HLAS

Business Asset Finance is an agreement that enables businesses to obtain the assets needed to manage and/or expand effectively and spread the cost/outlay. Regardless of the size of business, the decision to invest in assets is always difficult but take a look at some of the benefits: A great alternative to a traditional bank loan; Increased tax benefits; Payments can be budgeted according to cash flow; and Lenders secure against the asset. Specialists can advise on: Hire Purchase - allows you to buy an asset and pay for it over a period of time, spreading the cost via an agreement [...]

For many small business owners, if they have one consistent issue, it would be that there is simply not enough time in the day to achieve all the things that need to be done. Have you ever got to the end of the day, having worked your “socks off” for the entire day, and asked the question “what on earth have I done today?”  If the answer is yes, then the next question is “how many days per week do you get this feeling?” So, what can you do, in an office environment for example, to free up some time [...]

With the constant news surrounding the economy, interest rate uncertainty, and high inflation, its difficult not to worry about these issues and lose sight of what’s really important – the health and welfare of you and your loved ones. The issue we all face is a potent mix of inflation, recession, high debts, and the core reason for it all, a wartime energy shock. It is not the market driving the crisis; it is geopolitics, diplomacy, and conflict. On an individual level these events are not within our control, so what can we do to keep rational whilst this crisis [...]

The Government have announced a number of tax consultations on its Tax Administration and Maintenance Day, 27 April. These include measures designed to support the Government’s ambition to simplify and modernise the tax system, tackle non-compliance, make the tax system fairer for taxpayers and to make the customs system work better for traders. One of the consultations concerns possible reforms to the Construction Industry Scheme (CIS) involving payments to sub-contractors in the construction industry. That scheme has been the subject of several changes since it was first introduced in 1971 as a revenue protection scheme designed to address the risk [...]

As a result of the pension reforms introduced by George Osborne which took effect from 6 April 2015, a drawdown pension fund has become an important part of estate planning. The fund itself is not subject to inheritance tax and, where the pensioner dies under the age of 75, there is no charge when the beneficiary draws the remaining capital. Where the pensioner dies over the age of 75 then the beneficiary is taxed at their marginal tax rate on any amounts drawn. Where an individual has both ISA savings and a drawdown pension fund, they would generally be advised [...]

The latest Finance Bill will legislate the announcement in the Spring Budget that the lifetime allowance (LTA) charge is abolished from 6 April 2023. Individuals will continue to be able to receive 25% of their pension savings as a tax-free lump sum when they become entitled to their pension benefits. From 6 April 2023, for most individuals, the tax-free amount will be capped at £268,275. The £268,275 limit represents 25% of the 2022/23 LTA of £1,073,100. The LTA has changed many times over the years and has been as high as £1.8 million. This is a complex area, but taxpayers [...]

As well as moving more and more employer returns online HMRC have announced that they will be phasing out paper self-assessment tax returns and encouraging individuals to file online. Individuals under the age of 70 within self-assessment will no longer receive a paper form through the post or be able to download a form from HMRC's website. HMRC have written to almost 135,000 taxpayers to let them know of the changes. From 6 April 2023 anyone whose individual circumstances mean they cannot file online will have the option to request a form by calling HMRC.

Where benefits in kind are provided to employees that will usually result an income tax charge on the employee and a Class 1A national insurance (NI) charge on the employer. The rate to be used for 2022/23 is 14.53% because of the withdrawal of the 1.25% Health and Social Care levy part way through the year. The income tax charge on the employee can be avoided by the employer entering into a PAYE settlement agreement (PSA) with HMRC, whereby the employer pays the income tax on the employee’s behalf. Not all benefits provided may be dealt with this way. The [...]

The deadline for filing the P11d forms to report benefits in kind in respect of directors and employees for 2022/23 is 6 July 2023.  Note, however, that the original and amended reports must now be made online and paper returns will be rejected. Forms P11D and P11D(b) returns must be submitted online through one of the following: PAYE Online for Employers PAYE Online for Agents payroll software that is recognised by HMRC For employers or agents who need to submit up to 500 P11D and P11D(b) returns, the free HMRC PAYE online services can be used. For anything more, 3rd [...]

Short-term lets are now a significant part of the UK’s visitor economy. They provide increased choice and flexibility for tourists and business travellers and those attending major sporting and cultural events. A consultation published recently by the Department for Levelling Up, Housing and Communities will propose introducing planning permission for an existing home to start to be used as a short term let – helping support local people in areas where high numbers of holiday lets are preventing them from finding affordable housing. It will also consider whether to give owners flexibility to let out their home for up to [...]