HLAS

Official figures released last week by the Office for National Statistics show that the Consumer Prices Index (CPI) dropped to 2.3% for the 12 months to April 2024. This is down from 3.2% for the 12 months to March 2024. The new energy price caps and resulting fall in gas and electricity prices were the main factors behind the decrease. However, rises in the price of petrol and diesel meant the rate did not fall as low as it might otherwise have done. A fall in the inflation rate doesn’t mean that prices generally are falling, but rather that they [...]

For businesses that run as a partnership, there often comes a time where you need to consider admitting a new partner into the partnership. Perhaps it’s a case of looking for someone who will pave the way for an existing partner to retire, maybe it’s a family business and there are plans to bring the next generation on board, or perhaps you have a key employee that brings value to the business and is looking to grow their role and status in the business. Whatever the reason, what are some of the things you should consider before admitting a new [...]

Recycling can be confusing, leaving people and businesses wondering what items can be recycled on bin day. So, a new common-sense approach has been announced to make bin day easier and more standard across the country. Councils will now be allowed to collect plastic, metal, glass, paper, and card in one bin in all circumstances. Food and garden waste can also be collected at the same time. This approach will keep things simpler for councils and other waste collectors. The government is also pushing for more frequent and comprehensive bin collections. Outside England, there is a trend towards three-weekly or [...]

Measures to support farmers and help the UK’s farming and food sector grow were announced last week by the government. The support package is designed to support domestic food production and boost innovation so that the sector can reach its full potential. A new blueprint A blueprint to grow the UK fruit and vegetable sector is included as part of the measures. This is a plan to increase the amount of fruit and vegetables produced in the UK. The blueprint includes plans for ensuring access to affordable and sustainable energy and water, cutting red tape so that glasshouses can be [...]

HM Treasury have published a press release pointing out that over £2 billion has been invested by leading tech firms in the UK in the space of just one week. Coreweave, the AI (artificial intelligence) firm, are investing £1 billion in the UK and have confirmed that their new European headquarters will be based in London. Siemens Healthineers have also announced an investment of £250 million to design and manufacture superconducting magnets for MRI scanners at a new facility in North Oxfordshire. This news follows Scale AI, the data infrastructure company for AI, announcing that it will locate its first [...]

Submitting export declarations through the Customs Declaration Service (CDS) becomes mandatory for all businesses on 4 June. CDS will replace the Customs Handling Import and Export Freight (CHIEF) on that date. Businesses that use a customs agent to submit their export declarations should check that their agent is ready for the change. If you make your own declarations rather than using an agent then you need to make sure that you have software in place that will work with the CDS system. HMRC are encouraging businesses that need help in migrating to CDS to get in touch with a customs [...]

The National Cyber Security Centre has joined forces with three major UK insurance associations to release new guidance designed to help reduce ransom payments made by victims of cyber crime. The guidance sets out best practice and gives recommendations that can help businesses and other organisations make informed decisions when they are faced with ransomware. Following this guidance should help to minimise disruption and the cost of an incident. Ransomware is popular with cyber criminals and the number of attacks on UK businesses continues to increase, making ransomware the key cyber threat facing UK businesses and organisations. Ransomware involves a [...]

While commenting on the GDP growth and what it indicates about the economy, the Prime Minister again drew attention to National Insurance. The article released by the Prime Minister’s Office noted that the progress in the economy has allowed them to bring down taxes, particularly the recent cuts in National Insurance. The article went on to say: “We think it’s unfair that workers pay two taxes on their income – income tax and National Insurance – when those who earn their income from other sources only pay income tax. That’s why we want to keep cutting National Insurance until it’s [...]

HM Revenue & Customs (HMRC) have released figures showing that 295,250 Self Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax returns early. Last year, 246,210 returns were filed in the opening week. Tax returns do not need to be filed until 31 January 2025, however filing early does bring advantages. You get more time to budget and plan for paying your tax bill as well as peace of mind from knowing an essential [...]

Data releases in recent weeks from the Office of National Statistics (ONS) coupled with Bank of England decisions might make recent news about the economy seem a bit confusing. Understanding how this news affects businesses is important so let’s break it down. Growth in the economy The latest reports show that the economy grew by 0.6% from January to March 2024, which is good news! It is a 0.9% increase from the previous quarter and means the recent recession seems to have reached its end – businesses generally are doing well. However, swings over a short period underscore the necessity [...]