HLAS

The Chancellor made several key announcements last week that could impact UK businesses. One notable area for business owners was the government's push for electronic invoicing (e-invoicing). HM Revenue and Customs (HMRC) is set to launch a consultation on promoting the broader adoption of e-invoicing, with the aim of simplifying business transactions, reducing administrative burdens, and, importantly, helping to reduce errors in tax returns so that HMRC can 'close the tax gap.' While HMRC clearly benefits from the use of e-invoices, there are also significant advantages for businesses. Benefits of e-invoicing for businesses: Improved cash flow: E-invoicing speeds up payment [...]

Late payments are a huge headache for small businesses across the UK, costing SMEs around £22,000 per year on average. In fact, it’s estimated that they’re responsible for about 50,000 business closures each year! The government has just announced new measures to tackle the problem, but these won’t come into play overnight, so what can you do in the meantime to protect your business? What’s changing? The government has rolled out some new proposals to address late payment problems, particularly trying to tackle larger businesses taking advantage of smaller ones. Here’s what’s on the table: New Fair Payment Code: The [...]

Chancellor Rachel Reeves delivered a key speech at the Labour Party conference last week, where she appeared to adopt a more optimistic tone regarding the economy. Previously, she had described the upcoming Budget as potentially “painful,” which led to speculation about possible spending cuts and tax increases, potentially impacting consumer confidence. However, her conference speech focused on the positive outcomes she aims to achieve for the economy. Reeves plans to increase public spending in real terms, believing that government investment will drive economic growth. There are also indications that the rules on government borrowing could be revised to permit more [...]

Kiverco, a family-owned business from County Tyrone in Northern Ireland, has secured multi-million-pound contracts to export recycling machinery to Saudi Arabia with the support of UK Export Finance (UKEF). UKEF has provided a £350,000 export insurance package that will help Kiverco to install new plants in Saudi Arabia. Kiverco designs and installs recycling plants that process and recover waste across various sectors, including construction, municipal waste, and dry mixed recyclables. With over 400 sites worldwide, the Dungannon-based company is well-positioned to meet rising demand in Saudi Arabia’s waste sector, which is pushing for more sustainable infrastructure development. This news story [...]

The British Chamber of Commerce has officially launched in Uganda, providing UK businesses with new opportunities to expand into the region. The Chamber aims to strengthen trade ties between the UK and Uganda by offering a variety of services, such as networking events, trade delegations, and business advocacy. For UK businesses, this presents a valuable opportunity to explore new markets in Uganda, especially in key sectors like energy, agriculture, and infrastructure. Membership with the Chamber starts at $650 per year, with three tiers available. Members gain access to exclusive benefits, including connections to influential government and private sector organisations, as [...]

The government has revealed plans to tackle the growing number of young people unable to work due to long-term illness. There has been a 29% rise in sickness among 16-24 year olds since the pandemic, with government figures showing that nearly 900,000 young people are now not in education, employment, or training (NEET). This raises concerns not only for their well-being but also for the future workforce. Minister for Employment, Alison McGovern, has promised a significant shift in employment policies with the forthcoming Get Britain Working White Paper. The government’s aim is to create a system that focuses less on [...]

The Chancellor of the Exchequer, Rachel Reeves, has pledged her support to the Invest in Women Taskforce, a new initiative aimed at increasing funding for female-founded businesses. The Taskforce aims to create a £250 million investment pool, making it one of the largest of its kind worldwide. This move follows the Rose Review, which highlighted a £250 billion economic boost if women started and scaled businesses at the same rate as men. Despite women making up over half the UK’s population, they currently own only 21% of businesses. Speaking about the initiative, the Chancellor commented that she doesn’t take her [...]

HM Revenue and Customs (HMRC) has recently reminded individuals to check their National Insurance (NI) record to ensure they are not missing out on valuable State Pension entitlements due to gaps in their contributions. This issue mainly affects parents, particularly women, who claimed Child Benefit before 2000. During that period, Home Responsibilities Protection (HRP) was introduced to reduce the number of NI qualifying years required to receive the full basic State Pension. However, if you didn’t provide your NI number when claiming Child Benefit, your record may not show the HRP you were eligible for, potentially reducing your current State [...]

The government has announced a delay to the start of the Procurement Act 2023, moving the commencement date to February 2025. The Procurement Act aims to simplify and improve transparency in public sector procurement and open opportunities for small businesses. While the Act’s goals remain unchanged, the government has decided to develop a new National Procurement Policy Statement before the Act comes into force. In short, Labour don’t like the Policy Statement that the Conservatives previously wrote and want to write their own. How could this affect businesses? For businesses that had hoped to start capitalising on the simplified procurement [...]

The most recent figures from the Office for National Statistics, released last week, show that inflation for the year to August 2024 held steady at 2.2%. The largest upward pressure on the rate came from an increase in airfares compared to last year. However, this was balanced by decreases in the cost of motor fuels, as well as in restaurants and hotels. The Bank of England met last Thursday to review the base interest rate and opted to keep it at 5%. While inflation remains slightly above the Bank’s target, this aligns with their projections of a rise towards the [...]