HLAS

From 1 July 2025, UK businesses engaged in cross-border disputes will benefit from a significant change in how their legal judgments are recognised internationally, following the UK's accession to the 2019 Hague Convention. This new development means that when a UK court issues a judgment in a civil or commercial case involving a business in another participating country, the decision will be far easier to enforce overseas. As a result, companies are expected to save both time and money, and face less legal uncertainty when resolving international disputes. Key Changes Under the Hague 2019 Convention At present, even when a [...]

The UK government has published draft legislation that would, for the first time, bring crypto asset services—such as exchanges, brokers, and custody providers—under the umbrella of financial regulation. The announcement was made by the Chancellor during a high-profile summit held in London as part of UK Fintech Week. If enacted, the new rules will apply to any firm providing crypto-related services to UK customers, regardless of whether the business is based domestically or overseas. These firms would be expected to adhere to standards on transparency, consumer protection, and operational resilience—bringing them in line with traditional financial services providers. A Step [...]

From April 2026, banks and payment service providers will be subject to stricter regulations on how and when they can close customer accounts. The new legislation aims to increase transparency and provide individuals and small businesses with greater notice and the ability to challenge decisions. Key Changes Include: Customers must be given a minimum of 90 days’ notice before an account is closed or a payment service is withdrawn—an increase from the current 60-day notice period. A written explanation must be provided, clearly outlining the reasons for the closure. This measure is designed to help customers challenge decisions, including escalating [...]

The government has announced plans to address the growing issue of small, forgotten pension pots - a problem affecting millions of workers who change jobs frequently and accumulate multiple small pensions over time. Currently, there are around 13 million small pension pots in the UK, each worth £1,000 or less. That number is growing by about one million a year. For savers, this means difficulty in keeping track of retirement savings and can mean paying multiple flat rate charges which leads to lower returns. Problems are caused for the pensions industry too; they estimate that the administrative costs of managing [...]

The government has announced a formal review of the UK’s Low Value Imports regime, which currently allows goods valued at £135 or less to enter the country without customs duties. This move follows concerns raised by major UK retailers who argue that the current system gives an unfair edge to overseas sellers. For small businesses involved in cross-border e-commerce, drop-shipping, or using fulfilment centres based outside the UK, the review could result in substantial changes to how low-value goods are taxed at the border. What Is Under Review? The current regime was introduced to simplify international trade and reduce administrative [...]

James Murray, the Exchequer Secretary to the Treasury, made a Written Ministerial Statement last week that included a number of tax simplification, administration and reform measures. In total, 39 measures were announced. Many measures are intended to reduce burdens on employers and small businesses, whereas others are designed to modernise H M Revenue & Customs (HMRC) systems and processes. Here are five highlights included among the measures announced. Delay to payrolling benefits Mandatory payrolling of benefits in kind will now be delayed to April 2027 instead of April 2026. Payrolling benefits is a way to report and tax employee benefits [...]

According to new research, small and local businesses across the UK are increasingly embracing artificial intelligence (AI) tools to improve efficiency and streamline everyday operations. A study led by Professor Ross Brown of the University of St Andrews Business School found that SMEs using AI tools could achieve productivity gains of between 27% and 133%. Based on interviews with nearly 10,000 businesses conducted by the Department for Business and Trade, the findings suggest AI could play a significant role in helping small and medium sized businesses make productivity gains. Professor Brown explained, “AI potentially offers SMEs short cuts that provide [...]

The International Monetary Fund (IMF) has predicted that the Bank of England could cut interest rates three more times this year, despite the UK facing higher-than-expected inflation. Inflation in the UK is now forecast to be 3.1% for 2025 - the highest among advanced economies - largely driven by higher utility and energy bills. However, the IMF believes this spike will be temporary, paving the way for further rate reductions. It expects inflation to fall back to 2.2% by 2026, close to the Bank of England’s long-term target. For business owners, potential rate cuts offer both opportunities and challenges: Lower [...]

Recent news concerning Elon Musk serves as a timely reminder for business owners about the risks associated with losing focus on their core operations. After Tesla reported a notable decline in profits and sales earlier this year, Musk announced he would "significantly" scale back his involvement in his US government role with the Department for Government Efficiency (DOGE), choosing to devote more of his attention back to Tesla. While the politics of Musk’s government role are not our focus, this situation highlights a crucial lesson: business owners must remain actively engaged with their businesses, particularly during challenging times. When leaders [...]

Nobody enjoys facing rejection. Whether it’s a declined loan application, missing out on a contract, or being turned down by an investor, rejection can hurt – particularly when you have poured your energy and passion into building your business. However, uncomfortable as it may be, rejection can often become a powerful driver of future success. In fact, many leading entrepreneurs credit their greatest breakthroughs to lessons learned when things didn’t go as planned. Here’s why rejection could prove to be one of the most valuable experiences on your business journey: 1. Rejection Promotes Reflection Experiencing rejection forces us to pause [...]