HLAS

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 [...]

Making the leap from a technical expert to a business leader can be challenging. The Shott Scale Up Accelerator is a 12-month programme that aims to help senior decision-makers in high-growth engineering and tech SMEs develop the skills needed to scale their business to the next level. The programme is funded by the Department for Science, Innovation and Technology and Ian Shott, who is a highly successful entrepreneur looking to support a new generation of entrepreneurial engineers. Successful participants pay no costs for the programme. The programme includes leadership coaching and business mentoring, as well as access to an investor [...]

Are you ready to be at the forefront of shaping the future of mathematical sciences in the UK? An exciting opportunity has arisen with a government-launched competition to establish a new National Academy for Mathematical Sciences. This initiative aims to champion the immense value of maths, create future jobs, and turbocharge the UK economy. What’s on offer? The competition offers grant funding of up to £6 million over the next three years, and presents a significant opportunity for businesses and other organisations involved in education, research or related fields. This funding could support a wide range of projects and initiatives [...]

The artificial intelligence (AI) company, Wayve, has secured a $1.05 billion investment to develop the next generation of AI-powered self-driving vehicles. The British company will be using this investment to develop and launch the first “embodied AI” technology for self-driving vehicles in the UK. What is embodied AI? Embodied AI refers to artificial intelligence systems that are not only capable of processing information and making decisions but are also situated within and interacting with physical environments. Embodied AI in self-driving or automated vehicles means that the vehicle’s AI system will be able to interact with and learn from a real-world [...]

Figures published by the Office for National Statistics on 10 May 2024 show that the UK has officially exited recession. UK gross domestic product (GDP) is estimated to have increased by 0.6% in Quarter 1 (Jan to Mar) 2024, following declines of 0.3% in Quarter 4 (Oct to Dec) and 0.1% in Quarter 3 (July to Sept) 2023. The UK had entered a period of recession after its GDP had shrunk for more than two quarters in a row. To read more, see: https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/januarytomarch2024

Over the last two years, the tax-free allowance for capital gains tax has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of us are likely to be affected by capital gains tax. What is capital gains tax? You could think of capital gains tax as a tax you pay when you make money from selling something that has increased in value. This “something” could be anything from a house to shares or even [...]

New requirements for single sex toilet facilities in new non-domestic buildings are being brought forward. Mixed sex toilet spaces where cubicles and hand-washing facilities are shared have been on the rise, but concerns have been raised about the privacy and dignity they deny to both men and women. The new building regulations will mean that new non-domestic buildings, including offices, restaurants, shopping centres, and public toilets will have to provide separate single-sex toilets for women and men. Self-contained universal toilets can be provided in addition where space allows. Only if there is no space for single-sex toilets can universal toilets [...]

Rian O’Keeffe is the latest fraudster brought to justice as part of the ongoing investigations into abuse of the Bounce Back Loan scheme. O’Keeffe applied for and received a £50,000 Bounce Back Loan in July 2020 based on a claim that it would be used within his business called Trainersource. He claimed that his business had been trading since March 2020 and had a turnover of £312,000. In reality, Trainersource was a fictitious business that did not exist and seems to only have been an idea O’Keeffe had. After receiving the loan money, O’Keeffe withdrew £14,000 on the same day, [...]

The UK government has announced a new initiative aimed at helping people with health conditions stay in or return to work. The WorkWell pilot scheme, launched by the Department for Work and Pensions (DWP) and the Department for Health and Social Care (DHSC), will provide tailored support to individuals across 15 areas of England, connecting them with local services that can help them with their health and employment needs. From October, the WorkWell pilots will offer individuals access to a range of local support services, including physiotherapy and counselling. The pilots are connected to the Prime Minister’s recent comments about [...]

While participation in Making Tax Digital for Income Tax Self Assessment (MTD ITSA) isn't mandatory until at least April 6, 2026, certain individuals can opt into HMRC's pilot testing. The beta testing of MTD ITSA was reintroduced by HMRC on April 22, 2024. Currently, HMRC has listed just five software products as compatible with MTD, with an additional 21 in various stages of development. The currently compatible products include: 123 Sheets, Intuit QuickBooks Online, Sage Accounting, SE_Reports, and Self Assessment Direct. Each product must meet HMRC's minimum functionality standards. If your current accounting software isn't listed, it may soon gain [...]