HLAS

The Bank of England reduced its base rate from 4.25% to 4.00% on 7 August 2025. Because HM Revenue and Customs (HMRC) interest rates are directly linked to the base rate, the interest charged on late tax payments and the interest paid on repayments will also fall. When the changes take effect 18 August 2025 for quarterly instalment payments. 27 August 2025 for non-quarterly instalment payments. How the rates are set Late payment interest is set at the Bank of England base rate + 4.0%. So, this will decrease to 8.0%. Repayment interest is based on the Bank of England [...]

As teenagers received their exam results this week and last, HM Revenue and Customs (HMRC) were reminding parents to extend their Child Benefit claims by 31 August to ensure payments continue in September. Renewing your claim is quick, easy, and can be done online or via the HMRC app. Who is eligible? Families with teenagers continuing in full-time education or approved training can apply for the ongoing Child Benefit support. Child Benefit provides £26.05 per week (£1,354.60 a year) for your eldest or only child, and £17.25 per week (£897 a year) for each additional child. How to renew your [...]

The Competition and Markets Authority (CMA) has launched a consultation on its draft guidance to support businesses in meeting the price transparency requirements set out in the Digital Markets, Competition and Consumers Act 2024 (DMCC Act). The guidance sets out expectations for how businesses should present pricing information, including: The details that must be included in an invitation to purchase. Avoiding potentially misleading practices such as “drip” or “partitioned” pricing. Steps traders should take to ensure they are following the new rules. How the provisions apply to different types of charges and pricing structures. In addition, the draft guidance provides [...]

The government has confirmed that the plug-in van and truck grant will continue through to at least 2027. The grant provides valuable financial support to businesses looking to buy electric vans and trucks. Currently, discounts are available of up to £2,500 for small vans, £5,000 for large vans, £16,000 for small trucks, and £25,000 for large trucks. The grant amounts for the 2026 to 2027 financial year will be confirmed at a future date. Industry figures suggest that businesses could save more than £2,800 annually on fuel alone by switching to electric. While balancing this against the higher purchase cost [...]

The latest Business Banking Service Quality survey, carried out by the Competition and Markets Authority, highlights a noticeable change in how UK businesses are selecting their banking providers. Challenger banks continue to grow in popularity, while some of the more established high street names are seeing their positions slip. Which banks performed best? According to the survey, the top three banks for overall service quality were Monzo, Mettle and Starling Bank. These challenger banks attract business customers with their smooth digital platforms, quick account set-ups and easy-to-navigate online tools, helping to make everyday banking more efficient. Interestingly, Handelsbanken secured fourth [...]

The Office for National Statistics (ONS) has confirmed that inflation rose to 3.8% in July. At first glance, that sounds like a worrying development for households and businesses. But before assuming the worst, it’s worth looking a little closer at the figures. In line with expectations The Bank of England had forecast inflation of 3.76% for July, so the actual figure is very close. While some headlines highlight the “unexpected” rise, it is broadly consistent with what economists were predicting. The Bank still expects inflation to peak at around 4% in September, before easing in the autumn. The role of [...]

The government confirmed last week that the UK Space Agency will no longer operate as an independent body, and instead will be brought under the Department for Science, Innovation and Technology. One of the main drivers for this move is cost-saving. Of course, most of us aren’t running space agencies — but the underlying lesson applies to organisations of every size: from time to time, it’s worth questioning whether each part of the business is still delivering real value. Balancing costs and returnsCertain departments or services within a business can be costly to maintain without producing a sufficient return. This [...]

If you’ve bought a property that needed work doing before you could move in, you may have seen ads claiming you could reclaim some of the Stamp Duty Land Tax (SDLT) you paid if the property was in a poor state of repair. These offers often sound appealing especially when made on a “no win, no fee” basis. However, a recent Court of Appeal decision has confirmed that homes needing repair still attract residential rates of SDLT. As a result of the court decision, HM Revenue and Customs is warning homebuyers about rogue tax agents offering to claim SDLT refunds [...]

The Government has published the official remit for the Low Pay Commission (LPC) to begin its work on setting the National Minimum Wage (NMW) and National Living Wage (NLW) rates that will apply from April 2026. While the final figures won’t be confirmed until later in 2025, the direction of travel is already clear. Employers should be prepared for further increases in wage costs in April 2026. National Living Wage likely to rise again The Government has reiterated its commitment to ensuring the National Living Wage doesn’t fall below two-thirds of UK median earnings - a benchmark that defines the [...]

The government has launched its Small Business Plan which it believes will help small businesses to grow and encourage entrepreneurs to start businesses. The plan recognises that small businesses make a vital contribution to the economy, employing 60% of the UK’s workforce and generating £2.8 trillion in turnover. Here is a breakdown of some of the key measures and how they may impact your business. Could This Be the End of Late Payments? Likely not, however the government is promising the toughest late payment legislation in the G7. They plan to introduce: A legal requirement for large businesses to pay [...]