comment, but no statements were provided. Financial status of England's Premiership rugby clubs Bath Rugby Year ended June 30, 2024 Operating company: Bath Rugby Limited Turnover: £20.8m Loss for financial year: £3.6m Bristol Bears Year ended June 30, 2024 Operating company: Bristol Rugby Club Limited Turnover: £11.9m Loss for the financial year: £4.8m Gloucester Rugby Year ended June 30, 2024 Operating company: Gloucester Rugby Limited Turnover: £14.9m Loss for the financial year: £516,355 Leicester Tigers Year ended June 30, 2024 Operating company: Leicester Football Club Plc Turnover: £21m Loss for the financial year: £3.5m Sale Sharks Year ended June 30, 2024 Operating company: Manchester Sale Rugby Club Limited Turnover: £9.1m Loss for the financial year: £7m Saracens Year ended June 30, 2024 Operating company: Saracens Limited Turnover: £22.7m Loss for the financial year: £7.5m Northampton Saints Year ended June 30, 2024 Operating company: Northampton Saints Plc Turnover: £21.9m Loss for the financial year: £826,024 Harlequins Year ended June 30, 2024 Operating company: Harlequin Football Club Limited Turnover: £29.3m Loss for the financial year: £1.86m Exeter Chiefs Year ended June 30, 2024 Operating company: Exeter Rugby Club Limited Turnover: £21.6m Loss for the financial year: £876,112 Newcastle Falcons Accounts currently overdue for the year ended June 30, 2024. Last accounts available made up to June 30, 2023 Operating company: Newcastle Rugby Limited Turnover: £11.2m Loss for the financial year: £2.3m
The Herald Scotland
5 days ago
- Business
- The Herald Scotland
What does US President Donald Trump own in Scotland?
Menie House, now known as Macleod House and Lodge, has been turned into a five-star hotel. When he originally purchased the property in 2006 Mr Trump spoke of adding a hotel and hundreds of vacation homes to the complex, but these have not been built. In latest accounts filed with Companies House the resort posted a loss of £1.4m in 2023 on turnover of £3.7m, its 11th straight year of losses. It is listed as having an asset value of £37m and 84 employees. Trump Turnberry The Trump Organisation purchased this 800-acre Turnberry Hotel and Golf Resort in 2014. The group says it has since invested £200m in the hotel and Ailsa golf course, which re-opened in June of this year after the latest round of renovations. The South Ayrshire course has been the stage for four Open Championships but the competition has not returned to Turnberry since 2009 when Stewart Cink took home the Claret Jug. Mr Trump is expected to use this week's visit to continue pressure for the return of The Open to Turnberry, but officials at governing body the R&A say the venue faces logistical challenges. Donald Trump at his Turnberry golf resort in 2015 (Image: PA) In addition to the Ailsa, King Robert the Bruce and Arran golf courses, the purchase of the resort included the 192-room hotel, the ruins of Turnberry Castle, and a the iconic lighthouse built in 1873 by the family of Robert Louis Stevenson. The resort is operated by SLC Turnberry Limited, which in turn is 100% owned by Golf Recreation Scotland Limited. SLC Turnberry made a loss of £1.7m in 2023, while Golf Recreation Scotland reported a profit of £3.8m, up from £186,000 the previous year.
The Irish Sun
21-07-2025
- Entertainment
- The Irish Sun
Maya Jama in fresh career boost after her seven-figure net worth surges thanks to booming beauty mask firm
LOVE Island host Maya Jama will be made up as her beauty brand has helped her rake in a fortune of £2million. Sales of her Advertisement 3 Maya Jama's beauty brand has helped her rake in a fortune of £2million Credit: Shutterstock Editorial 3 Maya launched the bio-cellulose face mask and eye patches brand in 2021 Credit: Instagram 3 The anti-wrinkle masks are available online for £17.99 and patches for £7.99 Credit: Instagram Companies House documents show that MIJ Masks now has net assets of £313,381, up by £75,000 from 2023. Added to assets of £1.83million from her telly and advertising work through MIJ & Co Entertainment, it means Maya — who last night wore a The anti-wrinkle masks are available online for £17.99 and patches for £7.99. Advertisement read more on maya jama Unveiling the range four years ago, Maya said: 'It took two years to get this right. "I wanted something with super high quality ingredients that wasn't as expensive as other masks. 'You shouldn't cut corners anywhere but especially in beauty.' Maya is reportedly Advertisement Most read in News TV She was also part of the presenting line-up for this year's Comic Relief. In the past few weeks we revealed she had Maya Jama kisses footballer boyfriend on romantic holiday and shows off her stunning bikini body Maya works with brands including Some 2.5million tune into each episode of Love Island and more than 100million have streamed the latest series online. Advertisement Unlock even more award-winning articles as The Sun launches brand new membership programme - Sun Club.
