HLAS

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 [...]

The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025. There are also changes to the National Insurance employers pay that take effect from 6 April. For many businesses, the April payroll will represent a sizeable step up in labour costs. As a reminder, here is a quick recap of the changes. National Minimum Wage rates The new minimum wage rates are as follows:   Hourly Rate National Living Wage (21 and over) £12.21 18-20 Year Old Rate £10.00 16-17 Year Old Rate £7.55 Apprentice Rate £7.55 Accommodation Offset £10.66 Employers National [...]

As part of the changes being gradually introduced by the Economic Crime and Corporate Transparency Act (ECCT), identity verification is set to become a Companies House requirement. This is one of a number of changes that the Act is making to better protect the data held at Companies House. Who will be affected by identity verification? Identity verification will ultimately become a compulsory part of incorporation and new appointments for new directors and persons with significant control (PSCs). All existing directors and PSCs will also need to verify their identity as part of the annual confirmation statement filing, once Companies [...]

For affected businesses there is now just a week left to submit their 2024 packaging data under the new extended producer responsibility for packaging (pEPR) scheme. Requirement to submit data and register The new legislation came into force on 1st January 2025 and requires data to be submitted by 1 April 2025. Large businesses are expected to submit their July-December 2024 data, whereas small businesses must submit their January-December 2024 data in one annual submission by that date. All businesses, regardless of size, also need to register with their environmental regulator by 1 April 2025. The fee is set based [...]