HLAS

The latest Business Banking Service Quality survey, carried out by the Competition and Markets Authority, highlights a noticeable change in how UK businesses are selecting their banking providers. Challenger banks continue to grow in popularity, while some of the more established high street names are seeing their positions slip. Which banks performed best? According to the survey, the top three banks for overall service quality were Monzo, Mettle and Starling Bank. These challenger banks attract business customers with their smooth digital platforms, quick account set-ups and easy-to-navigate online tools, helping to make everyday banking more efficient. Interestingly, Handelsbanken secured fourth [...]

The Office for National Statistics (ONS) has confirmed that inflation rose to 3.8% in July. At first glance, that sounds like a worrying development for households and businesses. But before assuming the worst, it’s worth looking a little closer at the figures. In line with expectations The Bank of England had forecast inflation of 3.76% for July, so the actual figure is very close. While some headlines highlight the “unexpected” rise, it is broadly consistent with what economists were predicting. The Bank still expects inflation to peak at around 4% in September, before easing in the autumn. The role of [...]

The government confirmed last week that the UK Space Agency will no longer operate as an independent body, and instead will be brought under the Department for Science, Innovation and Technology. One of the main drivers for this move is cost-saving. Of course, most of us aren’t running space agencies — but the underlying lesson applies to organisations of every size: from time to time, it’s worth questioning whether each part of the business is still delivering real value. Balancing costs and returnsCertain departments or services within a business can be costly to maintain without producing a sufficient return. This [...]

If you’ve bought a property that needed work doing before you could move in, you may have seen ads claiming you could reclaim some of the Stamp Duty Land Tax (SDLT) you paid if the property was in a poor state of repair. These offers often sound appealing especially when made on a “no win, no fee” basis. However, a recent Court of Appeal decision has confirmed that homes needing repair still attract residential rates of SDLT. As a result of the court decision, HM Revenue and Customs is warning homebuyers about rogue tax agents offering to claim SDLT refunds [...]

The Government has published the official remit for the Low Pay Commission (LPC) to begin its work on setting the National Minimum Wage (NMW) and National Living Wage (NLW) rates that will apply from April 2026. While the final figures won’t be confirmed until later in 2025, the direction of travel is already clear. Employers should be prepared for further increases in wage costs in April 2026. National Living Wage likely to rise again The Government has reiterated its commitment to ensuring the National Living Wage doesn’t fall below two-thirds of UK median earnings - a benchmark that defines the [...]

The government has launched its Small Business Plan which it believes will help small businesses to grow and encourage entrepreneurs to start businesses. The plan recognises that small businesses make a vital contribution to the economy, employing 60% of the UK’s workforce and generating £2.8 trillion in turnover. Here is a breakdown of some of the key measures and how they may impact your business. Could This Be the End of Late Payments? Likely not, however the government is promising the toughest late payment legislation in the G7. They plan to introduce: A legal requirement for large businesses to pay [...]

From 18 November 2025, identity verification will become a legal requirement for all company directors and people with significant control (PSCs). This is part of a wider reform under the Economic Crime and Corporate Transparency Act 2023, and it’s set to impact millions of individuals connected to UK companies. If you're a company director or PSC, this change will affect you, and it’s important to understand what’s required - and when. What’s Changing? From 18 November 2025: New directors will need to verify their identity when incorporating a company or being appointed to an existing one. Existing directors will be [...]

As the UK heads into the Budget this autumn, speculation is mounting over whether Chancellor Rachel Reeves will be forced to raise taxes to plug a growing gap in the nation’s finances. According to the National Institute of Economic and Social Research (Niesr), the government is on course to miss its own borrowing targets by £41.2 billion, unless action is taken. Niesr warns that a “moderate but sustained increase in taxes” may be the only realistic route for the government, particularly under the borrowing rules the chancellor has described as “non-negotiable.” A “Trilemma” for Reeves When Reeves became Chancellor, she [...]

The Monetary Policy Committee (MPC) of the Bank of England have reduced the Bank Rate to 4% (previously 4.25%). The decision was made by a narrow 5-4 majority and required 2 votes. This perhaps highlights the uncertainty that continues in the economy. What Factors Led to the Reduction? The MPC’s report shows that they are predicting that inflation will peak at 4.0% in September and then fall back towards their 2% target. Because of the progress made in controlling inflation, the MPC felt that a further reduction was appropriate. While UK GDP shrank by 0.3% in April and 0.1% in [...]

The government’s Electric Car Grant (ECG) is now up and running, with more vehicle models eligible for discounts. Initially launched in July, the £650 million scheme offers savings on new electric cars priced at or below £37,000. The discount is either £3,750 or £1,500, depending on the vehicle’s sustainability and is applied directly at the point of sale, with no paperwork required from customers. The grant aims to make electric vehicles (EVs) more affordable by reducing the upfront purchase price and narrowing the cost gap with petrol and diesel models. This is part of the government’s broader commitment to phase [...]