HLAS

The electronic trade documents act received Royal Assent last week granting electronic trade documents the same legal status as physical trade documents, hopefully making trade more efficient, cleaner, and cheaper for firms. Existing laws dating back to the 1800s previously meant that exporters and importers have to use paper documents to transfer ownership of the goods they are shipping – creating a costly, inefficient and outdated way of working. UK businesses, both big and small, have been calling for paperless trades for decades, especially as the development of electronic document technologies has become increasingly feasible for the industry. With less [...]

HMRC’s annual report was published last week, and it shows that they failed to meet many of their key customer services measures in 2022-23. Customer satisfaction dropped to 79% from 82% last year and telephone performance has also declined with an average wait of 16 minutes to get through to an adviser. 63% of callers waited more than 10 minutes, with an average wait-time of over 20 minutes in January to March 2023. To their credit, HMRC have improved their correspondence reply time to 73% cleared within 15 days from 46% in 2021-22. HMRC thinks the solution lies in the [...]

HMRC interest rates are linked to the Bank of England base rate. Late payment interest is set at base rate plus 2.5%. Repayment interest is set at base rate minus 1%, with a lower limit - or ‘minimum floor’ - of 0.5%. The latest increased the Bank of England base rate from 4.5% to 5% means that interest on late paid tax will increase to 7.5% for most taxes and the rate of repayment interest will increase to 4% if you overpay. These changes came into effect on 11 July 2023. For those companies required to pay their corporation tax [...]

There are rumours circulating in the press of the possible abolition of inheritance tax (IHT) in a bid by the Government to secure the support of wavering Conservative voters. This may cause some individuals to delay IHT planning, but remember these are just rumours, and it may not be actually happen. It should be noted that under the current IHT rules there are a number of generous reliefs and exemptions that would apply, as opposed to speculation of possible future changes. For example, business property relief is available on the transfer of shares in an unquoted trading company during lifetime [...]

Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a statutory exemption provided certain conditions apply. The exemption applies to an “annual party or similar function” provided it is available to all employees or available generally to those at a particular location. During the Covid-19 pandemic HMRC confirmed that a ‘function’ could include a virtual party, where employers were unable to host a traditional party at which employees would have been physically present. A key condition is that the cost per head of the [...]

Tax-Free Childcare accounts can be used to pay for approved childcare for children aged 11 or under, or 16 if the child has a disability.  This can include paying for a summer holiday club or childminder. The account can also be used to pay nursery fees, or to pay for breakfast or after school clubs in term-time, as well as out of school activities. Opening a Tax-Free Childcare account is quick and easy and can be done at any time of the year. Families who have not yet signed up should check their eligibility and apply online today. For every [...]

The latest Finance Act includes two changes that will affect all R&D claims: (1) a requirement to provide additional information before an R&D claim is made; and (2) a requirement for certain companies to make a claim notification within six months after the end of the accounting period for which they want to claim R&D relief. When a limited company intends to make a claim for research and development (R&D) tax relief, from 8 August 2023 onwards it will need to provide detailed information to HMRC in advance. We can assist you in preparing the notification or prepare it on [...]

The Health and Safety Executive’s (HSE) “Asbestos and You” campaign urges tradespeople working in construction to be aware of disturbing asbestos. Two new free resources have been launched for workers to test and enhance their knowledge about asbestos and the risks associated with it. Take a quick Asbestos and You quiz to test your knowledge on the risks of asbestos and how to protect yourself and others from exposure to asbestos fibres. Watch the webinar Lurking in the shadows - the truth about asbestos hosted by the Institution of Occupational Safety and Health to get an understanding of the campaign and hear experts discuss [...]

If you a female leader of an enterprise within UK engineering and are looking for funding to take your organisation to the next level, then check out this grant from manufacturing specialist Get It Made. They have announced a new grant, which aims to support female-led engineering enterprises and help encourage the next generation of women in UK engineering. The manufacturing grant consists of £5,000 (excluding VAT) that can be used when ordering any of Get It Made’s manufacturing services. Applications close at midnight on 31 July 2023. See: Women in Engineering Grant 2023 | Engineering Grants | Get It [...]

If you manufacture or import 10 or more tonnes of plastic packaging within a 12-month period you must register for PPT on GOV.UK, even if your packaging contains 30% or more recycled plastic. You need to register for PPT if either of the following apply: you expect to manufacture or import 10 or more tonnes in the next 30 days (the 'forward look' test); or you have manufactured or imported 10 or more tonnes of plastic packaging since 1 April 2022 (the 'backward look' test). Once you are registered for PPT, you will need to submit a return to HMRC, [...]