HLAS

The British Business Bank has launched the Growth Guarantee Scheme, the successor to the Recovery Loan Scheme. This programme, which helps smaller businesses in the UK access finance, opened for applications through accredited lenders on 1 July 2024. The scheme offers access to term loans, overdrafts, asset finance, invoice finance, and asset-based lending. Key Features of the Growth Guarantee Scheme A key feature of the Growth Guarantee Scheme is the 70% government-backed guarantee provided to lenders. While this guarantee supports the lender, the borrower remains 100% liable for the debt. Eligibility Criteria To be eligible for the Growth Guarantee Scheme, [...]

Glasgow, one of the premier shopping destinations in Scotland, is facing significant challenges that threaten its vibrancy and economic vitality. These same challenges are affecting businesses across not only Scotland but the UK generally. A recent report by the Glasgow Chamber of Commerce highlights a decline of over 400,000 visitors to Glasgow city centre compared to the previous year, coupled with a substantial drop in retail sales. Challenges facing cities and towns The report highlights several factors that are contributing to Glasgow’s, and other cities and towns’, current predicament: Declining Footfall: A decrease in visitors and drops in in-store sales [...]

Starting from 15 July 2024, all applications for Special Import Certificates (SICs) must be submitted through a newly launched digital service. This change follows the introduction of the special imports digital service in January 2024, aimed at improving ease of use, security, reliability, and accessibility. Key points for UK veterinary surgeons who manage and supply imported medicines: The existing online special import scheme will be decommissioned on 15 July 2024. It is crucial to register for the new digital service before this date if you haven't already. After 15 July 2024, SIC applications will only be accepted via the new [...]

Running a business comes with a myriad of responsibilities, and ensuring the safety of your employees should be at the top of your list. Here’s why having a health and safety policy is crucial, backed by UK legal requirements: Stay Legally Compliant Under the Health and Safety at Work etc. Act 1974, all employers, regardless of size, must provide a safe working environment. This means having a documented health and safety policy if you have five or more employees. Failure to comply can result in hefty fines or legal action, which could be devastating for a small business. Protect Your [...]

This summer has brought with it several major sporting events – The Euros, Wimbledon and the Tour de France are currently all in progress, and the Olympics begin later in July. While this can be good news for businesses working in hospitality and retail, there can also be a dip in productivity as employees take time off or become distracted during major matches or events. Some businesses adopt flexible working hours or set up viewing areas to maintain their employees’ morale and engagement. However, it may be worth reviewing your holiday policies. Managing employee holidays can be a bit of [...]

Figures released by the Office for National Statistics (ONS) show that the UK economy grew by 0.7% between January and March. This is higher than the initial estimate of 0.6%, indicating a stronger-than-expected emergence from recession. These figures position the UK as the fastest-growing economy among the G7 in the first quarter of 2024. This quarter's growth is also the highest since 2021, suggesting a positive outlook for the economy in the coming months. Increases in GDP are viewed positively as they usually indicate higher spending, leading to desirable outcomes such as job creation, better pay rises for workers, and [...]

The election results are in, and the Labour Party has won the mandate to form a new parliament. What could this mean for the taxes you pay? Will there be an emergency budget? Labour is expected to outline their initial plans in an 'emergency' budget, likely not before September or October, as the Office of Budget Responsibility (OBR) requires 10 weeks to prepare independent forecasts on the plans. While further details will emerge over the coming weeks, here's a review of what looks likely in the main tax areas based on their manifesto: Income tax changes No increase in income [...]

The Welsh Government is excited to announce a significant milestone in its mission to increase the number of employee-owned businesses in Wales. The number of such businesses has doubled, reaching 74, almost two years ahead of their 2026 target. This initiative not only aims to keep Welsh businesses in Welsh hands but also fosters a sense of ownership and commitment among employees. If you're considering whether employee ownership could be a suitable model for your business, here are some key points to consider: Benefits of Employee Ownership For businesses contemplating a shift to employee ownership, the benefits are numerous: Enhanced [...]

The Institute of Chartered Accountants in England and Wales (ICAEW) has reported that HM Revenue and Customs (HMRC) are contacting taxpayers they believe may have overclaimed Business Asset Disposal Relief (BADR). What is Business Asset Disposal Relief (BADR)? BADR, formerly known as entrepreneur’s relief, is a tax relief designed to encourage business owners to sell or dispose of their business assets by offering a reduced rate of capital gains tax. However, there is a lifetime limit on the amount of gains that can qualify for BADR. As of 2024, this limit is £1 million. Why are HMRC writing to taxpayers [...]

Following the Bank of England's decision to maintain the base rate at 5.25%, the Federation of Small Businesses (FSB) has voiced concerns about the negative effects on small business growth and investment. FSB National Chair Martin McTague commented on the decision, stating, “Yet again, the MPC has opted to stick instead of twist, a move that was widely predicted but which is no less disappointing for it. The high plateau rates we are currently stuck at are now undermining growth as small firms struggle to access affordable finance to help them expand.” McTague emphasised that although inflation is now back [...]