HLAS

Last week, Prime Minister Keir Starmer visited Berlin and Paris to promote UK economic growth and strengthen international relationships. The visit aimed to revitalise the UK's post-Brexit relations with key European partners by initiating negotiations for a new UK-Germany bilateral treaty. The focus was on expanding trade, enhancing defence and security cooperation, and addressing illegal migration. Germany, as the UK’s second-largest trading partner, and France, as the fourth-largest, play crucial roles in these initiatives. Enhancing export opportunities could open up new markets for owner-managed and small businesses, potentially leading to a more resilient and stable market environment for UK enterprises. [...]

The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be “painful” and the government would be making “big asks” of the country. He said that the country would need to be prepared to “accept short-term pain for long-term good” and that those with the “broadest shoulders should bear the heavier burden”. However, no details were given about what the measures would be, other than Sir Keir reiterated that national insurance, VAT and income tax would not go up. What could change? There are a number of areas of tax [...]

HM Revenue and Customs (HMRC) have released a press statement addressing some common misconceptions about who needs to register for and complete a self-assessment tax return. The key requirement is that anyone needing to submit a self-assessment return for the first time for the 2023-24 tax year must inform HMRC by 5 October 2024. Here are the myths and the realities as clarified by HMRC: Myth: I don’t need to submit a return because HMRC hasn’t contacted me. Reality: It is the responsibility of each taxpayer to determine whether they need to complete a tax return, not HMRC’s. You may [...]

The business landscape is constantly evolving, and the ability to adapt is essential for long-term success. Whether it's changing market conditions, technological innovations, or regulatory shifts, businesses that can pivot and adapt are more likely to succeed. In this article, we explore five key strategies a business can employ to effectively adapt to change and stay ahead of competitors. Cultivate a Growth Mindset The first step in adapting to change is cultivating a growth mindset within your organisation. A growth mindset promotes learning, innovation, and resilience throughout the business. Challenges are seen as opportunities for growth, not as obstacles. Encourage [...]

The table below sets out the HMRC advisory fuel rates from 1 September 2024. These are the suggested reimbursement rates for employees' private mileage using their company car. Where there has been a change the previous rate is 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 diesel rate. For fully electric vehicles the rate is 7p (9p) per mile. Where the employer does not pay for any fuel for the company car these [...]

The Government’s Tax-Free Childcare Accounts offer a 25% subsidy towards childcare costs. These accounts can be used to cover nursery fees, breakfast clubs, after-school clubs, and registered childminders. The scheme works by topping up savings of up to £8,000 per child by 25%, potentially providing an extra £2,000 per year from the Government to spend on eligible childcare. Generally, the scheme applies to children under 12. However, for disabled children, the age limit extends to 16, and the amount that can be saved increases to £16,000 annually, with the Government adding a further 25%, potentially bringing the total to £20,000. [...]

With the rising costs of childcare, an increasingly popular benefit offered by employers is a creche or nursery for employees’ children. If properly structured, this can be a tax-free benefit, helping employers to attract and retain staff. While larger employers may establish an on-site nursery, smaller employers often prefer to partner with a local nursery provider. Two key requirements must be met for the partnership to qualify for tax exemption: Responsibility for Financing - Employers must genuinely take responsibility for financing the childcare provision. This involves committing to fund an agreed portion of the total costs and sharing in any [...]

Many affluent individuals are reportedly transferring significant portions of their wealth ahead of anticipated changes to inheritance tax (IHT) in Labour’s first Budget on 30 October. Among those allegedly taking action is TV presenter Anne Robinson, who has confirmed passing on £50 million to her children and grandchildren. Should you think about doing the same? First, it's crucial to consult with us to determine the value of your estate and assess potential IHT exposure under the current rules. At present, each person is entitled to a nil rate band of £325,000, with the possibility of an additional £175,000 against the [...]

As a pensioner, you might be concerned to learn that Winter Fuel Payments are now restricted to those receiving benefits and Pension Credit. Previously, this payment was available to all pensioners, but recent changes have made it means-tested and tied to Pension Credit eligibility. You might be eligible for Pension Credit but not currently claiming it. Here’s what you need to know to ensure you don’t miss out: Check Your Eligibility for Pension Credit Pension Credit is a crucial financial support for many pensioners, particularly those with low incomes. While around 1.4 million pensioners already claim it, an estimated 880,000 [...]

The Information Commissioner’s Office has introduced a new tool designed to help small businesses create a customised privacy notice that safeguards individuals' information rights. Under the law, businesses are required to explain why they collect personal information and how it will be used. This ensures that customers, suppliers, staff, and volunteers are informed about how their personal data is handled. Many businesses opt to display this privacy notice on their websites. The new tool is versatile and can generate a tailored privacy notice for various industry sectors, including finance, legal, insurance, education and childcare, health and social care, retail, and [...]