Tag Archives: business law

Top 5 points to consider when procuring AI tools for your SME business

Posted on 16/12/2024 by Ben Ironmonger

Artificial Intelligence (AI) tools are revolutionising the way businesses operate, offering solutions that can streamline processes, enhance customer experiences, and improve efficiency. Whilst the speed at which this is happening can be quite frightening to think about, for small and medium-sized enterprises (SMEs) in England, investing in the right AI tools can provide a competitive edge. Procuring and integrating these tools is not without its challenges and risks, and it’s important to approach the process with a clear understanding of the legal and commercial implications. Here are five top considerations when procuring AI tools for your business: 1. Understand Licensing and Ownership AI tools are typically provided under licensing agreements, rather than outright ownership. It’s crucial to understand the scope of the licence you’re purchasing: Pay particular attention to whether the AI tool allows you to retain ownership of any … Continue reading →

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The benefits of buying an established business

Posted on 11/12/2024 by Ben Ironmonger

By Ben Ironmonger, Head of Company and Commercial, Scott Bailey LLP Buying or selling a business is a significant step that requires careful planning. As a company and commercial solicitor at Scott Bailey LLP, I often work with clients trying to navigate the complexities of these transactions. Ensuring that every important legal aspect is addressed is vital to protecting your interests and securing a successful outcome, and we can certainly help with that. Whether you are looking to expand by acquiring an established business, or preparing to sell the company you have built, there are many factors to consider. Whilst buying an existing business can offer distinct advantages, saving you the time, stress and effort of starting from scratch, there are still plenty pitfalls to avoid. Similarly, selling your business requires careful preparation to help you maximise its value, whilst … Continue reading →

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Selling your business in 2025

Posted on 15/11/2024 by Ben Ironmonger

The 2024 Autumn Budget brought a number of significant changes. As well as the headline issues concerning business owners of increased National Insurance contributions, and increased minimum wage etc, the Labour Government also introduced changes to Business Asset Disposal Relief (formerly known as Entrepreneurs’ Relief) which should be considered carefully by anyone thinking of selling a company. This is as well as the upcoming changes to employment law which are landing in April 2025. It may be that (at least in recent years) there’s never been a better time to get on with selling up… What is Business Asset Disposal Relief? Business Asset Disposal Relief is designed to encourage investment in businesses by offering tax relief on the sale of qualifying assets. Under this scheme, Capital Gains Tax (CGT) is reduced to 10% on qualifying gains, which is considerably lower … Continue reading →

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Companies House filing fee increases

Posted on 29/04/2024 by Ben Ironmonger

Following a recent announcement, Companies House will be increasing its fees from 1 May 2024. Whilst the increases on the one hand appear significant, they haven’t actually been increased for some years, and hopefully additional funding will help enable Companies House to bolster efficiency, and the transparency and reliability of filed business information, in line with the broader objectives of the Economic Crime and Corporate Transparency Act 2023 (ECCTA). That said, it is important for SME business owners and operators to be aware of the changes and to avoid being caught out. The fee increases extend to various entities, not just limited companies. For example, limited liability partnerships and overseas companies. Some of the key digital filing fee changes include: A full list of the changes can be found here: Changes to Companies House fees. Whether you are an aspiring entrepreneur, … Continue reading →

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Legal terms every small business owner should know

Posted on 01/02/2024 by Ben Ironmonger

As a small company owner in the UK, navigating the legal landscape can be daunting. Understanding a few key legal terms can really help with ensuring compliance, protecting your business, and making informed decisions. In this blog post, we’ll explore some basic legal terms that every small company owner or director should almost certainly know, providing clarity and guidance to help you navigate the intricacies of UK law. Navigating the legal complexities of running a small company in the UK requires a solid understanding of key legal terms and concepts. By familiarising yourself with the terms outlined in this blog post, you can help to protect your business, comply with legal requirements, and make informed decisions that contribute to your business’s success. Remember to seek professional legal advice when needed and stay updated on changes to UK law that may … Continue reading →

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Economic Crime and Corporate Transparency Act 2023

