HLAS

The Chancellor of the Exchequer, Rachel Reeves, delivered her Spring Statement last week in which she outlined the government’s economic plans, including spending decisions, tax policies and efforts to boost growth while managing public finances. What did the statement tell us about public finances and the economy? The Statement came on the back of the latest forecasts prepared by the Office for Budget Responsibility (OBR). The forecasts showed a more challenging outlook than was the case last autumn. The OBR cited falls in business and consumer confidence, rising European energy costs, increased government borrowing costs and global uncertainties from issues [...]

With the Easter holidays just around the corner, children and their families in Cornwall are being encouraged to enjoy the great outdoors through Wild Wellbeing workshops. Organised by Natural England in collaboration with the NHS Cornwall Mental Health Support Team, Cornwall Wildlife Trust, and the National Trust, these workshops aim to promote mental wellbeing by helping participants develop a stronger connection with nature. This initiative aligns with a growing body of research highlighting the positive impact of nature on both mental and physical health. While these workshops are designed for children and families, the benefits of spending time in nature [...]

The Spring Statement has confirmed that the Making Tax Digital for Income Tax (MTD for IT) regime will be extended to smaller businesses. Read on to find out how and when your business may be affected. What is MTD for IT? Making Tax Digital for Income Tax (MTD for IT) is a government initiative requiring self-employed individuals and landlords who earn above a certain threshold to maintain digital records and submit quarterly tax updates to HM Revenue and Customs (HMRC) using compatible software. Who must comply with MTD for IT? The new rules will be mandatory from 6 April 2026 [...]

Construction sector businesses welcomed the announcement made by the Chancellor and Deputy Prime Minister that the government will be making a £2 billion investment for the building of 18,000 new social and affordable homes. Sites available for development in Manchester and Liverpool may be the first to benefit from the funding, the majority of which will be spent in 2026/27. Projects being helped by the funding will need to have started by March 2027 and finish by June 2029. The investment is an initial step ahead of more long-term investment that is currently being planned. The government has said they [...]

The recent disqualification of television personality Ant Middleton and his wife, Emilie Middleton, as company directors offers valuable insights for business owners. Their company, Sway and Starting Limited, failed to pay over £1 million in taxes despite generating more than £4.5 million in income. The company later went into liquidation, with a significant overdrawn director’s loan account. This case underscores several important financial and legal responsibilities that business owners must be aware of to avoid similar pitfalls. 1. The Importance of Paying Taxes on Time One of the major issues in this case was the failure to pay VAT and [...]

From 1 May 2025, all business-to-business (B2B) parcels travelling from Great Britain to Northern Ireland will require information to be submitted via the Customs Declaration Service. In most cases, your parcel carrier will manage this process; however, you will need to provide them with additional details to ensure compliance. In some situations, you may also be required to pay duty. If this applies to your business, we recommend speaking with your parcel carrier to understand how they plan to handle these changes. Eligible goods moving from a business in Great Britain to a business in Northern Ireland for sale to, [...]

Women Leaders Unite in Leeds to Tackle Financial Barriers for Female Entrepreneurs More than 100 female entrepreneurs, banking representatives, and government officials gathered in Leeds last week for an event aimed at breaking down financial barriers for women-led businesses. Hosted by UK Export Finance (UKEF) and featuring speakers from Female Founder Finance and the Invest in Women Taskforce, the event celebrated the achievements of British businesswomen while discussing ways to improve access to finance and international trade opportunities. UKEF, the UK government’s export credit agency, provided over £570 million in financing for small businesses last year. However, research suggests that [...]

The spring statement and what it means for you I AM A ‘WORKING PERSON’ The Labour government has said it remains committed to providing security, higher levels of disposable income and higher living standards to working people. You will see on page 4 that the taxes you will pay on your income in 2025/26 remain, in the main, at 2024/25 levels. The same can be said for employees’ national insurance contributions and VAT. If you are paid at national minimum wage rates, you will receive a pay rise from April 2025 (page 7). However, employers in many sectors remain under [...]

Chancellor Rachel Reeves met with senior fintech representatives at No. 11 Downing Street last week to discuss growth opportunities and new draft legislation aimed at streamlining financial regulations. The proposed reforms focus on updating the Markets in Financial Instruments Directive (MiFID) rules inherited from the EU. These changes will grant the Financial Conduct Authority (FCA) greater authority to remove redundant regulations, fostering a more business-friendly regulatory environment that supports economic growth. First announced in the Chancellor’s Mansion House speech last November, this initiative is a key step in the government’s wider strategy to reform the UK’s wholesale financial markets and [...]

The Competition and Markets Authority (CMA) has confirmed its clearance of Boparan’s proposed acquisition of two feed mill sites, located in Burston and Radstock, which are currently owned by ForFarmers. The CMA’s inquiry was conducted in two phases. Following the Phase 1 investigation, the authority concluded that the purchase of the Radstock site did not raise competition concerns, and as a result, the sale of this mill has already been completed. However, concerns remained regarding the Burston mill, leading to a Phase 2 inquiry. During the second phase, the CMA found that while the acquisition would reduce the available capacity [...]