The London 2012 Olympics is set to be one of the largest sporting events in history. Over 50,000 contracts will be available in the run up to and during the Olympics for companies in all sorts of sectors.

You don’t even have to be based in London to apply for these contracts as many are available all over the country.

The key thing now, with less than one year to go until the Games kick off on 27 July 2012, is that swift action is needed.

What are the opportunities?

The Olympics is a national event and the Olympic Park in Stratford only accounts for 20% of the Olympic venues. There are contracts that companies of all sizes can bid for all over the country.

Over £6 billion worth of contracts will be issued and the types of contracts that are available are very varied and include, but aren’t limited to:

• Accommodation
• Catering
• Artists
• Security
• Support services
• Construction
• Engineering
• Manufacturing
• Creative
• Merchandising
• Retail

Small companies are most likely to take on sub-contractor projects.

Bid for contracts

The www.competefor.com website is where all Olympic-related contracts will be published.  It has been described as being  like “an online dating agency for businesses”.  You’ll find contracts which are not related to the Olympics on this site too.

First you’ll need to register and complete your profile, before it’s published to the site.  Once your business profile is published, you can set up alerts for new opportunities. You can also search for them on the site, as well as place bids.

Fill in the profile carefully as if it doesn’t meet the minimum requirements it won’t be published and you could miss out on contracts.

Considerations

In order to be in with a chance of a successful tender, companies will need to show they have their house in order and have the processes and capacity to show that they:

• Can fulfil the contract
• Can comply with contract standards
• Can conform with health and safety requirements
• Are committed to equal opportunities and diversity at work

Now is the time to get your policies, procedures and paperwork up to date.

Compliance implications

HMRC is urging businesses bidding for Olympic contracts to ensure all matters relating to tax, National Insurance and VAT are in order and up to date. This includes registering to pay tax, keeping accurate records and completing returns correctly.

HMRC has now set up a web page specifically for information on the tax and NIC implications of the business activities relating to the Olympic Games.

A dedicated HMRC Olympic helpline has also been set up: 0845 3661123.

If you’re interested in Olympics opportunities, now’s the time to get organised and get applying!

Is your business planning to bid for Olympic contracts? How confident are you of gaining work through the Olympics?

[Image: www.London2012.com]