HLAS

As accountants, we understand the importance of leveraging technology to drive efficiency and innovation in business operations. In this article we will introduce you to the concept of generative artificial intelligence (AI) and the transformative power it could have for your business. Now, you might be wondering, what exactly is generative AI? In simple terms, generative AI is a type of artificial intelligence that can create new content, such as images, text, or even music, based on patterns and examples it has learned from existing data. Think of it as a creative assistant that can help you generate new ideas, [...]

HM Revenue & Customs (HMRC) have confirmed that Child Benefit rates increased on 6 April 2024. A family with one child will now receive up to £1,331 a year and up to £881 a year for each additional child. Payments are made to families on a 4-weekly basis and paid directly into their bank account. Families with ongoing claims do not need to do anything as the payment amount will be automatically increased. Parents with newborn babies need to make a claim online to start receiving Child Benefit. Claims can only be backdated by a maximum of three months. See: [...]

Keeping your accounting records up to date can feel like a chore, but when your bookkeeping is kept up to date, you and your business can gain some significant benefits. Let’s review a few: Financial clarity Regular bookkeeping ensures that your business’ financial transactions are accurately recorded, categorised, and updated regularly. Having up-to-date information can give you insights into your business’ financial health and help you to make informed decisions about your business with confidence. Budgeting and planning By tracking your income and expenses, it will be much easier to develop a realistic budget, set your financial goals, and allocate [...]

As a result of a new UK-Australia Free Trade Agreement (FTA), UK artists will now be able to claim resale royalties when their art is resold in the Australian professional art market. Previously, UK artists have not received any royalties when their artwork was resold in Australia. However, under the new legislation, UK artists are now entitled to resale royalties in line with the Australian system. This is currently 5% of the sale price of artworks that are sold commercially for AUS$1,000 or more. Many UK artists rely on the Artist’s Resale Right (ARR) for an income stream. So, this [...]

The British Retail Consortium (BRC) has released figures showing that food price inflation in March has slowed to its lowest level since December 2021. Shop Price annual inflation dropped to 1.3% in March, compared with 2.2% in February. The Chief Executive of the British Retail Consortium, Helen Dickinson, said that “while Easter treats were more expensive than in previous years due to high global cocoa and sugar prices, retailers provided cracking deals on popular chocolates, which led to price falls compared to the previous month. Dairy prices also fell on the month as farmgate prices eased, and retailers worked hard [...]

The Health and Safety Executive (HSE) have reminded farmers to stay safe around livestock, not just for themselves and their workers, but also with walkers who may use public footpaths. Their Your Farm, Your Future campaign is aimed at improving safety on farms, and there is a focus on livestock in 2024. Statistics show that four workers were tragically killed following incidents on farms with animals in 2022/23. HSE also monitors incidents that involve cattle and walkers. Apparently, on average between one and two people each year are killed while using public rights of way, while others suffer serious injury. [...]

The Low Pay Commission (LPC) has published a report on the future of the National Minimum Wage beyond 2024. In recent years, the LPC has been setting the National Living Wage based on a target of two-thirds of median hourly earnings. The National Living Wage is now set to reach this target, and so the LPC is now reporting to the government with advice on what its next steps on National Minimum Wage could be. One of their recommendations is to reduce the difference between the youth and adult rates. From April 2024, the minimum age for National Living Wage [...]

HM Revenue & Customs have recently updated and clarified their guidance on training costs paid by the self-employed. The general rule for whether the cost of a training course can be deducted from your self-employed profits is that it must be incurred wholly and exclusively for the purposes of the trade being carried out by the business at the time that the training is undertaken. If you are self-employed, a training course that updates or provides expertise or knowledge in your existing business area will normally be deductible. This means that training on new skills or knowledge for you to [...]

The Health and Safety Executive (HSE), via their Working Minds campaign, has declared April Stress Awareness Month. Work-related stress is an important consideration for businesses since all employers have a legal duty to prevent work related stress to support good mental health in the workplace. Managing work-related stress doesn’t just help employees, it can help employers avoid the problems that stress brings with it: reduced productivity, sickness absence, or even having staff leave. The HSE are inviting employers to complete 5 steps, taking 1 a week over the 5 weeks of April. The 5 steps are: Reach out and have [...]

When in business, it’s not uncommon to be approached by another business with a view to you buying the business or entering a partnership deal. It might be a competitor that approaches you, or it could be a customer or supplier. Alternatively, you might identify a business that you would like to acquire as part of your own growth plans. What things should you consider before entering a deal to buy another business? In this article we will look at some of the key considerations. Financial assessment What is the financial health of the business you are looking to acquire? [...]