Posted on 09/01/2024 by Ben Ironmonger

The Economic Crime and Corporate Transparency Act 2023 (ECCTA) received Royal Assent on 26 October 2023, marking another significant milestone in the UK’s legislative landscape. The new legislation makes various changes to the Companies Act 2006, and aims to strengthen the UK’s defences against economic crime and enhance transparency in corporate governance. In this blog post, Ben Ironmonger, Company and Commercial Solicitor and Partner at Scott Bailey LLP, introduces some of the key implications of the ECCTA and its impact on businesses. Companies House Reforms A large element of the ECCTA is the reform of Companies House. The ECCTA empowers the Registrar of Companies with enhanced investigative and enforcement powers. This move is intended to bolster the reliability and accuracy of the company register, serving as a deterrent to illicit activities. However, the successful implementation of these reforms hinges on … Continue reading →

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Navigating tough economic times: the crucial role of credit control and clear terms and conditions

Posted on 31/10/2023 by Ben Ironmonger

In the ever-evolving world of business, particularly for SMEs, economic uncertainties pose substantial challenges. To help you steer your business through these trying times, our Hampshire commercial solicitors explore the importance of strengthening your credit control and establishing properly drafted, enforceable terms and conditions. Why Credit Control Matters 1. Sustaining Financial Stability: Mot businesses need a steady cash flow. During economic uncertainties, timely payments from clients are even more vital. Effective credit control practices can keep your financial foundation strong and resilient. 2. Risk Management: In business, risks are inevitable. Proper credit control mitigates the risk of bad debt by assessing potential clients and setting credit limits. This approach not only safeguards your finances but also equips you with the knowledge to make informed decisions. 3. Strengthening Client Relations: Surprisingly, solid credit control can improve client relationships. Clear communication about … Continue reading →

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What is the Consumer Rights Act and how does it effect small businesses?

Posted on 13/09/2023 by Ben Ironmonger

Introduction In the United Kingdom, whatever consumer facing business you operate, understanding consumer protection laws is crucial. These laws are in place to safeguard consumers (your customers) when they engage with your business. In this blog post, we’ll have a look at some of the key aspects of the Consumer Rights Act (2015) and how it impacts your small business. Consumer Rights Act Overview The Consumer Rights Act (2015) serves as a unifying force in regulating the supply of goods, services, and digital content in business-to-consumer (B2C) transactions. Its primary objective is to shield consumers from subpar products, unfair business practices, and unfavourable contract terms related to transactions, repairs, refunds, and deliveries. For legal purposes, a “consumer” is defined as an individual acting outside their trade, business, craft, or profession. In addition to the Consumer Rights Act, the Consumer Protection … Continue reading →

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Ahoy SeaWork 2023! How Scott Bailey solicitors can help marine businesses chart a course for success

Posted on 08/06/2023 by Ben Ironmonger

We don’t sing about the work we do with local marine businesses and boat owners very often, but with SeaWork 2023 just around the corner, and the maritime industry being abuzz with anticipation, this seems like a good time. SeaWork is a renowned international exhibition, offering marine businesses an opportunity to showcase their products and services, make valuable connections and drive growth. However, amidst the excitement, as with any business, it’s crucial to recognize the legal challenges that can arise from doing business. Expert business solicitors like the team at Scott Bailey help steer marine businesses through the treacherous legal waters, ensuring their voyage to growth and success remains smooth and trouble-free. SeaWork is not just an event; it’s a platform for SME businesses to make a splash in the maritime industry. However, what do you do when you have … Continue reading →

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What is a shareholders’ agreement and why do I need one?

Posted on 18/04/2023 by Ben Ironmonger

If you’re a business owner, you know that there are a lot of moving parts to keep track of. One of the most important aspects of running a successful company is having a properly drafted shareholders’ agreement in place. At Scott Bailey LLP, we understand the importance and complexities of legal documents like shareholders’ agreements, and our commercial law lawyers are here to help you draft an agreement that protects your interests, as a shareholder and / or director, and ensures the smooth running of your business. Why you need a shareholders’ agreement A shareholders’ agreement is a legally binding document that outlines the rights and responsibilities of shareholders in a company. It covers a wide range of issues, including how decisions are made, how profits are distributed, and what happens if a shareholder wants to sell their shares. Having … Continue reading →

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