HLAS

With Making Tax Digital (MTD) for Income Tax coming into force from 6 April 2026, HM Revenue & Customs (HMRC) has been writing to taxpayers in recent weeks to inform them that they are being brought into the regime. MTD became mandatory from 6 April 2026 for sole traders and landlords with total turnover exceeding £50,000 in the 2025/25 tax year, unless an exemption applies. It involves maintaining digital records and submitting quarterly updates to HMRC. Some taxpayers may have received their ‘mandation’ letter only a few days before the start of the tax year. If you have received such [...]

If you are considering selling your business, whether that is in six months or six years, one of the first questions you are likely to ask is, “what’s it worth?” While there are various formulas used to estimate the value of a business, ultimately the answer comes down to the judgement of a prospective buyer, who will weigh up the risks and potential returns of acquiring your business. Many business owners focus on the headline profit figure. While profit is clearly important, it is only one part of the overall picture. Buyers will look closely at how sustainable those profits [...]

New employment rights introduced in April 2026 mean that Northern Ireland is the first jurisdiction in the Northern Hemisphere to provide specific support for miscarriage and early pregnancy loss. New entitlementThe new entitlement for miscarriage means that an employee in Northern Ireland who experiences a miscarriage, or an individual with a defined connection to a woman who has experienced a miscarriage, will qualify for Parental Bereavement Leave and Pay. No medical evidence is required to access this leave. Employees simply need to submit a written self-declaration, including their name and the date the miscarriage occurred or was discovered. This means [...]

New rules, expected to come into force from spring 2027, will make it easier for people to avoid costly subscription traps. The rules will mean:• Clear and simple information must be provided before any subscription is taken out.• Reminders will be issued before free or discounted trials end, or before annual (or longer) contracts automatically renew.• Cancellations must be straightforward, including online cancellation options for subscriptions set up online.• A new 14-day cooling-off period will apply after a free or discounted trial ends, or when an annual (or longer) contract renews. The government has confirmed that initial cooling-off rights and [...]

Last week marked a 4.8% rise in both the basic and new State Pensions. This could mean an additional £575 annually for many pensioners. The Pension Credit has also increased by 4.8% and is worth an average of £4,300 a year. The full rate of the new State Pension increases from £230.25 to £241.30 a week. The full basic State Pension increases from £176.45 to £184.90 a week. The Standard Minimum Guarantee in Pension Credit is now £238.00 per week for a single pensioner, and £363.25 for a couple. The increases, which are part of the government’s Triple Lock Guarantee, [...]

HM Revenue & Customs (HMRC) has recently published a research paper examining how small and medium-sized enterprises (SMEs) perceive electronic invoicing, commonly referred to as e-invoicing. In the Autumn Budget 2025, plans were announced to make e-invoicing mandatory for VAT invoices from 2029. The research paper aims to support the development of an e-invoicing policy that meets the competitive needs of SME businesses. An e-invoice is a document that is issued and received in a structured digital format, allowing it to be processed automatically by electronic systems. E-invoicing solutions can integrate with accounting software, helping to streamline a business’s bookkeeping [...]

There was a time when incorporating a business once profits reached a modest level was almost standard advice. Today, the discussion is more nuanced, and some existing company owners may even be asking themselves, “Do I still need a limited company?” This question is often driven by rising tax bills, following reductions to the dividend allowance and increases in dividend tax rates. In some situations, it may now be more tax-efficient to operate as a sole trader rather than through a limited company. That said, tax is only one part of the overall picture. This article explores some of the [...]

New provisions under the Employment Rights Act came into force on 6 April 2026. These include: • Employees are now entitled to Statutory Sick Pay from the first day of sickness absence, rather than from the fourth day. • New fathers and partners now have the right to paternity leave from their first day in a new job, rather than having to wait six months. • Day one rights to unpaid parental leave have also been introduced. Previously, parents were required to complete one year of service before qualifying. • Parents are also granted a new right to take Bereaved [...]

With effect from April 2026, the Valuation Office Agency (VOA) has been incorporated into HM Revenue & Customs (HMRC) as a cost-saving measure. As a result, the VOA has ceased to exist as a separate executive agency. The Valuation Office will now operate as part of HMRC and will be responsible for valuing business rates and council tax. Businesses have been advised that this change will not affect the services previously provided by the VOA. The Valuation Office will continue to manage business rates valuation checks and challenges, council tax band appeals, and the work undertaken by rent officers. The [...]

The introduction of Making Tax Digital (MTD) for income tax is now underway. This marks the start of the new 2026/27 tax year regime for self-employed individuals and landlords with business and/or property income (i.e. total takings, not net profits) exceeding £50,000 per annum. MTD requires digital record-keeping alongside quarterly updates to HMRC, with the first update due by 7 August 2026. The final MTD Regulations were laid before Parliament on 24 March 2026. If you are among the 860,000 individuals entering the new regime, HMRC are also keen to emphasise that a standard annual tax return will still be [...]