HLAS

The annual self-assessment tax return deadline has now passed, and for many business owners, it may have been a frantic rush to gather documents, double-check figures, and ensure everything was submitted and paid on time. If that sounds familiar, you weren’t alone! HM Revenue and Customs reported that 3.4 million taxpayers—almost a third—had yet to submit their tax return in the final week before the deadline. The stress of last-minute filing may have left you determined to be better prepared next time. The good news is that with proactive planning, next year’s tax return can be a far smoother process. [...]

Severe weather can be an enormous challenge for businesses, and we have seen plenty of it recently. Power outages, property damage, and forced downtime are not just disruptions—they can feel like setbacks that threaten months or years of hard work. If your business has been affected by recent storms, you are not alone, and it’s important to remember that resilience is built in moments like these. While you may already be taking steps to recover and regroup, this article is here to offer encouragement, practical ideas, and a reminder of your strength as you navigate this difficult time. Acknowledge what [...]

The Chancellor of the Exchequer, Rachel Reeves, delivered a speech last week outlining the government’s latest plans for driving economic growth. The strategy largely focuses on development projects around Oxford and Cambridge, as well as progressing plans for a third runway at Heathrow. Below are some of the key highlights from the speech. Oxford and Cambridge Growth Corridor The Chancellor emphasised the potential for economic growth in the area between Oxford and Cambridge, suggesting it could become Europe’s answer to Silicon Valley. However, slow transport links and a shortage of affordable housing have been identified as barriers to realising this [...]

In 2024, we saw numerous legal cases scrutinising the VAT rating of food and drink, and it looks like this trend is set to continue into 2025! The VAT treatment of food and drink has long been a contentious issue, but in the case of Global By Nature Ltd v HMRC (TC09396), we see the first instance of a tribunal or court examining VAT law specifically in relation to ‘sports drinks’. Under VAT legislation, food and drink (excluding catering) can generally be zero-rated, but there is an extensive list of exceptions that are subject to VAT at 20%. One such [...]

It is possible to claim Income Tax relief on eligible employment expenses that have not been reimbursed by your employer. If you file a self assessment tax return, relief must be claimed on the employment pages, but for employees who do not file a self assessment, it is possible to claim tax relief using an online form (P87). This follows a period during which HMRC had temporarily suspended the online form process due to a high number of ineligible claims being made. When making a claim it will be necessary to provide evidence of the expenses incurred. Expenses on which [...]

HMRC has issued new guidance on a change in the interpretation of how Double-Cab Pickup (DCPU) vehicles should be classified for car benefit, capital allowances, and certain deductions from business profits. Previously, HMRC accepted that if a DCPU had a payload of 1 tonne or more, it was classified as a goods vehicle rather than a car, making it eligible for beneficial capital allowances and favourable benefit-in-kind treatment. Following the government’s announcement in the Autumn Budget 2024, from April 2025 (1st for companies, 6th for individuals), HMRC will no longer apply the payload test. Instead, the classification will be based [...]

With the tax/financial year end approaching, now is a good time to check that you’re making the most of the available reliefs and allowances available to you. Please talk to us if you think any of the issues affect you. Savings If you have some spare cash, an obvious tax planning point might be to maximise your ISA allowances for the 2024/25 tax year (currently £20,000 per person). If you are 18 or over, but under 40, you can open a Lifetime ISA to save for your first home or retirement. You can put in up to £4,000 each year, [...]

A new agreement between the UK and Switzerland, announced last week, will make it easier for UK-qualified business professionals to work in Switzerland and vice versa. The agreement covers a wide range of professions, including lawyers, auditors, driving instructors, cabin crew, and anaesthesia associates. Professionals and businesses looking to supply services in regulated sectors abroad typically need their qualifications recognised by the destination country. This new deal is expected to provide a boost to UK-Swiss trade. Government statistics indicate that trade between the two countries is currently worth £46 billion annually, with professional and business services accounting for £8 billion. [...]

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. [...]