HLAS

Traditional approaches to work and earning an income are evolving, and with the cost of living continually rising, many people are now looking for ways to make some extra cash outside of their main job. If that applies to you, you may be wondering whether you need to pay tax on those earnings. HM Revenue & Customs (HMRC) has launched a new campaign aimed at clarifying whether you need to inform them about your side hustle earnings to avoid any unexpected surprises. The guidance explores five different types of side hustle. Here, we briefly review them and outline what you [...]

Pemberton Timber Frame Ltd, based in Kent, has been fined and ordered to pay costs following an avoidable injury to one of its workers. The company manufactures timber frame structures for the construction industry. One of its workers was operating a panel saw and was asked to perform a rip cut on a length of timber, meaning he needed to cut down its thickness. This required him to pass the timber through the panel saw multiple times because the timber was too thick for the blade to cut in a single pass. He successfully completed the first cut, but on [...]

February saw new changes come into force for the alcohol industry, particularly impacting winemakers. A temporary easement had been in place for wines with an alcohol by volume (abv) between 11.5% and 14.5%, treating them as if their abv were 12.5%. It was announced in the 2024 Autumn Budget that this easement would end on 1 February 2025. While there have been calls to make the easement permanent, the government has confirmed that it will end as scheduled. This means that the wine duty will now be based on the actual alcoholic strength of the wine. The duty rate will [...]

Legislation was laid before Parliament last week confirming that the new National Living Wage and new Minimum Wage rates will take effect from 1 April 2025. While many businesses are feeling and have expressed concern about the increases, the sight of the legislation suggests that no reprieve is in sight. As a reminder, the National Living Wage will increase to £12.21 from 1 April. This is a 6.7% increase and will be worth £1,400 a year to an eligible full-time worker. The National Minimum Wage for 18-20 year olds will increase to £10.00 an hour. For an eligible full-time worker, [...]

Following the recent storms and heavy rainfall, the government has announced a £2.65 billion investment over the next two years to build, maintain, and repair flood defences. With extreme weather events becoming more frequent, flood defences are increasingly vital to protect both homes and businesses. The funding will also help safeguard farmland, which has been severely impacted by the recent storms. Environment Agency Chair Alan Lovell stated: “The impact of flooding on our communities will only intensify as climate change leads to more extreme weather, like Storms Bert, Conall, and Eowyn.” He also reaffirmed his commitment to delivering the critical [...]

The Charity Commission has issued a reminder to large, incorporated charities about upcoming changes to the law regarding fraud prevention. A new offence of failing to prevent fraud will come into force on 1 September 2025 for all large organisations, including charities. Who does this apply to?This new offence, introduced by the Economic Crime and Corporate Transparency Act 2023, will affect large, incorporated charities that meet at least two of the following three criteria:• More than 250 employees.• More than £36m of income.• More than £18m in total assets. What is the change?Under the new law, if an employee, agent, [...]

When it comes to disposing of computer equipment, how can you ensure that any storage media – such as hard drives, SSDs, flash drives, and similar devices – cannot be accessed by unauthorised users or have the data recovered? Nowadays, virtually every electronic device contains some form of storage media. The National Cyber Security Centre (NCSC) reports that even decommissioned photocopiers and printers have been found to contain gigabytes of sensitive documents that were retrievable. The NCSC has updated and republished guidance on how to properly sanitise and dispose of storage media. Here’s a brief overview of the key points: [...]

HM Revenue and Customs (HMRC) have announced that 37,000 individuals have filled gaps in their National Insurance (NI) record since last April, thereby increasing the amount of State Pension they will receive upon reaching retirement age. The State Pension you will receive depends on the number of completed years in your NI record. Currently, you can review your record going back to 2006, and if there are any gaps, you can contribute to fill them and ensure you maximise your State Pension entitlement. However, time is running out to do this. From 6 April 2025, you will only be able [...]

The Bank of England reduced their base rate to 4.5% last week, as had been widely expected in the days leading up to the decision. The decision was made by a 7-2 majority. The minority of two members were looking for the rate to be reduced to 4.25%. In announcing their decision, the Monetary Policy Committee (MPC) outlined their thoughts on the economy. Here are some highlights. Inflation forecasts The Consumer Price Index (CPI) was 2.5% for the last quarter of 2024. The Bank expects CPI inflation to increase to 3.7% by autumn 2025 due to higher global energy costs [...]

Starting a business in the UK is an exciting venture, but it also comes with a range of financial, tax, and accounting responsibilities that need to be managed effectively. Understanding what needs to be done from the start will help ensure you don’t miss anything, avoid unnecessary costs, and position your new business for long-term success. Here are some key areas to focus on: 1. Choosing the Right Business StructureOne of the first steps in setting up your business is choosing the right legal structure. The three main options in the UK are:• Sole Trader – Simple to set up, [...]