HLAS

Payrolling benefits in kind allows employers to report benefits such as company cars or medical insurance directly through payroll, with income tax on these benefits collected over the course of the tax year via adjustments to employees’ tax codes. When a benefit is payrolled, it does not need to be included on form P11D. However, certain benefits, such as employer-provided living accommodation and beneficial (interest-free or low-interest) loans, cannot be payrolled and must still be reported on the P11D. Employers wishing to payroll benefits must register with HMRC before the start of the tax year in which they intend to [...]

As part of the Autumn Budget 2024, the Government published its 'Corporate Tax Roadmap.' This comprehensive plan aims to provide corporate businesses – and, in certain areas, non-corporate businesses – with clarity and confidence in the tax framework ahead, supporting informed decision-making. The Roadmap highlights areas where the Government plans to maintain consistency throughout this parliament, alongside areas where changes are anticipated. Corporation tax rates The Government has pledged not to raise corporation tax rates for small or larger companies, ensuring they remain competitive. Small companies (with profits below £50,000 annually) will continue to pay 19%, while larger companies (with [...]

A new Business Growth Service has been launched to provide businesses across the UK with faster and easier access to help, support, and advice. The new initiative comes in response to feedback from small businesses that found the business support landscape fragmented and overly complex. In 2023, only 26% of UK SME employers reported seeking external advice or information. The Business Growth Service will introduce a revamped web platform, scheduled to launch in the first half of 2025. This new offering will be developed in collaboration with small businesses and will work alongside governments—both local and devolved—across the UK. The [...]

Chancellor Rachel Reeves addressed a meeting of EU finance ministers last week as part of the government’s efforts to deliver an economic reset with the EU. It marked the first time a UK Chancellor has attended such an event since the UK left the EU. The Chancellor discussed tackling shared challenges, including the war in Ukraine, promoting free trade as a driver of economic competitiveness, and strengthening bilateral economic partnerships. She emphasised her aim for a reset that would reduce trade barriers, create investment opportunities, and enable businesses in both the UK and EU countries to sell more effectively in [...]

British pork producers are celebrating a significant breakthrough as China’s Covid-era restrictions on UK unprocessed pork exports have been lifted. Industry estimates suggest this development could boost revenues by approximately £80 million, delivering substantial benefits to UK farmers and the wider economy. A Lucrative Market Reopens With restrictions now removed, British bangers and other premium pork products can once again be exported to China. Major UK producers have already been given the go-ahead to resume exports, enabling them to capitalise on opportunities in a market that purchased £180 million worth of pigmeat in 2023. China now has the potential to [...]

Those of us who rely on a morning coffee fix to kick-start the day may soon find it getting more expensive. Coffee prices on international commodity markets soared to their highest level on record last week. The price of Arabica beans, the most commonly used beans in global coffee production, rose to $3.44 a pound, marking an increase of more than 80% this year. Similarly, Robusta beans reached a fresh high in September. Coffee traders are now anticipating smaller crops due to extreme weather conditions in Brazil and Vietnam, two of the world’s largest coffee producers. Brazil experienced its worst [...]

HM Revenue and Customs (HMRC) have announced the launch of a new interactive online tool and clearer guidance for those who are already self-employed and those considering it. The new tool explains what records a self-employed person may need to keep, taxes that may apply to their business, and includes other useful information, such as how to pay a tax bill. HMRC’s new Set Up as a sole trader: step by step guide can help people who work for themselves understand the situations in which they may need to register as a sole trader and how they can do so. [...]

The UK Government has unveiled new measures to ensure online marketplaces and vape producers contribute fairly to the costs of recycling electrical waste. Circular Economy Minister, Mary Creagh, announced the plans last week, marking a significant step towards creating a circular economy and providing much-needed support for UK retailers. Levelling the playing field Currently, UK-based retailers shoulder most of the financial responsibility for recycling electrical items like toasters, hair curlers, and vapes. This has placed them at a disadvantage compared to online marketplaces, which often sidestep these costs. Under the new rules, online retailers will now be required to contribute [...]

With the holidays and the end of the year fast approaching, now is an excellent time to start planning your finances for the new year. For those who file Self Assessment tax returns, the thought of making a significant tax payment at the end of January 2025 may be causing some concern. Did you know that HM Revenue & Customs (HMRC) offers an option to spread the cost of your tax bill through their Time to Pay system? What is Time to Pay? Time to Pay is an HMRC service that allows taxpayers to spread the cost of their Self [...]

In the run up to the winter holidays, you may be considering taking on additional temporary staff to help with the workload. While these staff may only be with you for a short period, you still need to consider them for pension purposes each time you pay them. Staff need to be put into a pension scheme based on their ages and how much they earn. This applies to family members too. Generally, any staff that are aged between 22 and State Pension age and earn more than £192 a week or £833 a month, need to be put into [...]