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So far Harris Lacey & Swain has created 1895 blog entries.

New Rules Aim to Curb Sudden Bank Account Closures

From April 2026, banks and payment service providers will be subject to stricter regulations on how and when they can close customer accounts. The new legislation aims to increase transparency and provide individuals and small businesses with greater notice and the ability to challenge decisions. Key Changes Include: Customers must be given a minimum of 90 days’ notice before an account is closed or a payment service is withdrawn—an increase from the current 60-day notice period. A written explanation must be provided, clearly outlining the reasons for the closure. This measure is designed to help customers challenge decisions, including escalating [...]

New Reforms Aim to Tackle the Growing Problem of Small Pension Pots

The government has announced plans to address the growing issue of small, forgotten pension pots - a problem affecting millions of workers who change jobs frequently and accumulate multiple small pensions over time. Currently, there are around 13 million small pension pots in the UK, each worth £1,000 or less. That number is growing by about one million a year. For savers, this means difficulty in keeping track of retirement savings and can mean paying multiple flat rate charges which leads to lower returns. Problems are caused for the pensions industry too; they estimate that the administrative costs of managing [...]

Low Value Import Rules Under Review – What It Could Mean for Small Importers and E-Commerce Sellers

The government has announced a formal review of the UK’s Low Value Imports regime, which currently allows goods valued at £135 or less to enter the country without customs duties. This move follows concerns raised by major UK retailers who argue that the current system gives an unfair edge to overseas sellers. For small businesses involved in cross-border e-commerce, drop-shipping, or using fulfilment centres based outside the UK, the review could result in substantial changes to how low-value goods are taxed at the border. What Is Under Review? The current regime was introduced to simplify international trade and reduce administrative [...]

Raft of tax administration measures announced: How will these affect businesses and employers?

James Murray, the Exchequer Secretary to the Treasury, made a Written Ministerial Statement last week that included a number of tax simplification, administration and reform measures. In total, 39 measures were announced. Many measures are intended to reduce burdens on employers and small businesses, whereas others are designed to modernise H M Revenue & Customs (HMRC) systems and processes. Here are five highlights included among the measures announced. Delay to payrolling benefits Mandatory payrolling of benefits in kind will now be delayed to April 2027 instead of April 2026. Payrolling benefits is a way to report and tax employee benefits [...]

AI Adoption on the Rise Among Small Businesses: A Boost for Productivity

According to new research, small and local businesses across the UK are increasingly embracing artificial intelligence (AI) tools to improve efficiency and streamline everyday operations. A study led by Professor Ross Brown of the University of St Andrews Business School found that SMEs using AI tools could achieve productivity gains of between 27% and 133%. Based on interviews with nearly 10,000 businesses conducted by the Department for Business and Trade, the findings suggest AI could play a significant role in helping small and medium sized businesses make productivity gains. Professor Brown explained, “AI potentially offers SMEs short cuts that provide [...]

What the Latest IMF Forecast Means for Business Owners

The International Monetary Fund (IMF) has predicted that the Bank of England could cut interest rates three more times this year, despite the UK facing higher-than-expected inflation. Inflation in the UK is now forecast to be 3.1% for 2025 - the highest among advanced economies - largely driven by higher utility and energy bills. However, the IMF believes this spike will be temporary, paving the way for further rate reductions. It expects inflation to fall back to 2.2% by 2026, close to the Bank of England’s long-term target. For business owners, potential rate cuts offer both opportunities and challenges: Lower [...]

Why Business Owners Must Stay Involved: Lessons from Elon Musk’s Recent Shift

Recent news concerning Elon Musk serves as a timely reminder for business owners about the risks associated with losing focus on their core operations. After Tesla reported a notable decline in profits and sales earlier this year, Musk announced he would "significantly" scale back his involvement in his US government role with the Department for Government Efficiency (DOGE), choosing to devote more of his attention back to Tesla. While the politics of Musk’s government role are not our focus, this situation highlights a crucial lesson: business owners must remain actively engaged with their businesses, particularly during challenging times. When leaders [...]

How Rejection Can Fuel Business Success

Nobody enjoys facing rejection. Whether it’s a declined loan application, missing out on a contract, or being turned down by an investor, rejection can hurt – particularly when you have poured your energy and passion into building your business. However, uncomfortable as it may be, rejection can often become a powerful driver of future success. In fact, many leading entrepreneurs credit their greatest breakthroughs to lessons learned when things didn’t go as planned. Here’s why rejection could prove to be one of the most valuable experiences on your business journey: 1. Rejection Promotes Reflection Experiencing rejection forces us to pause [...]

Cyber Governance: Why Boards Need to Take the Lead

In today’s business environment, digital technology is central to everyday operations. As a result, cyber security has evolved beyond being merely an IT concern – it is now a critical responsibility for business owners and board members alike. Effectively managing cyber risks is as vital as overseeing financial, legal, or operational risks. With increasingly complex supply chains and rapidly evolving cyber threats, strong cyber governance is now essential not only for resilience but also for ensuring business continuity and supporting sustainable growth. To assist organisations in strengthening their approach, the National Cyber Security Centre (NCSC), in collaboration with the Department [...]

MTD for Income Tax: Less Than a Year to Go

If you're a sole trader or landlord earning over £50,000 annually, a significant change is on the horizon. From 6 April 2026, you may be required to maintain digital business records and send quarterly updates to HM Revenue and Customs (HMRC) under the new Making Tax Digital (MTD) for Income Tax rules. This represents one of the most substantial changes to Self Assessment since its inception. While there are potential advantages, it will also bring considerable adjustments to the way you manage your finances. What’s Changing? Under MTD for Income Tax, individuals who meet the criteria will need to:• Keep [...]

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