HLAS

As the UK heads into the Budget this autumn, speculation is mounting over whether Chancellor Rachel Reeves will be forced to raise taxes to plug a growing gap in the nation’s finances. According to the National Institute of Economic and Social Research (Niesr), the government is on course to miss its own borrowing targets by £41.2 billion, unless action is taken. Niesr warns that a “moderate but sustained increase in taxes” may be the only realistic route for the government, particularly under the borrowing rules the chancellor has described as “non-negotiable.” A “Trilemma” for Reeves When Reeves became Chancellor, she [...]

The Monetary Policy Committee (MPC) of the Bank of England have reduced the Bank Rate to 4% (previously 4.25%). The decision was made by a narrow 5-4 majority and required 2 votes. This perhaps highlights the uncertainty that continues in the economy. What Factors Led to the Reduction? The MPC’s report shows that they are predicting that inflation will peak at 4.0% in September and then fall back towards their 2% target. Because of the progress made in controlling inflation, the MPC felt that a further reduction was appropriate. While UK GDP shrank by 0.3% in April and 0.1% in [...]

The government’s Electric Car Grant (ECG) is now up and running, with more vehicle models eligible for discounts. Initially launched in July, the £650 million scheme offers savings on new electric cars priced at or below £37,000. The discount is either £3,750 or £1,500, depending on the vehicle’s sustainability and is applied directly at the point of sale, with no paperwork required from customers. The grant aims to make electric vehicles (EVs) more affordable by reducing the upfront purchase price and narrowing the cost gap with petrol and diesel models. This is part of the government’s broader commitment to phase [...]

New regulations have come into force that require online marketplaces - such as those hosting overseas sellers - to bear their share of the costs for managing and recycling waste electrical items like washing machines, radios and vacuum cleaners. Until now, UK-based firms had carried the financial burden of disposal and recycling, putting them at a disadvantage compared to foreign competitors operating on these platforms. Under the new system, these platforms must register with the Environment Agency and report data on sales made by their overseas sellers in the UK to determine their financial contributions. The resulting funds are intended [...]

If your business sells goods in packaging - whether that’s cardboard boxes, bottles, jars or plastic wrap - there’s an important update you should know about. PackUK (the body running the UK’s Extended Producer Responsibility for packaging, or pEPR scheme) has confirmed the 2025 base fees for the scheme. It has also set out a new three-year plan for how fees will change from 2026, depending on how recyclable your packaging is. Let’s break down what this means. What is pEPR? pEPR is a government scheme where the businesses that make or use packaging (called “producers”) help pay for the [...]

The latest figures from the Office for National Statistics (ONS) indicate that the UK labour market is continuing to ease, although the slowdown remains measured rather than abrupt. Vacancies fell by 5.8% to 718,000 in the three months to July 2025, the lowest level since April 2021 when the economy was still affected by the Covid-19 pandemic. Outside of the pandemic period, vacancy numbers have not been this low since early 2015. The fall was broad-based across sectors, with hospitality and retail seeing the largest reductions. Payroll data showed 8,000 fewer people in employment between June and July. However, the [...]

The government is pressing ahead with Making Tax Digital (MTD) for Income Tax - and it will affect many sole traders and landlords over the next few years. Here’s what’s changing, when it’s changing, and how to get ready. What is MTD for Income Tax? Under MTD, sole traders and landlords whose “qualifying income” is above a certain level will need to: Keep digital business records. Use HMRC-approved software to send quarterly updates. Submit an annual final declaration. “Qualifying income” basically refers to your total gross income from self-employment and property in a tax year, before expenses. Who Will Be [...]

Becoming a company director comes with a fair bit of responsibility - and not just when things are going well. Whether you're the hands-on type, more of a silent partner, or even directing behind the scenes, all company directors have legal duties under the Companies Act 2006. Here’s a straightforward look at seven key duties every director should be aware of: Follow the company’s constitution Your first duty is to stick to the rules set out in the company’s constitution and articles of association. These documents outline how the company should be run and what powers you have as a [...]

Cornwall is in line for a wave of investment and reform as the government sets out plans to grow the region’s economy, support small businesses and create jobs linked to clean energy and advanced manufacturing. During a visit last week, Chancellor Rachel Reeves confirmed a £28.6 million investment from the National Wealth Fund to support the reopening of the South Crofty tin mine near Redruth. The project is expected to create over 300 direct jobs and support around 1,000 more through local supply chains, including electricians, metal fabricators and other trades. Tin is seen as a critical mineral for transitioning [...]

The UK and India have now formally signed their previously announced new Free Trade Agreement (FTA). This marks the end of negotiations and means that the agreement will be ratified and come into force over the coming months. India: An Increasingly Important Market India is already a key trading partner for the UK. The UK already imports £11 billion of goods from India, however, cheaper tariffs will make it easier to buy Indian goods. This is particularly expected to benefit businesses buying components and materials used in advanced manufacturing components, as well as those buying luxury and consumer goods. India’s [...]