HLAS

Nearly 200 businesses from across the UK have received The King’s Awards for Enterprise – the UK’s most prestigious recognition for outstanding business achievement. This year, 197 firms were honoured for their success in international trade, innovation, sustainable development, and promoting opportunity through social mobility. Out of the 197 winners, 176 are small or medium-sized businesses (SMEs), and 27 are micro-businesses with 10 employees or fewer. This reflects the vital role that smaller firms play in driving UK growth. It is estimated that just a 1% increase in SME productivity each year for the next 5 years would add £94 [...]

With many families finding out where their child will be starting school this September, now is a good time for working parents to start planning childcare. The government’s Tax-Free Childcare scheme can save them up to £2,000 a year per child – and this could be good news for employers as well as employees. Why this matters for employers Childcare is one of the biggest financial pressures for working families. By signposting Tax-Free Childcare, employers can support staff wellbeing, reduce financial stress, and make it easier for parents to return to or stay in work. For every £8 a parent [...]

The government has now released its Impact Assessment for the Planning and Infrastructure Bill, highlighting potential economic benefits of up to £7.5 billion over the coming decade.This figure represents the high-end estimate of the Bill’s economic contribution. The central projection stands at £3.2 billion, with a more cautious lower estimate of £1.3 billion over the same 10-year period. The Bill proposes a series of reforms aimed at cutting bureaucracy and expediting decision-making across the planning system. Its objectives include enabling the delivery of 1.5 million homes and accelerating large-scale infrastructure developments — such as road and rail upgrades and new [...]

The UK government has completed its four-week consultation with businesses and stakeholders regarding possible retaliatory measures in response to tariffs imposed by the United States on various goods. The consultation received over 200 submissions. The next step will see the government reviewing the feedback to assess the potential consequences of introducing UK tariffs in retaliation. Although no final decisions have been taken, officials have made it clear that all avenues are still being considered. In parallel, discussions with the US are ongoing as part of efforts to secure a broader economic prosperity agreement. The aim of this deal is to [...]

The UK and India signed a new trade agreement last week that will reduce tariffs and open up one of the world’s fastest-growing markets to British businesses. The deal – described by the government as the most significant bilateral trade agreement since Brexit – is expected to boost trade by £25.5 billion a year by 2040. For UK exporters, key benefits include lower tariffs on whisky, gin, aerospace, electricals and medical devices, cosmetics, and food products like lamb, salmon, chocolate and biscuits. Tariffs on whisky, for example, will be halved from 150% to 75%, with further reductions planned. Indian exports [...]

The recent spate of cyber attacks on UK retailers — including Marks & Spencer, Co-op and Harrods — serves as a stark reminder: no organisation, regardless of size or preparedness, is beyond reach. While headlines tend to highlight the major players, there are critical takeaways for businesses of every size. The National Cyber Security Centre (NCSC) is currently supporting the affected companies. In their most recent statement, they noted that it’s too early to confirm whether the incidents are connected. Nonetheless, they’ve indicated they possess valuable insights and have a clearer picture than may be evident publicly. Although not disclosing [...]

Group 1 of Schedule 8 VAT Act 1994 specifically makes ‘food’ zero-rated, although there is a long list of ‘excepted items’ which do not qualify for the zero-rating and are therefore standard-rated. Excepted item No. 2 is “Confectionery, not including cakes or biscuits other than biscuits wholly or partly covered with chocolate or some product similar in taste and appearance”. Note 5 expands on the meaning of ‘confectionery’, saying that it “includes chocolates, sweets and biscuits; drained, glace or crystallised fruits; and any item of sweetened prepared food which is normally eaten with the fingers”. Over the years, there have [...]

The Furnished Holiday Lettings (FHL) regime was abolished with effect from 6 April 2025. So, what does this mean for your holiday let? Your property will now form part of either your main UK or overseas property business. As a result, a number of advantageous tax treatments previously available under the FHL rules will no longer apply. Key changes include: Tax relief for interest on loans related to the dwelling will be limited to the basic rate of 20%. New capital expenditure will typically not qualify for capital allowances. Instead, relief may be available under the replacement of domestic items [...]

From 6 April 2025, a new regime for the taxation of UK-resident non-domiciled individuals came into effect. HMRC has published a brand-new manual on the regime, which can be viewed here. Up to 5 April 2025, special tax rules applied to individuals who were resident in the UK but whose domicile (i.e. their permanent home, usually determined by their father’s permanent home at the time the individual was born) was outside the UK. These individuals could choose either to pay UK tax on their foreign income and gains as they arose, or to claim the remittance basis—meaning only foreign income [...]

Making Tax Digital for Income Tax (MTD for IT) will be introduced from 6 April 2026. Below are some frequently asked questions and answers. Who will be affected by MTD for IT, and when? Individuals with self employment and/or income from property will need to comply with MTD for IT once they are mandated. The commencement date for MTD for IT is 6 April 2026, but a phasing-in program will mean that some individuals are not immediately within the regime. MTD for IT applies from: 6 April 2026 for sole traders and landlords with qualifying income over £50,000 in 2024/25. [...]