HLAS

The recently released Insolvency Service's 2023-24 Annual Report and Accounts provides insightful information on the agency's efforts in addressing Covid loan abuse. According to the report, 831 directors have been disqualified for misusing Covid loans. Additionally, 22 criminal prosecutions have been carried out, and nearly £3 million has been recovered for the taxpayer. The report also highlights broader enforcement activities. In total, 1,222 directors were disqualified for various forms of misconduct. During the year, 139 live company investigations were conducted, and 45 companies were ordered to wind up for acting against the public interest. The Insolvency Service successfully returned nearly [...]

The Chancellor, Rachel Reeves, has announced a comprehensive review designed to enhance pension investments, increase pension pots, and minimise waste within the pensions system. This review, spotlighted in the King's Speech, confirms a new Pensions Bill that could bring significant benefits to UK pensioners and the wider economy. Here’s an analysis of what the review might entail: Key Highlights of the Pensions Review Boost to Pension Pots: The proposed Pensions Bill has the potential to augment pension pots by over £11,000 for savers in defined contribution schemes. The bill also advocates for further consolidation and diversified investment strategies to yield [...]

The National Cyber Security Centre (NCSC) has updated their guidance on safe online shopping and payments. With online shopping becoming a regular part of our daily lives, both for personal and business use, it's crucial to follow best practices to stay secure. Here are some key tips from the NCSC to help you shop safely online: Check the shop’s legitimacy Criminals often send emails or texts with links to fake shops that mimic legitimate websites, including logos and convincing web addresses. To avoid falling victim to these scams, never click on links from emails unless you are absolutely certain of [...]

Dealing with HM Revenue & Customs (HMRC) can sometimes be challenging. Issues such as long wait times, incorrect refund amounts, errors in tax codes, and other problems can lead to frustration. Recently, there has been a noticeable decline in HMRC’s service standards, but did you know you can actually lodge a complaint and potentially receive compensation? What are your rights? HMRC operates under a Charter that outlines the standards of service you should expect. They commit to accuracy, ease of service, responsiveness, fairness, awareness of your personal circumstances, respecting your choice to have someone else manage your affairs, and data [...]

The Intellectual Property Office (IPO) is celebrating the submission of the first patent application through its new fully digital ‘One IPO’ patents service. This initiative aims to offer a more streamlined and efficient process. Additionally, the IPO is implementing a new AI-powered patent allocation tool, which ensures that patent applications are directed to the appropriate team within seconds, compared to the previous 14-day timeframe. The new patents service is expected to launch to the public in early 2025, with a new service for trademarks, designs, and IPO tribunals scheduled for 2026. In the meantime, the IPO is seeking more participants [...]

The London Borough of Hackney (LBoH) has been reprimanded by the Information Commissioner’s Office (ICO) following a cyber attack in October 2020. The breach, which saw hackers access and encrypt 440,000 files, disrupted services for months and exposed sensitive data. LBoH acknowledged that the attack “posed a meaningful risk of harm” to 230 data subjects. LBoH has taken remedial steps since the attack, and due to their positive actions, the ICO has decided to issue a reprimand rather than impose a fine. However, there are several lessons businesses can learn from this breach to protect their own digital assets and [...]

The Office of National Statistics has released the latest inflation figures for June, and the good news is that the Consumer Prices Index (CPI) has remained steady at 2.0%. The largest upward contribution to inflation came from restaurants and hotels, where hotel prices, in particular, have increased compared to a year ago. Taylor Swift’s Eras tour in the UK may have played a role in this. The largest downward contribution came from clothing and footwear, as the prices of garments have fallen since last year. Attention now turns to the potential impact on interest rate policy. The Bank of England [...]

Last week, King Charles delivered the King's Speech at the State Opening of Parliament. This annual address outlines the government’s plans and priorities for the coming year and sets out the legislation that ministers aim to pass. While the speech is delivered by the King, it is drafted by the government. The speech mentioned 40 new pieces of legislation that could directly impact businesses and the financial security of individuals. Here are some highlights: Economic Outlook The government aims to bring about economic stability through the Budget Responsibility Bill, which will allow the Office of Budget Responsibility (OBR) to independently [...]

The new Chancellor of the Exchequer, Rachel Reeves, delivered her inaugural speech last week, outlining her plans to revitalise the UK economy. While her address was predictably political, containing criticism of the previous government and highlighting her own initiatives, it also revealed key elements of her tax strategy. Here’s a summary and analysis of what these plans could mean for you. Economic Growth and Stability The Chancellor underscored that sustained economic growth is crucial for enhancing living standards and prosperity in the UK. She prioritised economic stability, pledging to keep taxes, inflation, and mortgage rates as low as possible. For [...]

HM Revenue & Customs (HMRC) has introduced a new tool designed to assist businesses in understanding the implications of VAT registration. VAT Registration Criteria VAT registration becomes mandatory if: Your total taxable turnover exceeds £90,000 over the previous 12 months. You expect your taxable turnover to exceed £90,000 in the next 30 days. You are based outside the UK and supply goods and services to the UK. Taxable turnover refers to the total value of everything you sell, excluding items exempt from VAT. Voluntary VAT Registration Businesses can also voluntarily register for VAT even if their annual taxable turnover is [...]