HLAS

The Christmas season has a big impact on most businesses and employees in the UK. It will be a time when there is likely to be extra demand for products, services and sales in some businesses, whilst others may experience a quiet period or shut down for the Christmas holidays. This year, Christmas Day (25 December 2022), falls on a Sunday and Boxing Day falls on a Monday, which means Tuesday 27 December 2022 will be a bank holiday. Many employees will request time off to spend time with their family, go on holiday or attend religious services. Employees working over [...]

HMRC has seen a growing trend in customers submitting their Self Assessment returns early. In the last five years, the number of customers choosing to file their return on the first day of the tax year has almost doubled. You have until 31 January 2023 to send HMRC your Self Assessment tax return and to pay any tax you may owe. Learn more about getting started with Self Assessment, including registration, tax returns, tax bills and payments on the webpage below. See: HMRC email updates, videos and webinars for Self Assessment - GOV.UK (www.gov.uk)

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 the business, the decision to invest in assets is always difficult. However, there are some key benefits, including: It’s a great alternative to a traditional bank loan. Increased tax benefits. Payments can be budgeted according to cash flow. 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 with [...]

The Working Minds campaign has been created by the Health and Safety Executive (HSE), Britain’s national regulator for workplace health and safety and is committed to improving the health of workers. Tackling stress isn’t just the right thing to do, it’s a legal obligation. Working Minds can help you make it a routine priority for your business. There are three main reasons employers should be looking to prevent stress and support good mental health in business: It's the law It’s good for business It’s the right thing to do Whether you’re a small business or a large corporation, the law [...]

Retail sales fell steeply in August as the rising cost of living put pressure on households, figures show. According to the Office for National Statistics (ONS), sales fell by 1.6% which is much larger than economists predicted, continuing a fall since the summer of 2021. Retail sales in all the main sectors - food, non-food, online and fuel - fell over the month and supermarkets' sales volumes fell by 0.9% in August. However, alcohol and tobacco sales rose by 6.3%. August's sales figures signalled the largest month-on-month drop since December 2021. If you are struggling with your finances, there are [...]

The 23 September mini budget announced the scrapping the Health and Social Care Levy and important changes to employee and employer National Insurance Contributions (NICs) that take effect in just six weeks’ time. Software developers are frantically working to make sure that payroll software is ready for the 6 November rate change. Unlike PAYE which generally works on a cumulative basis NIC for employees, who are not directors, is calculated weekly or monthly based on the limits and rates for that particular payroll period. This means that if the wrong NIC is calculated the error cannot be corrected in the [...]

Facing huge criticism and market turbulence following his announcement of a series of “growth” measures, Chancellor Kwasi Kwarteng has backtracked on his decision to abolish the 45p rate of income tax paid by people earning more than £150,000 a year. The proposal to scrap the rate had been criticised as unfair at this time of rising living costs. Following the mini budget markets reacted poorly and we saw a falling pound, higher interest rates, a collapse in mortgage products and the Bank of England stepping in to calm markets. Prime Minister Liz Truss has admitted yesterday she should have "laid [...]

Chancellors always like to pull rabbits out of the hat and make surprise announcements at the end of their Budget speech. Although rumoured in the run up to this mini-budget, the SDLT announcement was still a surprise as house prices have been steadily rising. Increases in mortgage rates are likely to slow the market so the SDLT announcements are designed to stave off a housing slump. Moving house has a multiplier effect on the economy as people tend to spend money decorating and furnishing their new home, with estimates suggesting that doing so drives additional spending worth about 5% of [...]

The Government has announced two changes to the tax advantaged Company Share Option Plan (CSOP) scheme. There is currently a maximum employee share option limit based on market value at grant of £30,000. This will be increased to £60,000 for any new options granted from 6 April 2023. Existing options are unaffected by this change. There will also be increased flexibility for share options granted from 6 April 2023 due to a removal of conditions around the class of shares used. The CSOP scheme is available to most UK trading companies as, unlike the Enterprise Management Incentives (EMI) share scheme, [...]

The new Chancellor has given his support to the tax-advantaged Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCT) and said he sees the value of extending them in the future. The vision is for the UK to be an entrepreneurial, share-owning democracy. In relation to the Seed Enterprise Investment Scheme (SEIS), the Treasury have confirmed that they are widening the criteria and will be allowing companies to raise £250,000 under the scheme, 66% more funding than previously. The SEIS currently provides unconnected investors with an income tax deduction of 50% of the amount invested, up to £100,000 a year. There [...]