HLAS

Growing a small business is exciting, but it comes with challenges—especially when it comes to keeping your team aligned and maintaining your company’s culture. The Institute of Chartered Accountants in England and Wales (ICAEW) recently published an insight article on Five Leadership Lessons for a Growth Mindset. The article features advice from Rachel Nutt, a senior partner at MHA, on some of the leadership lessons she has learned from the growth that has taken place in her own business. While MHA is now a £200m business, the key lessons discussed are useful to businesses of all sizes. Here are some [...]

A new survey by workplace expert Acas has revealed that nearly a third (31%) of employees dislike using video calls at work, with other communication methods also causing frustration among workers. The survey asked employees which methods of workplace communication they found most irritating. The results showed: 31% of employees dislike video calls. 25% find messaging apps such as Teams and Zoom irritating. 21% dislike phone calls. 11% even find face-to-face conversations frustrating. While most employees are comfortable with various communication methods, these findings highlight that preferences vary significantly in the workplace. Finding the Right Balance  Acas Interim Chief Executive [...]

The UK Government is currently considering its response to the ‘reciprocal tariffs’ announced by the US President Donald Trump on 2 April. Under the plans, a range of products exported from the UK to the USA would be subject to 10% tariffs. This is in addition to a 25% global tariff on cars, steel and aluminium imported into the USA. On Thursday last week, Business and Trade Secretary Jonathan Reynolds told Parliament that the UK is disappointed with the US tariffs and will continue constructive discussions with the US on a wider deal. UK companies are being invited to give [...]

Modernising HMRC As part of the government’s ‘Plan For Change’, steps are being taken towards modernising HMRC, to improve value for money, enhance efficiencies and support economic growth. Greater innovation, including grasping technological opportunities, is at the heart of this, transforming HMRC into a ‘digital-first’ organisation. A ‘HMRC transformation roadmap’ will be published in the summer. Improving customer service - including with AI HMRC officials have been undertaking work to learn best practices in customer service from various successful UK brands. This includes trialling the use of generative artificial intelligence (AI) to point taxpayers to the advice they need on [...]

England and Northern Ireland If you are planning to purchase residential property, remember that the SDLT thresholds will change from 1 April 2025. In particular, a 0% rate currently applies to the first £250,000 of the purchase price. It will only apply to the first £125,000 of the purchase price from 1 April 2025. The new threshold created between £125,001 and £250,000 will be subject to a rate of 2%. For first-time buyers, the 0% rate currently applies to the first £425,000 (of properties costing up to £625,000), and this will drop to £300,000 on 1 April 2025 (for properties [...]

Research and Development (R&D) tax reliefs With ongoing focus on the availability of R&D tax reliefs and companies' eligibility to claim them, the government is now consulting on widening the use of ‘advance clearances’ from HMRC. This initiative intends to give companies greater certainty when planning R&D investment, while also improving the taxpayer experience and reducing error and fraud. Voluntary advance assurances are already part of the R&D tax relief regime, but they are not commonly utilised. The consultation considers a framework where future assurances become mandatory in certain areas, namely those where HMRC are concerned about the risk of [...]

Electronic invoicing The government has recently launched a consultation on the possible advantages of e-invoicing, which include productivity enhancements, cashflow acceleration and error reductions. It also considers how HMRC can support investment and encourage uptake within the business community. Trading with the USA and other international partners While uncertainties around global trade and tariffs continue, the government is expressing ambitions to support digitalised trade and supply chains, bringing cross-border trade into the 21st century. In particular, a new digital pilot with the USA to test ways to speed up trade

Capital Gains Tax (CGT) As we head into 2025/26, it should be remembered that, for most sales of capital assets, CGT will apply at 18% for basic rate taxpayers and 24% otherwise. The Business Asset Disposal Relief (BADR) rate of CGT for eligible business disposals will increase from 10% to 14%, with a further uplift to 18% planned for 6 April 2026. Particularly in relation to business disposals, timing is important, so please do talk to us about optimising your tax position prior to any capital disposal. IHT reliefs for business owners and farmers The government is continuing with its [...]

Please remember that the significant changes to the NICs paid by employers will start to apply from 6 April 2025. An increase in the rate of employers’ NICs from 13.8% to 15% is combined with: A decrease in the threshold at which an employer starts to pay NICs on each employee’s salary from £9,100 to £5,000*. * A higher threshold of £50,270 applies for employees who are under 21 and apprentices under 25. Other variations can also apply. An increase in the amount of the ‘employment allowance’, which eligible employers can offset against their employers’ NICs liability, from £5,000 to [...]

The High-Income Child Benefit Charge (HICBC) You may have to pay the HICBC if your income exceeds £60,000 and child benefit is being paid in relation to a child that lives with you, regardless of whether you are a parent of that child. If you are living with another person in a marriage, civil partnership, or long-term relationship, you will only be liable to the HICBC if you are the higher earner of the two of you. For 2025/26, the HICBC is calculated at 1% of the child benefit received for every £200 of income above £60,000. This means that [...]