HLAS

A new law is now in place to help resolve certain remaining commercial rent debts accrued because of the pandemic. The ‘Commercial Rent (Coronavirus) Act 2022’ received Royal Assent last week. This means that a legally binding arbitration process will be available for eligible commercial landlords and tenants who have not already reached an agreement. This will resolve disputes about certain pandemic-related rent debt and help the market return to normal as quickly as possible. The law applies to commercial rent debts of businesses including pubs, gyms and restaurants which were mandated to close, in full or in part, from [...]

The Department for Business, Energy & Industrial Strategy (BEIS) has launched phase 9 of the Energy Entrepreneurs Fund (EEF9) supporting the development of technologies, products and processes to reduce greenhouse gas emissions and security of supply. The competitive funding scheme supports the development and demonstration of state of the art technologies, products and processes in the areas of energy efficiency, power generation, heat generation, energy storage, reducing greenhouse gas emissions and security of supply. The scheme seeks the best ideas, irrespective of source, in these areas from the public and private sector. In particular it aims to assist small and medium [...]

The UK Emissions Trading Scheme (ETS) Authority – made up of the UK government, Scottish Government, Welsh Government and the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland – is seeking stakeholder views on proposals to develop the UK ETS which operates across England, Scotland, Wales and Northern Ireland. This consultation is open to all, but it will be of particular interest to: individual companies and representatives of industrial, power and aviation sectors with obligations under the UK ETS environmental groups individual companies and representatives of maritime, waste, greenhouse gas removals and agricultural sectors Note, this consultation [...]

The Live Events Reinsurance Scheme will support live events across the country (such as music festivals, conferences and business events) that are at risk of being halted or delayed due to an inability to obtain COVID-19 cancellation insurance. Cover will be available to purchase alongside standard commercial events insurance for an additional premium. The full scheme rules, as published by the Department for Digital, Culture, Media & Sport (DCMS), can be found on the webpage below. The Scheme will run to 30 September 2022. Cover will be available to purchase through participating insurers. A number of prominent insurers in the [...]

Energy entrepreneurs driving forward innovative ways of cutting the UK’s reliance on expensive fossil fuels have the chance to make their plans and ideas a reality, thanks to £10 million in government funding. The ninth round of the Energy Entrepreneurs Fund (EEF), which seeks to promote new clean technologies across all sectors of the UK economy, is opening for applications as the government drives forward plans to secure greater clean energy independence in the UK. This includes innovations to boost energy efficiency in people’s homes and develop green transport - as well as sourcing cleaner ways to generate power and [...]

The remaining temporary insolvency measures are being lifted and the insolvency regime is returning to its pre-pandemic operation. The Corporate Insolvency and Governance Act 2020 introduced various temporary measures to help protect companies affected by the lockdown restrictions during the pandemic. Most of these measures expired at the end of June and September 2021, except for restrictions on winding up companies, which were extended until 31 March 2022. This remaining insolvency restriction will not be extended further, allowing the insolvency regime to return to its pre-pandemic operation. Business leaders are being advised to seek professional insolvency advice to protect their [...]

For the first time since the financial crisis, NatWest Group plc (formerly Royal Bank of Scotland Group plc) is no longer under majority public ownership following a £1.2 billion sale of part of the government’s shareholding back to NatWest. This is the government’s fifth sale of its NatWest shareholding bringing its level of ownership down from 50.6% to 48.1%. This is a landmark in the government’s plan to return to private ownership the institutions brought into public ownership as a result of the 2007-2008 financial crisis. The Economic Secretary to the Treasury authorised the sale of approximately 550 million shares [...]

Over the past few years, HMRC have been working with businesses on the Customs Declaration Service, a replacement for the Customs Handling of Import and Export Freight (CHIEF) system, which is now nearly 30 years old. Last year, HMRC announced the UK will move all customs declarations from CHIEF onto the Customs Declaration Service. They are now ready for declarants to start moving to the new system, and below are more details to help affected businesses (and their agents where relevant) prepare. The CHIEF system will close in two phases: Phase one - after‌‌‌ ‌‌30‌‌‌ ‌‌September 2022: the ability to [...]

Many in the hospitality sector were hoping that the Chancellor would extend the 12.5% reduced rate that has applied since 1 October 2021 but, as scheduled, the rate has reverted to 20% from 1 April 2022. The increase will apply to hospitality, visitor attractions and catering services including restaurants and takeaways. This has a consequential effect on the VAT Flat Rate Scheme percentages from 1 April 2022 as set out below: Type of Business Before 15 July 2020 and from 1 April 2022 15 July 2020 to 30 September 2021 1 October 2021 to 31 March 2022 Catering services including [...]

MTD became mandatory for all VAT registered businesses on the 1 April 2022. The government states that MTD helps taxpayers get their tax returns right by reducing common mistakes as well as saving time managing their tax affairs and is a key part of the overall digitalisation of UK tax. Evidence shows MTD is succeeding in its central aims of reducing errors, while also making it faster to prepare and submit returns and boosting productivity for businesses. New research, conducted by HMRC and peer reviewed by independent academics, shows MTD is likely to have generated increased revenue for the Treasury, through reducing errors in both 2019 and [...]