HLAS

The spring statement and what it means for you I AM A ‘WORKING PERSON’ The Labour government has said it remains committed to providing security, higher levels of disposable income and higher living standards to working people. You will see on page 4 that the taxes you will pay on your income in 2025/26 remain, in the main, at 2024/25 levels. The same can be said for employees’ national insurance contributions and VAT. If you are paid at national minimum wage rates, you will receive a pay rise from April 2025 (page 7). However, employers in many sectors remain under [...]

Chancellor Rachel Reeves met with senior fintech representatives at No. 11 Downing Street last week to discuss growth opportunities and new draft legislation aimed at streamlining financial regulations. The proposed reforms focus on updating the Markets in Financial Instruments Directive (MiFID) rules inherited from the EU. These changes will grant the Financial Conduct Authority (FCA) greater authority to remove redundant regulations, fostering a more business-friendly regulatory environment that supports economic growth. First announced in the Chancellor’s Mansion House speech last November, this initiative is a key step in the government’s wider strategy to reform the UK’s wholesale financial markets and [...]

The Competition and Markets Authority (CMA) has confirmed its clearance of Boparan’s proposed acquisition of two feed mill sites, located in Burston and Radstock, which are currently owned by ForFarmers. The CMA’s inquiry was conducted in two phases. Following the Phase 1 investigation, the authority concluded that the purchase of the Radstock site did not raise competition concerns, and as a result, the sale of this mill has already been completed. However, concerns remained regarding the Burston mill, leading to a Phase 2 inquiry. During the second phase, the CMA found that while the acquisition would reduce the available capacity [...]

The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025. There are also changes to the National Insurance employers pay that take effect from 6 April. For many businesses, the April payroll will represent a sizeable step up in labour costs. As a reminder, here is a quick recap of the changes. National Minimum Wage rates The new minimum wage rates are as follows:   Hourly Rate National Living Wage (21 and over) £12.21 18-20 Year Old Rate £10.00 16-17 Year Old Rate £7.55 Apprentice Rate £7.55 Accommodation Offset £10.66 Employers National [...]

As part of the changes being gradually introduced by the Economic Crime and Corporate Transparency Act (ECCT), identity verification is set to become a Companies House requirement. This is one of a number of changes that the Act is making to better protect the data held at Companies House. Who will be affected by identity verification? Identity verification will ultimately become a compulsory part of incorporation and new appointments for new directors and persons with significant control (PSCs). All existing directors and PSCs will also need to verify their identity as part of the annual confirmation statement filing, once Companies [...]

For affected businesses there is now just a week left to submit their 2024 packaging data under the new extended producer responsibility for packaging (pEPR) scheme. Requirement to submit data and register The new legislation came into force on 1st January 2025 and requires data to be submitted by 1 April 2025. Large businesses are expected to submit their July-December 2024 data, whereas small businesses must submit their January-December 2024 data in one annual submission by that date. All businesses, regardless of size, also need to register with their environmental regulator by 1 April 2025. The fee is set based [...]

The UK Health Security Agency (UKHSA) is investigating how Artificial Intelligence (AI) could assist in detecting and analysing foodborne illness outbreaks. UKHSA experts recently conducted a study assessing different AI models to determine their ability to analyse online restaurant reviews and identify signs of foodborne gastrointestinal illnesses. The goal is to explore whether AI could eventually help detect and, if necessary, investigate outbreaks. How effective was the study? The study revealed several challenges that currently limit the reliability and effectiveness of using AI for this purpose. These barriers would need to be overcome before AI could be used as a [...]

The government has just announced that thousands of government credit cards will be cancelled as part of a crackdown on wasteful spending. With spending on these cards reportedly increasing fourfold over the last four years, it serves as a reminder of how important it is to keep a close eye on expenses. While your business is likely far more cost-conscious than a government department—where inefficiencies can sometimes go unchecked—this is still a great opportunity to review your own spending and identify any areas where you might be able to cut waste. Are you spending more than necessary?Even in a profit-driven [...]

The government has announced plans to lay legislation that will end the Payment Systems Regulator (PSR). The PSR currently looks after payment systems such as Faster Payments and Mastercard. However, its role will be consolidated into the Financial Conduct Authority. Payment systems firms currently have to deal with three different regulators, which can make these systems unnecessarily complicated. Abolishing the PSR will simplify this. Nothing is changing immediately. The PSR will continue to look after its work until Parliament has passed the necessary legislation. See: https://www.gov.uk/government/news/regulator-axed-as-red-tape-is-slashed-to-boost-growth