HLAS

The Charity Commission have launched a statutory inquiry into Zlotchiv over concerns about its financial controls. It appears that irregularities in the charity’s financial management include a series of bounced cheques from the charity’s bank account alongside payments that appear to be related party payments but were not disclosed by the charity in its annual returns. A statutory inquiry allows the Charity Commission to formally investigate and use protective powers for benefiting the charity and its beneficiaries, assets, or reputation. Once the extent of risk has been determined, the Commission will decide what action is needed. The inquiry emphasises the [...]

The Institute of Chartered Accountants in England and Wales (ICAEW) have published an insight piece based on a study carried out by technology market analyst, IDC. The study indicates that AI could help CFOs with some of their biggest challenges, but only if it is human-centred. Finance teams in businesses need to build practical applications of AI that work along with them instead of replacing them. The study confirms, as has been seen in the wider press in recent weeks, that over reliance on AI in finance could lead to mistakes. However, having the correct goals and properly understanding workflow [...]

10 major culture projects around the UK are set to receive additional funding amounting to more than £67 million. The projects and their awards are as follows: National Railway Museum, York - £15 million ‘Temple Works’, Leeds - £10 million International Slavery Museum and Maritime Museum, Liverpool - £10 million National Poetry Centre, Leeds - £5 million City Centre Cultural Gateway, Coventry - £5 million Three cultural projects in Worcester - £2.3 million Venue Cymru, Conwy - £10 million Newport Transporter Bridge, Wales - £5 million Victoria and Albert Museum, Dundee - £2.6 million Shore Road Skills Centre, Belfast - [...]

The Chancellor Rachel Reeves met recently with major financial firms at Canary Wharf, encouraging them to invest in emerging markets to boost Britain’s economy. A key initiative launched at the meeting was the “London Coalition on Sustainable Sovereign Debt,” which aims to improve debt financing in developing countries by bringing together private sector and government stakeholders. This Coalition is expected to strengthen trade ties, promote economic growth and position London as a global leader in development finance. As a result of this initiative there may be new opportunities for British businesses, particularly in areas such as financial services. See:  https://www.gov.uk/government/news/chancellor-backs-britains-financial-services-to-drive-development-and-kickstart-economic-growth

The Environment Agency (EA) have reported an increase in soil run-off incidents in Devon and Cornwall during January. There were 25 incidents of heavy rain carrying loose soil running from fields – almost double the number of incidents reported in January 2024. This can be bad news for farmers as crops, top soil, organic matter and nutrients are lost in run-off incidents. In addition, there are then the costs of recultivating those fields. It can be difficult to establish crop cover ahead of winter as dry spells in autumn can often be very short. However, according to the EA, using [...]

The latest figures show that the government had a surplus of £15.4 billion in January. This represents the difference between the tax it receives and what it spends. Although this is the highest level of surplus for a January since records began over 30 years ago, it is lower than the £20.5 billion that was forecast. The Office for Budget Responsibility (OBR) have said that the shortfall was mainly due to tax receipts being lower than expected and debt interest becoming more expensive. The chancellor has set two fiscal rules: (1) day to day government spending is to be funded [...]

Pulpex, a sustainable packaging company, has received £43.5 million from the National Wealth Fund in exchange for an equity share of the business. The Scottish National Investment Bank is also investing £10 million with a further £8.5 million coming from existing investors. This investment will help Pulpex build its first commercial-scale manufacturing facility near Glasgow. You might wonder why there is so much interest in Pulpex! Environmentally friendlier packaging Pulpex has developed a fibre-based bottle that is manufactured from sustainably-sourced wood pulp and that can be recycled just like paper and card. With a lower carbon impact than the glass [...]

The table below sets out the HMRC advisory fuel rates from 1 March 2025. These are the suggested reimbursement rates for employees' private mileage using their company car. Where the employer does not pay for any fuel for the company car these are the amounts that can be reimbursed in respect of business journeys without the amount being taxable on the employee. Previous rates are shown in brackets. You can also continue to use the previous rates for up to 1 month from the date the new rates apply. Note that for hybrid cars, you must use the petrol or [...]

Annual Tax on Enveloped Dwellings (ATED) is payable by ‘non-natural persons’, such as companies, that hold an interest in UK residential property valued at over £500,000. The ATED charge is based on the property’s value and applies unless an available relief is claimed. One such relief applies to dwellings that are let to a third party on a commercial basis and are not, at any time, occupied or available for occupation by anyone connected with the owner. If this relief is applicable, it should be claimed in an ATED return. ATED is payable for a chargeable period ending on 31 [...]

2024 marked the first year that digital platforms such as Amazon and eBay were required to report information about vendors to HMRC. The reporting requirements apply unless the vendor made fewer than 30 sales in a year and received less than €2,000 (approximately £1,700) from those sales. The new rules simply enhance HMRC’s data collection powers and do not introduce any new tax obligations for individuals. However, they do increase the likelihood that HMRC will identify online traders who have not been declaring their income. There has been widespread misinformation online and on social media regarding the new rules, with [...]