HLAS

The Institute for Fiscal Studies (IFS) estimates that implementing VAT on private schools could generate annual revenues of £1.6 billion, according to Labour, who propose using these funds to support an additional 6,500 teachers. Many parents have inquired about strategies to mitigate the potential 20% increase in private school fees. However, the actual cost increase for parents may not equate to a full 20% due to schools reclaiming input tax on overheads and property maintenance. This could offset a lower cost base against slightly higher term fees. One potential approach involves pre-paying term fees in advance, often covering multiple years [...]

Both the Conservative and Labour parties have committed not to increase income tax, national insurance, or VAT. However, Labour plans to introduce VAT on private school fees as part of their taxation strategy. Both parties also emphasize cracking down on tax avoidance and evasion to fund their respective spending plans. Additionally, they anticipate increased tax revenues by removing the remittance basis for non-Doms, although Labour intends to refine the Conservative approach to close existing loopholes. One unique tax proposal from the Conservatives is to align the personal allowance for pensioners with the State Pension triple lock, ensuring that no State [...]

Meta, the company behind Facebook and Instagram, had plans to use user data from these platforms to train generative AI. The Information Commissioner’s Office (ICO) shared concerns from UK users with Meta. In response, Meta has decided to pause and review their plans. The ICO stated: “In order to get the most out of generative AI and the opportunities it brings, it is crucial that the public can trust that their privacy rights will be respected from the outset.” The ICO confirmed that they will continue to monitor major generative AI developers to ensure they have appropriate safeguards in place [...]

The Health and Safety Executive (HSE) has announced a £1.34 million fine for Openreach following an investigation into the tragic death of an engineer. Alun Owen, from Bethesda, died while attempting to repair a telephone line spanning the River Aber in Abergwyngregyn. Several engineers had been working to repair telephone lines in the area over a two-month period, operating both near and in the river. Due to flooding at the time of the incident, the river's water level was significantly higher and its flow much faster than usual. Mr. Owen had entered the river, reaching an island in the middle [...]

Parents of children aged between 16 and 19 years of age and continuing their education or training after their GCSEs can extend the Child Benefit they receive. If this is true for you, then HM Revenue & Customs (HMRC) should be in the process of writing to remind you about this. On their letter, it will include a QR code. If you scan this and follow the link, you will be directed to a page on GOV.UK that will allow you to easily update your claim. You should receive this letter by 17 July. If for some reason, you have [...]

Last week, the UK finalised a deal with Norway and the Faroe Islands aimed at reducing fishing pressure on mackerel. The agreement allows Norway and the Faroe Islands to fish a portion of their quota within the UK zone. In return, an annual transfer of some of their quota will be allocated to the UK. This deal is expected to pave the way for a more sustainable long-term quota-sharing arrangement among the nations fishing in these waters. For more details, visit: https://www.gov.uk/government/news/uk-agrees-deals-on-mackerel-fishing-with-norway-and-the-faroe-islands

The Valuation Office Agency (VOA) has issued a warning about false claims being made about the deadline for appealing the 2023 list for business rates. Some are claiming that the deadline is 30 June, however this is not true. Generally, you are able to appeal your property valuation on the 2023 list at any time until March 2026. If an agent contacts you trying to pressure you to make a decision or sign a contract; makes claims about ‘unclaimed credits’; says they are acting on behalf of the VOA; or demands large sums of money upfront, then VOA advise you [...]

On 1 October 2024, the Employment (Allocation of Tips) Act 2023 will come into effect, introducing significant changes to how tips are managed and distributed in the hospitality industry. This legislation aims to improve fairness by mandating that all tips, gratuities, and service charges are allocated fairly among employees. The new rules address longstanding concerns about the retention and distribution of tips by employers, ensuring transparency and fairness. Summary of the New Rules Fair Distribution: Employers must distribute all tips, gratuities, and service charges fairly and equitably among workers. This includes both cash and card tips. The distribution has to [...]

Figures released by the Office of National Statistics show that the Consumer Prices Index (CPI) for May 2024 was 2%. This is a reduction from the 2.3% assessed in April and means that inflation has hit the Bank of England’s target rate for the first time in nearly 3 years. The main reason for the drop is food, where prices are falling now but were rising a year ago. However, it is worth noting that food prices are generally still 25% higher than they were at the beginning of 2022. The main upward pressure on inflation currently is coming from [...]

As a business owner, you’ll likely be wondering how the upcoming general election on 4 July 2024 is likely to affect your business. A new government can mean significant legislative changes and tax upheavals that can impact your business operations and financial planning. The parties have issued their manifestos, so let’s break down what they’ve said about tax. What Labour and the Conservatives have said about tax Here is a comparison table of what Labour and the Conservatives say in their manifestos about tax.   LABOUR CONSERVATIVE Taxes     Income Tax     Comparison: Same/similar The basic, higher and [...]