HLAS

The new tax year starts 6 April 2023, so you have a couple of months to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6 April. Do you fall into any of these categories? You have or are thinking about a change in your personal status (single, married, separating, joining or dissolving a civil partnership). You are thinking about selling a capital asset, such as shares or a property. From 6 April 2023 the Capital Gains Tax annual exempt [...]

HM Revenue and Customs (HMRC) is changing the way taxpayers who use a repayment agent can receive overpaid tax to protect them and raise standards among repayment agents. HMRC will introduce legislation to change the way repayment agents are paid for their services and better protect customers from the unscrupulous tactics used by some operators. This means stopping the use of legally binding ‘assignments’ as part of claiming an Income Tax repayment, which could only be cancelled if the agent and taxpayer both agreed to do so. This can be challenging for customers who become dissatisfied with their agent, or who [...]

Applications for the next round of New Landscapes: Catalyst Research & Development Grant Scheme are now open. The New Landscapes: Fashion, Textiles and Technology Catalyst R&D Grant Scheme will provide five collaborative grants of up to £6,000 cash and up to £15,000 in-kind support to proposals that: Grow global networks to enable development of practice, experimentation and testing of sustainable design and production solutions that inspire positive environmental change. Support small and medium-sized enterprises (SMEs) to exchange methods of designing and producing in a more sustainable and socially engaged way. Support young designers to become advocates for sustainable, ethical and [...]

Between 2019 and 2021, there has been a 38% increase in reported cases of work-related stress, depression or anxiety, according to the Health and Safety Executive. With the Bank of England predicting a recession at the end of 2022 through to 2023, increased pressure on public services and its workforce is likely. Taking steps to improve staff health and wellbeing is therefore essential to maintaining workforces and continuing to deliver effective public services. This is a key time for professionals across the public sector to come together and share best practice, tips and resources for supporting the wellbeing of public [...]

Innovate UK is offering up to £25 million in loans to micro, small and medium-sized enterprises (SMEs). Loans are for highly innovative late-stage research and development (R&D) projects with the best potential for the future. There should be a clear route to commercialisation and economic impact. Your project must lead to new products, processes or services that are significantly ahead of others currently available or propose an innovative use of existing products, processes or services. It can also involve a new or innovative business model. Innovate UK are particularly interested in projects that focus on the future economy areas included [...]

HMRC has revealed that more pensioners filed a tax return for the 2020 to 2021 tax year compared to young people. Overall, those aged 65 and over accounted for 16% of individuals who submitted a tax return, whereas 16 to 24 year olds made up 2.7% of total filers. The new data is part of analysis by HMRC into the demographic data of the Self-Assessment population. The findings also show: people aged 45 to 54 were the largest group of filers, accounting for 24% of all tax returns submitted; more than 294,000 16 to 24 year olds filed a return; and 62% of [...]

The UK Government has launched a consultation to simplify the UK’s R&D tax relief system. The 8-week consultation, which runs from 13 January to 13 March 2023, sets out proposals on how a single scheme could be designed and implemented. This would replace the two R&D tax relief schemes currently in place - the Research and Development Expenditure Credit (RDEC) and the small and medium enterprises (SME) R&D relief. A scheme modelled on the current RDEC for SMEs would also give decision makers in smaller companies clearer information, which will help them set budgets for R&D. In contrast, for those [...]

The UK Government has published the proposed statutory rates for maternity pay, paternity pay, shared parental pay, adoption pay, parental bereavement pay, and sick pay from April 2023. The rates normally increase each April in line with the consumer price index (CPI) and the increase normally occurs on the first Sunday in April, which in 2023 is 2 April. See: Benefit and pension rates 2023 to 2024 - GOV.UK (www.gov.uk)

Despite a small growth in the economy in November of 0.1%, the UK has been struggling under the weight of high inflation and rising borrowing costs. Most economists are predicting a contraction in the economy in the next six months. Conditions are likely to remain challenging for businesses and individuals alike, so now is a good time to focus on resilience Resilience is the process of adapting well in the face of adversity, trauma, tragedy, threats, or significant sources of stress — such as business, workplace, and financial stressors. It means "bouncing back" from difficult experiences. So what actions can you [...]

Stress, anxiety and depression is the biggest cause of work-related illness in Great Britain and numbers continue to rise. According to the latest statistics (PDF) there were 914,000 workers suffering from work-related stress, depression or anxiety in 2021/22. 17 million working days were lost due to stress in this period. The Health and Safety Executive’s (HSE) stress website has plenty of advice and includes examples of stress risk assessments tailored to different business sizes, as well as case studies and much more. The stress talking toolkit shows how line managers can have simple, practical conversations with employees to help prevent stress at work. Their Working Minds [...]