HLAS

The UK Government has launched a major 10-year Industrial Strategy aimed at cutting business costs, creating over 1.1 million good skilled jobs, and making the UK a world leader in clean, competitive industries. A headline measure is a plan to cut electricity bills by up to 25% for more than 7,000 energy-intensive businesses starting in 2027. Companies in sectors like automotive, aerospace, steel, and chemicals will benefit from new exemptions on energy levies and deeper discounts on electricity network charges. These changes, delivered through the British Industrial Competitiveness Scheme and an expanded British Industry Supercharger, aim to reduce the UK’s [...]

If you earn extra income from a side hustle, you could be legally required to register for Self Assessment and complete a tax return - and it’s better to get ahead of it now, rather than wait until the January deadline. The threshold is simple: if you earn more than £1,000 in a tax year from any additional income, you may need to file. This applies whether you’re selling online, renting out property, freelancing, creating content, dog walking, tutoring, or even trading cryptoassets. Why Act Now? Filing early means you: Avoid the stress of the January rush Know what you [...]

The government has announced plans to raise an additional £7.5 billion by stepping up efforts to close the tax gap - the difference between the tax HMRC expects to collect and what is actually paid. Figures published on 19 June show that £46.8 billion in tax went unpaid in the 2023-24 tax year. That’s 5.3% of the total tax due, slightly up from previous estimates. Small Businesses Under the Spotlight The data reveals that small business non-compliance accounts for 60% of the total tax gap, with Corporation Tax accounting for 40%. The most common causes are: Failure to take reasonable [...]

Last week marked ten years since Companies House made all digital company data freely available through its online service on GOV.UK. Since launching on 22 June 2015, the Find and Update company information tool has become one of the UK’s most heavily used public data services, with over 16.5 billion searches carried out in 2023-24 alone. The data includes details on every UK-registered company - such as directors, financial filings, registered addresses, filing history, and company status. It’s used every day by lenders, investors, regulators, law enforcement, and businesses of all sizes to make informed decisions. How This Data Can [...]

Some small businesses in Oxford hit hardest by delays to the Botley Road railway works may soon get a financial boost. The government has confirmed up to £850,000 in goodwill payments from Network Rail to recognise the disruption caused. Network Rail will contact affected businesses directly this week, with more details on how to apply coming soon. While the full project – part of the Oxford Station Enhancement Project – isn’t expected to finish until 2026, the project is back on track after delays and the free Botley Flyer bus and other local support measures remain in place to help [...]

Legal services providers accredited under the Specialist Quality Mark (SQM) will benefit from a major change later this year. From 1 October 2025, the SQM accreditation period will be extended from three years to five years, meaning SQM holders will not have to be audited as frequently – a welcome relief from admin work! Who will this affect? The extended accreditation period will apply to any provider undergoing either a Pre-Quality Mark Audit or a Post-Quality Mark Audit on or after 1 October 2025. For example, a provider who completes their audit on 3 October 2025 and is awarded the [...]

The UK Government has unveiled plans for a new National Housing Bank, supported by £16 billion in financial capacity. The initiative aims to deliver more than 500,000 new homes and unlock £53 billion in private sector investment. Operating as a subsidiary of Homes England, the Bank is designed to support small and medium-sized housebuilders by partnering with private lenders to increase access to funding – including products like revolving credit – to help accelerate housing development and business growth. Key Goals of the National Housing Bank According to government sources, the Bank will focus on:• Accelerating housebuilding by unlocking complex [...]

The latest data from the Office for National Statistics reveals a marginal fall in the main inflation rate, dropping from 3.5% in April to 3.4% in the 12 months to May. A closer look at the figures behind the overall rate highlights a continued rise in food costs – now climbing for the third consecutive month. Food inflation stands at 4.4%, marking the highest level recorded since February 2024. Some commentators suggest these increases may be partly due to businesses passing on the impact of April’s rise in employer’s National Insurance contributions. However, this is not the sole driver. A [...]

The UK government plans to change procurement rules so that businesses working on major public infrastructure projects help create local jobs and provide skills training. The changes, currently under consultation, will apply to large-scale public investments in roads, railways, hospitals and schools. For businesses in sectors such as construction, civil engineering, transport infrastructure, and building services, this shift could influence how contract bids are assessed - and who wins the work. What’s changing? Under the new plans, public bodies will be expected to favour bids that clearly show how the business will benefit the local community. This might include commitments [...]

The Monetary Policy Committee (MPC) has decided to keep the Bank of England base rate at 4.25% following its latest review last Thursday. Their decision was not a great surprise. Inflation is currently standing at 3.4% for May, which is a slight drop since April but is still a significant high after reductions in the rate earlier this year. The MPC considers that inflation will now remain at this level for the rest of the year before falling back towards 2% next year. The MPC also noted their concerns over a softening in the labour market and continued global economic [...]