HLAS

Chancellor Rachel Reeves addressed a meeting of EU finance ministers last week as part of the government’s efforts to deliver an economic reset with the EU. It marked the first time a UK Chancellor has attended such an event since the UK left the EU. The Chancellor discussed tackling shared challenges, including the war in Ukraine, promoting free trade as a driver of economic competitiveness, and strengthening bilateral economic partnerships. She emphasised her aim for a reset that would reduce trade barriers, create investment opportunities, and enable businesses in both the UK and EU countries to sell more effectively in [...]

British pork producers are celebrating a significant breakthrough as China’s Covid-era restrictions on UK unprocessed pork exports have been lifted. Industry estimates suggest this development could boost revenues by approximately £80 million, delivering substantial benefits to UK farmers and the wider economy. A Lucrative Market Reopens With restrictions now removed, British bangers and other premium pork products can once again be exported to China. Major UK producers have already been given the go-ahead to resume exports, enabling them to capitalise on opportunities in a market that purchased £180 million worth of pigmeat in 2023. China now has the potential to [...]

Those of us who rely on a morning coffee fix to kick-start the day may soon find it getting more expensive. Coffee prices on international commodity markets soared to their highest level on record last week. The price of Arabica beans, the most commonly used beans in global coffee production, rose to $3.44 a pound, marking an increase of more than 80% this year. Similarly, Robusta beans reached a fresh high in September. Coffee traders are now anticipating smaller crops due to extreme weather conditions in Brazil and Vietnam, two of the world’s largest coffee producers. Brazil experienced its worst [...]

HM Revenue and Customs (HMRC) have announced the launch of a new interactive online tool and clearer guidance for those who are already self-employed and those considering it. The new tool explains what records a self-employed person may need to keep, taxes that may apply to their business, and includes other useful information, such as how to pay a tax bill. HMRC’s new Set Up as a sole trader: step by step guide can help people who work for themselves understand the situations in which they may need to register as a sole trader and how they can do so. [...]

The UK Government has unveiled new measures to ensure online marketplaces and vape producers contribute fairly to the costs of recycling electrical waste. Circular Economy Minister, Mary Creagh, announced the plans last week, marking a significant step towards creating a circular economy and providing much-needed support for UK retailers. Levelling the playing field Currently, UK-based retailers shoulder most of the financial responsibility for recycling electrical items like toasters, hair curlers, and vapes. This has placed them at a disadvantage compared to online marketplaces, which often sidestep these costs. Under the new rules, online retailers will now be required to contribute [...]

With the holidays and the end of the year fast approaching, now is an excellent time to start planning your finances for the new year. For those who file Self Assessment tax returns, the thought of making a significant tax payment at the end of January 2025 may be causing some concern. Did you know that HM Revenue & Customs (HMRC) offers an option to spread the cost of your tax bill through their Time to Pay system? What is Time to Pay? Time to Pay is an HMRC service that allows taxpayers to spread the cost of their Self [...]

In the run up to the winter holidays, you may be considering taking on additional temporary staff to help with the workload. While these staff may only be with you for a short period, you still need to consider them for pension purposes each time you pay them. Staff need to be put into a pension scheme based on their ages and how much they earn. This applies to family members too. Generally, any staff that are aged between 22 and State Pension age and earn more than £192 a week or £833 a month, need to be put into [...]

Following Royal Assent of the new Passenger Railway Services (Public Ownership) Act 2024, the Transport Secretary has revealed that South Western Railway’s services will be the first to transfer into public ownership in May 2025. C2C will be transferred in July 2025, with Greater Anglia following in autumn 2025. The Department for Transport expects to transfer all passenger services that are currently being operated under contracts to public ownership within the next 3 years. The publicly run services will eventually be run by Great British Railways (GBR), a body that the government will set up, but initially will be handled [...]

In the runup to Small Business Saturday last week, a new Disability Finance Code was launched. Research indicates that if opportunities were improved for disabled founders, it could unlock an additional £230 billion for the UK economy in growth and jobs. Barclays, HSBC, Lloyds and NatWest have all signed up to this new scheme that is designed to help more disabled entrepreneurs get access to finance and support to start their own business. Joseph Williams, CEO and co-founder of small business Clu said: “When disabled entrepreneurs are given equal access to finance, society gains in ways that go far beyond [...]

New changes come into effect from January 2025 where online platforms, such as eBay and Airbnb, will start sharing some user sales and personal data with HM Revenue and Customs (HMRC). Although these reporting requirements have caused concern, HMRC have confirmed that there are no changes to the tax rules for someone selling unwanted possessions online. Angie MacDonald, who is HMRC’s Second Permanent Secretary and Deputy Chief Executive Officer, said: “We cannot be clearer – if you are not trading and just occasionally sell unwanted items online – there is no tax due.” HMRC have advised that anyone who sold [...]