HLAS

HM Treasury has confirmed that the Chancellor will be hosting a series of Industry Forums in January and February with the aim of seeking views about the best way to deliver long-term in the sector and across the country. Financial services have been identified as a key growth-driving sector in the government’s Modern Industrial Strategy. The Industry Forums will help to make sure that the key issues that matter most in the financial services industry are considered as part of the government’s upcoming Financial Services Growth and Competitiveness Strategy. The forums will be chaired by the Chancellor and the Economic [...]

As the UK tax year-end approaches on 5 April, now is a great time to review your business finances and explore tax planning opportunities, especially if you're self-employed. Effective tax planning can help reduce tax liabilities, improve cash flow, and strengthen your financial position. Here are some areas to consider: Capital allowances A key area to review is capital allowances. If your business has invested in equipment, vehicles, or machinery, you may qualify for tax relief under the Annual Investment Allowance. Taking a closer look at these purchases before the tax year-end ensures you don’t miss out on valuable deductions. [...]

A new scheme administrator to help businesses reduce packaging usage was introduced last week. PackUK (known as PecynUK in Wales) will also encourage the adoption of more sustainable packaging alternatives. As part of the UK’s four-nation Extended Producer Responsibility for Packaging (pEPR) scheme, PackUK will implement the ‘polluter pays’ principle. This will shift the responsibility of managing household packaging waste from taxpayers and local authorities to businesses that use and supply packaging. PackUK will be responsible for setting and raising pEPR fees for affected businesses. Additionally, it will make packaging waste disposal payments to local authorities in exchange for improved [...]

There are just a few days remaining to file your 2023-24 tax returns before the 31 January deadline. Missing the deadline could result in penalties, as well as interest on any tax paid late. If you're self-employed and usually handle your own tax return, you may notice that the 2023/24 return includes additional entries due to basis period reform. This could also lead to extra tax to pay. If you need assistance with your tax return, please don’t hesitate to get in touch. We’re more than happy to help!

A report released by the Public Accounts Committee (PAC) has raised further concerns about HM Revenue & Customs’ (HMRC) phone service. It revealed that nearly 44,000 customers were cut off without warning after waiting on hold for more than an hour during the first 11 months of last year. Having previously criticised HMRC’s phone service, the committee found that it had worsened since its last report. The PAC stated that HMRC’s service had “damaged trust in the tax system” as a result. Geoffrey Clifton-Brown MP, the chair of the PAC, has suggested that HMRC might be deliberately degrading the service [...]

Starting from 31 January 2025, entry summary declarations will be required for goods imported into Great Britain (GB) from the EU. This extends the existing requirement for entry summary declarations on imports from non-EU countries and exit summary declarations for exports to the EU. To support businesses, HM Revenue and Customs (HMRC) is reducing the amount of safety and security data required. There will now be 20 mandatory fields that must always be completed, along with 8 conditional fields and a further 9 optional fields. If you already submit safety and security declarations, HMRC advises that you don’t need to [...]

Recent economic developments have sparked concerns among UK businesses. Government borrowing costs surged in December to their highest levels in four years, and this has drawn heavy criticism of the Chancellor’s fiscal strategy. The BBC reported that the gap between government spending and tax revenue widened to £17.8 billion in December, compared with £10.1 billion a year earlier. This was notably higher than the Office for Budget Responsibility (OBR)’s forecast of £14.6 billion. Adding to this, interest on government debt reached £8.3 billion in December, the third highest on record for the month since 1997. While yields on 10-year gilts [...]

Small businesses across the UK are invited to enter the Department for Business and Trade’s (DBT) Made in the UK, Sold to the World Awards, which celebrate exceptional achievements in international trade. The awards are open for entries until 9 March and provide a platform for SMEs to showcase their success in exporting British goods and services across the globe. Why enter the awards?  In short, winning or being highly commended in one of the award categories can offer opportunities to expand your business’ reach and elevate your brand. Previous winners Intralink, who won in the Consultancy & Professional Services [...]

The UK Government has unveiled a £7 million funding initiative to help small businesses boost productivity and efficiency through the adoption of artificial intelligence (AI). This funding, allocated across 120 projects, is part of the Innovate UK BridgeAI programme under the UK Research and Innovation (UKRI) Technology Missions Fund. The initiative aims to leverage AI technology to tackle real-world challenges and drive economic growth in sectors such as agriculture, transport, construction, and beyond. Key highlights from the announcement AI-powered projects receiving support include: Agriculture: Development of AI models to help farmers optimise yields, such as improving dairy production from cows [...]

The new digital markets competition regime came into effect on 1 January 2025, and the Competition and Markets Authority (CMA) has already launched its first investigation into Google under its newly granted powers. Under this regime, the CMA has the authority to designate certain businesses as having Strategic Market Status (SMS)for specific digital activities. Once a company is designated, the CMA can impose conduct requirements or recommend pro-competition interventions to benefit UK consumers and businesses. CMA’s first SMS investigation: Google The designation process can only occur following an investigation. The CMA has confirmed that its initial SMS investigation will focus [...]