HLAS

In a major industrial shift, the UK’s last coal power station, located at Ratcliffe-on-Soar in the Midlands, ceased operations at the end of September. This marks the first time in 142 years that coal-fired power has not contributed to the national grid. The UK’s first coal-fired power station was built in 1882 by Thomas Edison at Holborn Viaduct. From then on, coal-fired power became the primary method of supplying electricity to UK homes for many decades. In 2015, when the government announced plans to close coal plants as part of its climate targets, coal was providing nearly 30% of the [...]

Tata Steel closed its last blast furnace at Port Talbot in Wales at the end of September after more than 100 years of steelmaking. It’s estimated that 2,800 jobs will be lost as a result. The blast furnace is used to make what is called primary or virgin steelmaking because the molten iron is produced from its original source by splitting rocks containing iron ore. It requires intense heat and emits high levels of carbon into the atmosphere. Port Talbot originally had two blast furnaces, but the first was taken out of service in July. Now that this second one [...]

If you run a business with a website, you’ve likely come across cookie consent banners that ask visitors whether they want to accept or reject cookies. But what happens if your website isn’t giving visitors a clear and informed choice about how their personal data is used? A recent case involving Sky Betting and Gaming highlights the serious consequences businesses can face if they fail to meet these legal obligations. What happened? Between January and March 2023, Sky Betting and Gaming was found to have been processing personal data from website visitors and sharing it with advertising companies without obtaining [...]

The Competition and Markets Authority (CMA) has recently published a new set of heat maps showing where businesses across the UK have received warning or advisory letters for potentially breaching competition law. This is the first time the CMA has shared this type of information, serving as a reminder for all businesses to ensure they remain compliant with the law. Why should this matter to your business? If you run a retail business, manufacture goods, or operate in any competitive market, the CMA’s report may be particularly relevant. What is the CMA doing? Between 2018 and 2023, the CMA issued [...]

Energy Secretary Ed Miliband, alongside the reactivated Solar Taskforce, is leading a major initiative to increase the number of solar panels on homes and businesses by 2030. This forms part of a broader strategy aimed at building the UK’s energy independence, reducing reliance on fossil fuels, and shielding consumers from the impacts of volatile energy markets. What does this mean for your business? Solar power: a growing opportunity Solar energy is one of the most affordable and accessible renewable energy sources. With the growing focus on solar panels, it may be worth considering how solar energy could benefit your business. [...]

The government has introduced the Employment Rights Bill, which aims to help deliver economic security and growth for businesses, workers, and communities across the UK. This bill will bring forward 28 individual employment reforms, including ending exploitative zero-hours contracts and fire and rehire practices, as well as establishing day-one rights for paternity, parental, and bereavement leave for millions of workers. Statutory sick pay will be strengthened by removing the lower earnings limit for all workers and eliminating the waiting period before sick pay starts. The current two-year qualifying period for protection from unfair dismissal will be abolished, ensuring that all [...]

As a small business owner, it’s easy to get caught up in the day-to-day operations and miss the bigger picture. You might rely on gut feelings or a quick glance at your bank account to determine how well your business is doing. However, without specific measures of success, it can be difficult to truly understand your business's performance or identify areas for improvement. This is where Key Performance Indicators (KPIs) come into play. KPIs are measurable values that show how effectively a business is achieving its objectives. Using KPIs can be a game-changer, offering insights and clarity that help you [...]

HMRC has recently increased its use of "one to many" or "nudge" letters to taxpayers, suggesting that there could be errors or omissions in their tax returns or financial accounts. HMRC claims that these letters are a crucial part of their compliance strategy, but they are often seen as a "fishing" expedition, similar to direct mailing campaigns, which may cause unnecessary concern for taxpayers who have done nothing wrong. If you receive one of these letters, please contact us, and we will handle the situation on your behalf. Beware "Scam" letters claiming to be from HMRC We have also become [...]

The current State Pension is £11,502 and is expected to increase to around £12,000 per year for 2025/26. At current annuity rates, it would require over £300,000 to purchase an index-linked annuity starting at £12,000 annually, making it crucial to maximise your State Pension entitlement. To receive the full State Pension, 35 qualifying years are needed, but is it worthwhile to top up voluntary Class 3 National Insurance contributions for any missing years? This is ultimately a financial decision, but the break-even period is relatively short. For employees, it’s around 3 years, and for the self-employed, who can pay Class [...]

Under current pension regulations, many pension schemes allow members to withdraw up to 25% of their pension savings tax-free. However, the Finance Act 2023 capped this tax-free amount at £268,275, unless an individual had secured protection for a higher limit. There are rumours circulating that the tax-free allowance may be reduced further, with a figure of £100,000 being suggested, which has prompted a surge in pension fund withdrawals in recent weeks. It is important to note that anti-avoidance rules restrict how much can be reinvested into a pension fund within a 12-month period. Pension lump sum “recycling” is addressed by [...]