HLAS

In last week’s newsletter, we suggested a possible strategy of delaying the end of October payroll run until after 5 November for certain employees to save NICs following the removal of the additional 1.25% for employees and employers from 6 November. While such planning could be useful for delaying discretionary payments, such as bonuses and commissions, we should be alert to anti-avoidance provisions (in the form of Regulation 31 of the Social Security (Contributions) Regulations 2001 (SI 2001 No 1004)) that give HMRC the power to effectively reverse the planning and secure the NICs that would have been due had [...]

Self-employed businesses, partnerships and landlords with annual gross business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2024. Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital account) and you will be able to pay taxes based on your business activity during the year. You can upload and update your [...]

This year’s Gift Aid Awareness Day will be held on Thursday, 6 October 2022. Every year since 2018, charities across the UK have been taking to social media in October to share the #TickTheBox message with donors, members, supporters and volunteers. This year’s #TickTheBox campaign will focus on the value of Gift Aid. The Charity Finance Group (CFG) are inviting all charities to share on social media, on your website and in your newsletters, the impact that Gift Aid has on the people and communities you serve. Whatever your charity’s purpose, CFG wants Gift Aid Awareness Day to be another [...]

The Department for International Trade (DIT) is hosting a series of market awareness webinars to highlight business and exporting opportunities across a range of Commonwealth markets. These webinars provide businesses with knowledge and insight into the opportunities available in these markets. In the second series of one-hour webinars, DIT will be covering more Commonwealth markets. The markets covered include: The Commonwealth opportunity with the Commonwealth secretariat – 20 October, 9am to 10am India – 20 October, 10am to 11am Malaysia – 26 October, 9am to 10am Nigeria – date to be confirmed See: Commonwealth Market Awareness Series Part 2 (great.gov.uk) [...]

The UK Trade & Export Finance Forum brings together finance and business leaders for a full day of presentations, case studies, panels, workshops and networking, covering the latest developments in export and trade finance. Whether you are a UK supplier looking to export overseas or an international corporate considering long-term financing, this forum will provide you with insight and business connections to support you in your export journey. Now in its fifth year, the event will take place on Thursday 17 November 2022 and will return in hybrid format, bringing together over 600 attendees online and in central London. The [...]

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 [...]