HLAS

Legislation was laid before Parliament last week confirming that the new National Living Wage and new Minimum Wage rates will take effect from 1 April 2025. While many businesses are feeling and have expressed concern about the increases, the sight of the legislation suggests that no reprieve is in sight. As a reminder, the National Living Wage will increase to £12.21 from 1 April. This is a 6.7% increase and will be worth £1,400 a year to an eligible full-time worker. The National Minimum Wage for 18-20 year olds will increase to £10.00 an hour. For an eligible full-time worker, [...]

Following the recent storms and heavy rainfall, the government has announced a £2.65 billion investment over the next two years to build, maintain, and repair flood defences. With extreme weather events becoming more frequent, flood defences are increasingly vital to protect both homes and businesses. The funding will also help safeguard farmland, which has been severely impacted by the recent storms. Environment Agency Chair Alan Lovell stated: “The impact of flooding on our communities will only intensify as climate change leads to more extreme weather, like Storms Bert, Conall, and Eowyn.” He also reaffirmed his commitment to delivering the critical [...]

The Charity Commission has issued a reminder to large, incorporated charities about upcoming changes to the law regarding fraud prevention. A new offence of failing to prevent fraud will come into force on 1 September 2025 for all large organisations, including charities. Who does this apply to?This new offence, introduced by the Economic Crime and Corporate Transparency Act 2023, will affect large, incorporated charities that meet at least two of the following three criteria:• More than 250 employees.• More than £36m of income.• More than £18m in total assets. What is the change?Under the new law, if an employee, agent, [...]

When it comes to disposing of computer equipment, how can you ensure that any storage media – such as hard drives, SSDs, flash drives, and similar devices – cannot be accessed by unauthorised users or have the data recovered? Nowadays, virtually every electronic device contains some form of storage media. The National Cyber Security Centre (NCSC) reports that even decommissioned photocopiers and printers have been found to contain gigabytes of sensitive documents that were retrievable. The NCSC has updated and republished guidance on how to properly sanitise and dispose of storage media. Here’s a brief overview of the key points: [...]

HM Revenue and Customs (HMRC) have announced that 37,000 individuals have filled gaps in their National Insurance (NI) record since last April, thereby increasing the amount of State Pension they will receive upon reaching retirement age. The State Pension you will receive depends on the number of completed years in your NI record. Currently, you can review your record going back to 2006, and if there are any gaps, you can contribute to fill them and ensure you maximise your State Pension entitlement. However, time is running out to do this. From 6 April 2025, you will only be able [...]

The Bank of England reduced their base rate to 4.5% last week, as had been widely expected in the days leading up to the decision. The decision was made by a 7-2 majority. The minority of two members were looking for the rate to be reduced to 4.25%. In announcing their decision, the Monetary Policy Committee (MPC) outlined their thoughts on the economy. Here are some highlights. Inflation forecasts The Consumer Price Index (CPI) was 2.5% for the last quarter of 2024. The Bank expects CPI inflation to increase to 3.7% by autumn 2025 due to higher global energy costs [...]

Starting a business in the UK is an exciting venture, but it also comes with a range of financial, tax, and accounting responsibilities that need to be managed effectively. Understanding what needs to be done from the start will help ensure you don’t miss anything, avoid unnecessary costs, and position your new business for long-term success. Here are some key areas to focus on: 1. Choosing the Right Business StructureOne of the first steps in setting up your business is choosing the right legal structure. The three main options in the UK are:• Sole Trader – Simple to set up, [...]

New legislation for England and Northern Ireland has come into force that will allow for a deposit return scheme for drinks containers in England and Northern Ireland. Scotland is also progressing similar regulations. A deposit return scheme, which more than 50 countries worldwide are now using, gives people a financial incentive for returning empty bottles and cans to a collection point, such as at a supermarket. According to government supplied statistics, the average return rate in Europe is 90% with Germany leading the way at 98%. The legislation will allow for the appointment of the Deposit Management Organisation, the scheme [...]

The Prime Minister and Chancellor met with business leaders last week to unveil proposals aimed at increasing flexibility for occupational defined benefit pension schemes. Under the new plans, restrictions will be lifted on well-funded occupational defined benefit pension schemes, allowing those in surplus to invest more freely. The aim is to stimulate economic growth by enabling businesses to utilise these funds more effectively. Currently, around 75% of such pension schemes are in surplus, amounting to £160 billion. However, existing restrictions have made it challenging for businesses to invest these funds, even when both trustees and sponsors are in favour. What [...]

As part of the government’s strategy to boost economic growth, the Trade Secretary has appointed a new ‘Global Growth Team’ of UK Trade Envoys to drive exports and attract investment. A total of 32 MPs have been assigned specific target markets worldwide, with a mission to identify trade and investment opportunities for UK businesses while promoting the UK as a prime destination for international investors. The selected markets have been chosen based on their significant potential for expanding UK trade. Jonathan Reynolds, the Business and Trade Secretary, stated that the new Trade Envoys “will use their experience, expertise and knowledge [...]