HLAS

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 [...]

The UK Government have updated their collection of guidance for importing live animals and animal products. Contents include: Topical issues, Welfare of animals in transport, Import under Balai rules, Food, drink and composite products, Live animals, cattle or high-risk food and feed, Endangered species, and Licences. See: Guidance on importing live animals or animal products - GOV.UK (www.gov.uk)    

Business Companion provides information for businesses and individuals that need to know about trading standards and consumer protection legislation. The guidance is divided up into 15 broad Quick Guides and each one contains a number of more detailed In-depth Guides. There may be rules you are not aware of, so make sure you explore the site thoroughly. Business Companion covers Trading Standards law for England, Scotland and Wales and is backed by UK Government. See: Home | Business Companion

'Pioneer' unveiled as an alternative to Horizon Europe funding The UK government has published its Pioneer programme, setting out how it would protect and support the UK research and innovation sector if the UK isn't able to associate to Horizon Europe. Negotiations are still ongoing in the hope of securing a successful association. However, the government maintains that any association must be on the basis of fair and appropriate terms. If association cannot be secured on the right terms, the UK will implement its ambitious, alternative plan - Pioneer. Should it be needed, the Pioneer programme would focus on four [...]

The armed forces covenant is a pledge that together we acknowledge and understand that those who serve or who have served in the armed forces, and their families, should be treated with fairness and respect in the communities, economy, and society they serve with their lives. The covenant focusses on helping members of the armed forces community have the same access to government and commercial services and products as any other citizen. Reservists and veterans bring a variety of transferable skills and qualities to the civilian workplace, developed throughout their military careers. Businesses, charitable, and public sector organisations of all [...]

Equality and Climate share centre stage for this year's NatWest SE100 Index and Social Business Awards. Don't miss your chance to be named among the UK's top impact enterprises – enter by 7 May 2023. The awards recognise social ventures and mission-driven businesses that are leading by example in their quest to generate revenue to deliver a social or environmental mission. This year’s categories are: Equality Award, Trailblazing Newcomer, Social Business Champion, Impact Management Champion, Leader of the Year, Social Investment Award, and Climate Champion. See: UK social enterprise ‘top 100’ 2023 edition opens for nominations | The Social Enterprise [...]