HLAS

The Institute of Directors (IoD) has released a consultation document proposing a new voluntary code of conduct for directors. This initiative aims to help directors and business leaders enhance public trust in their business practices as a response to recent corporate scandals like the Post Office case, which have significantly eroded public confidence in business leadership. The code of conduct revolves around six fundamental principles: leading by example, integrity, transparency, accountability, fairness, and responsible business. Given that the code is voluntary and lacks enforcement mechanisms, there are concerns about its effectiveness and the level of adoption it will achieve. The [...]

The National Cyber Security Centre (NCSC) offers an online tool called 'Exercise in a Box' to help businesses assess their resilience to cyber attacks and practice their responses in a secure environment. This tool provides various exercises that you can perform at your convenience, as many times as needed. These exercises include: A ransomware attack delivered via phishing email Mobile phone theft and response Attacks originating from an unknown Wi-Fi network Insider threats leading to data breaches Compromises through third-party software Threatened leaks of sensitive data Home and remote working scenarios Managing a vulnerability disclosure Additionally, micro-exercises cover topics such [...]

When a holding company sells shares in a subsidiary, any VAT incurred on professional fees is typically unrecoverable because share sales are considered exempt supplies. Recently, a hotel group argued that the sale of a subsidiary was directly linked to financing the completion of a new hotel construction. They contended that VAT on professional fees was a general overhead of their business and should be recoverable as input tax. The Tax Tribunals initially supported this argument, prompting many other groups to file protective claims for VAT recovery based on this precedent. However, the Court of Appeal has now ruled in [...]

If you have children under 12 attending nursery, after-school clubs, playschemes, or with a childminder, or if you're considering summer camps, consider opening a tax-free childcare account. The government boosts your savings in the account by 25%, up to £2,000 per child annually (or more for disabled children). For instance, £8,000 saved is topped up to £10,000. Funds in the account are used to pay registered childcare providers approved by Ofsted. Contributions aren't limited to parents; relatives like uncles, aunts, grandparents, and others can also contribute. The government has observed that many eligible families haven't yet opened accounts, so employers [...]

As noted in the calendar of key tax deadlines, form P11D must be submitted online by 6 July to report benefits provided to employees and directors. Common benefits include company cars, private healthcare, and loans at less than the HMRC official rate of interest of 2.25%. For company cars, it's important to note that an additional taxable benefit may apply if private fuel is provided. However, this additional tax is waived if the private fuel for the tax year 2023/24 is fully reimbursed by the employee before 6 July 2024. It's also worth mentioning that no taxable benefit or entry [...]

The Institute for Fiscal Studies (IFS) estimates that implementing VAT on private schools could generate annual revenues of £1.6 billion, according to Labour, who propose using these funds to support an additional 6,500 teachers. Many parents have inquired about strategies to mitigate the potential 20% increase in private school fees. However, the actual cost increase for parents may not equate to a full 20% due to schools reclaiming input tax on overheads and property maintenance. This could offset a lower cost base against slightly higher term fees. One potential approach involves pre-paying term fees in advance, often covering multiple years [...]

Both the Conservative and Labour parties have committed not to increase income tax, national insurance, or VAT. However, Labour plans to introduce VAT on private school fees as part of their taxation strategy. Both parties also emphasize cracking down on tax avoidance and evasion to fund their respective spending plans. Additionally, they anticipate increased tax revenues by removing the remittance basis for non-Doms, although Labour intends to refine the Conservative approach to close existing loopholes. One unique tax proposal from the Conservatives is to align the personal allowance for pensioners with the State Pension triple lock, ensuring that no State [...]

Meta, the company behind Facebook and Instagram, had plans to use user data from these platforms to train generative AI. The Information Commissioner’s Office (ICO) shared concerns from UK users with Meta. In response, Meta has decided to pause and review their plans. The ICO stated: “In order to get the most out of generative AI and the opportunities it brings, it is crucial that the public can trust that their privacy rights will be respected from the outset.” The ICO confirmed that they will continue to monitor major generative AI developers to ensure they have appropriate safeguards in place [...]

The Health and Safety Executive (HSE) has announced a £1.34 million fine for Openreach following an investigation into the tragic death of an engineer. Alun Owen, from Bethesda, died while attempting to repair a telephone line spanning the River Aber in Abergwyngregyn. Several engineers had been working to repair telephone lines in the area over a two-month period, operating both near and in the river. Due to flooding at the time of the incident, the river's water level was significantly higher and its flow much faster than usual. Mr. Owen had entered the river, reaching an island in the middle [...]

Parents of children aged between 16 and 19 years of age and continuing their education or training after their GCSEs can extend the Child Benefit they receive. If this is true for you, then HM Revenue & Customs (HMRC) should be in the process of writing to remind you about this. On their letter, it will include a QR code. If you scan this and follow the link, you will be directed to a page on GOV.UK that will allow you to easily update your claim. You should receive this letter by 17 July. If for some reason, you have [...]