HLAS

As accountants, we often receive inquiries about the financial and tax implications of purchasing a second home. Whether you're drawn to a countryside retreat, a seaside escape, or considering an investment opportunity, there are several crucial factors to consider before making your decision. Costs of Buying a Second Home Aside from the purchase price, various additional costs can impact your decision to buy a second home: Stamp Duty Land Tax (SDLT): For second homes, there is an extra 3% surcharge on top of the regular SDLT rates. Council Tax: From April 2025, councils in England may charge up to 100% [...]

Female entrepreneurs in the UK now have access to a new resource hub designed to help them secure the finance needed to start, grow, and scale their businesses. This comprehensive hub serves as a one-stop shop, offering essential resources and information. To simplify the process of finding a finance partner, the hub features a ‘Find a Finance Provider’ tool. This tool includes options such as business incubators, accelerators, and venture capitalists. Additionally, the hub helps connect users with networks and mentors to further support their entrepreneurial journey. According to the Rose Review published in March 2019, £250 billion could be [...]

The latest labour market report from the Office for National Statistics highlights several important trends that may affect your business. Firstly, the job market appears to be cooling down. There are fewer job openings now, indicating that businesses aren't hiring as aggressively as before. Additionally, the unemployment rate has increased to 4.4%, higher than last year. Regarding employment, the data presents a mixed picture. Recent surveys and tax data show a slight drop in the number of jobs. However, since December 2023, there has been an overall increase of 431,000 jobs, suggesting long-term growth despite recent declines. Interestingly, the rate [...]

Recent research by Shawbrook Bank reveals that half of small business owners have had to dip into their savings to fund their businesses. The survey indicated that small businesses applying for finance from lenders over the past year found it insufficient for their needs. Consequently, they resorted to using savings and credit cards to secure the necessary funds for growth. For small businesses, financial constraints often hinder growth, whether it's for investing in new equipment, expanding operations, or hiring additional staff. Access to the right funding is crucial. Here are some viable options available to small businesses: Traditional Bank Loans: [...]

The UK government has launched a new initiative to enhance fish stock sustainability by implementing Remote Electronic Monitoring (REM) technology in English waters. This cutting-edge technology includes cameras, gear sensors, and GPS units to ensure precise recording of catches and prevent the unlawful discarding of fish. The data collected will help manage fish stocks sustainably and boost confidence in the sustainability of UK fish among retailers and consumers. Starting this summer, volunteers from five priority fisheries will begin using REM systems. Their feedback will refine the UK’s monitoring objectives and ensure the technology is effective for fishers. Once these objectives [...]

In today's digital age, managing the multitude of passwords required for our personal and work lives can be challenging. The National Cyber Security Centre (NCSC) has recommended the three random words method as an effective strategy to address this issue. This method involves selecting three random words and combining them into a single password, such as "paperhumbleconnect." While weak passwords can be easily cracked, longer and more unique passwords are much harder for cybercriminals to decipher. Although there has been much advice over the years about creating complex passwords with random letters, numbers, and symbols, such passwords are often impractical [...]

The Bank of Canada announced a reduction of a quarter of a percentage point to its key interest rate last week, bringing it down to 4.75%. This move makes Canada the first country in the G-7 to lower rates following recent global trends of increasing rates to combat inflation. Since March 2022, Canada has been raising rates to address inflation concerns. The Bank of Canada expressed confidence that inflation is moving towards its target of 2%, prompting the decision to cut the rate. Economists predict that this could initiate a trend among G-7 economies to reduce interest rates, which would [...]

The Charity Commission has recently concluded its regulatory compliance case involving the Actors’ Benevolent Fund, drawing out important lessons for all charities. This case, initiated in February 2022, stemmed from concerns about the Fund's governance and financial controls. Significant disagreements about trustee appointments and removals disrupted the charity and its ability to fulfill its aims. As a result, the Charity Commission advises all charity trustees to consider how to prevent disputes over trusteeship and, if they do arise, how to handle them while minimizing their impact on the charity. Key Recommendations for Trustees: Review Governing Documents: Ensure the charity’s governing [...]

How General Elections Impact Your Business: Key Insights The news is currently dominated by reports on the general election, to the point where you might feel overwhelmed and tempted to tune out! We aim to remain neutral and avoid promoting any particular party's views. However, regardless of the outcome, a general election is a significant event that can shape a country's economic landscape. For your business, these elections bring about a period of uncertainty and potential change. Here are some factors to watch out for to help you prepare for potential changes: Economic Policies and Regulation General elections directly impact [...]

The Fisheries and Seafood Scheme (FaSS) has reopened for grant applications, with an additional £2 million available to support England’s seafood sector. Administered by the Marine Management Organisation (MMO) on behalf of Defra, the scheme aims to assist the fisheries and seafood sector in various ways, including improving the health and safety of fishing crews, enhancing the value and quality of fisheries products, making vessels more energy-efficient, mitigating climate change, and fostering innovations that support the sector's longevity and diversification. Since its inception in May 2021, FaSS has awarded over £27 million to more than 1,300 fisheries projects in England. [...]