HLAS

The table below sets out the HMRC advisory fuel rates from 1 September 2024. These are the suggested reimbursement rates for employees' private mileage using their company car. Where there has been a change the previous rate is shown in brackets. You can also continue to use the previous rates for up to 1 month from the date the new rates apply. Note that for hybrid cars you must use the petrol or diesel rate. For fully electric vehicles the rate is 7p (9p) per mile. Where the employer does not pay for any fuel for the company car these [...]

The Government’s Tax-Free Childcare Accounts offer a 25% subsidy towards childcare costs. These accounts can be used to cover nursery fees, breakfast clubs, after-school clubs, and registered childminders. The scheme works by topping up savings of up to £8,000 per child by 25%, potentially providing an extra £2,000 per year from the Government to spend on eligible childcare. Generally, the scheme applies to children under 12. However, for disabled children, the age limit extends to 16, and the amount that can be saved increases to £16,000 annually, with the Government adding a further 25%, potentially bringing the total to £20,000. [...]

With the rising costs of childcare, an increasingly popular benefit offered by employers is a creche or nursery for employees’ children. If properly structured, this can be a tax-free benefit, helping employers to attract and retain staff. While larger employers may establish an on-site nursery, smaller employers often prefer to partner with a local nursery provider. Two key requirements must be met for the partnership to qualify for tax exemption: Responsibility for Financing - Employers must genuinely take responsibility for financing the childcare provision. This involves committing to fund an agreed portion of the total costs and sharing in any [...]

Many affluent individuals are reportedly transferring significant portions of their wealth ahead of anticipated changes to inheritance tax (IHT) in Labour’s first Budget on 30 October. Among those allegedly taking action is TV presenter Anne Robinson, who has confirmed passing on £50 million to her children and grandchildren. Should you think about doing the same? First, it's crucial to consult with us to determine the value of your estate and assess potential IHT exposure under the current rules. At present, each person is entitled to a nil rate band of £325,000, with the possibility of an additional £175,000 against the [...]

As a pensioner, you might be concerned to learn that Winter Fuel Payments are now restricted to those receiving benefits and Pension Credit. Previously, this payment was available to all pensioners, but recent changes have made it means-tested and tied to Pension Credit eligibility. You might be eligible for Pension Credit but not currently claiming it. Here’s what you need to know to ensure you don’t miss out: Check Your Eligibility for Pension Credit Pension Credit is a crucial financial support for many pensioners, particularly those with low incomes. While around 1.4 million pensioners already claim it, an estimated 880,000 [...]

The Information Commissioner’s Office has introduced a new tool designed to help small businesses create a customised privacy notice that safeguards individuals' information rights. Under the law, businesses are required to explain why they collect personal information and how it will be used. This ensures that customers, suppliers, staff, and volunteers are informed about how their personal data is handled. Many businesses opt to display this privacy notice on their websites. The new tool is versatile and can generate a tailored privacy notice for various industry sectors, including finance, legal, insurance, education and childcare, health and social care, retail, and [...]

As GCSE results day approaches on 22 August 2024, many families are thinking about the next steps for their school-leaving children. If your child intends to continue with approved education or training, make sure to extend your Child Benefit claim before 31 August to ensure you continue receiving financial support. When Can You Extend Your Child Benefit? Child Benefit can continue if your child, aged 16 to 19, is enrolled in full-time non-advanced education or approved unpaid training. This includes: Non-Advanced Education: A levels or Scottish Highers International Baccalaureate T levels NVQs up to level 3 Home education (if started [...]

The Office for National Statistics has reported a rise in inflation for July, reaching 2.2%. This marks the first increase of 2024, following a period of decline earlier in the year when inflation settled at 2% for both May and June. This uptick was anticipated, as energy prices are now falling at a slower rate compared to a year ago. As a result, inflation has exceeded the Bank of England’s target once again. However, this was expected by the Bank, and many economic forecasters predict that inflation will remain above 2% for the remainder of the year. On a positive [...]

The economy continues to show growth, with the latest figures for the April to June quarter indicating a 0.6% increase in Gross Domestic Product (GDP). This follows a 0.7% rise in the January to March quarter. After last year’s recession, this is encouraging news for businesses and the economy overall, creating new opportunities for entrepreneurs to launch innovative ideas. Every successful business starts with a compelling idea, but not all concepts translate into viable businesses. Whether you're starting from scratch or expanding an existing business, evaluating your idea is crucial to saving time, money, and effort. Here are five key [...]

Rural business owners across Britain are on the verge of a major digital transformation, thanks to a landmark agreement between the UK Government and Openreach. This deal is part of a broader initiative aimed at modernising outdated broadband infrastructure. With an investment of up to £800 million, this ambitious project aims to deliver ultra-fast gigabit-capable broadband to approximately 312,000 homes and businesses in some of the most remote areas, including parts of Wales, Scotland, and England. Current Broadband Challenges in Rural Areas Many rural businesses have long faced issues with slow and unreliable internet, which can hinder their ability to [...]