HLAS

With the tax year ending on 5 April, March is a good month to check whether sharing unused tax allowances with your partner could save you some money. HM Revenue and Customs (HMRC) say that March is the most popular month for Marriage Allowance applications. Almost 70,000 couples applied in March last year. As there is also the option to backdate their claim for the previous 4 tax years, eligible couples who have not previously claimed could receive a lump sum payment of more than £1,000. Marriage allowance allows individuals to transfer up to 10% of their tax-free Personal Allowance [...]

The Department for Business & Trade has made available learning resources for businesses to help with what is involved with exporting. These resources are designed both for new and experienced exporters. The resources cover: Learning how to identify opportunities abroad and find the best target markets; Preparing to sell into a new country, such as how to find customers and win bids; Understanding international rules and how to get your goods to their destination; and Learning how to raise funds, get paid and manage exchange rates. There is an opportunity to sign up and gain some additional benefits. Exporting can [...]

In November 2023’s Autumn Statement, the government announced some National Insurance (NI) changes. Some of these changes went into effect in January 2024, whereas others will come into effect on 6 April 2024. Here is a reminder of the changes. Cut to the main rate of Class 1 employee NI contributions from 12% to 10% This reduction received the most headlines. This change went into effect from 6 January 2024, and you have likely already made this adjustment. In some cases, employers were not able to make the change in time due to software not being ready. If that is [...]

The latest casualty of the difficulties hitting the high street is The Body Shop, which entered administration on 13 February 2024. Administration can be a worrying time for employees as well as customers and suppliers. However, administration is not as serious as when a company immediately goes into liquidation. Let us explain. When a company goes into administration, it essentially means that it is placed under the management of licensed insolvency practitioners. These insolvency practitioners, known as administrators, help salvage the business or its assets. This process is typically started when a company is struggling financially and cannot pay its [...]

The government named and shamed 524 businesses for failing to pay the minimum wage to their staff. These failures amounted to a total of nearly £16 million that had not been paid to their workers. Each of the employers named has had to repay their staff for the shortfall and have also faced financial penalties of up to 200% of their underpayment. The list includes businesses of all sizes, including some major high street brands. For instance, Estee Lauder, Easyjet, Greggs, Moss Bros, Currys, and NHS Highland all appear on the list. It is clear that the government will take [...]

When starting a business, or indeed as an established business, choosing the most suitable legal structure for your business is an important thing to consider. Two popular options are operating as a sole trader or forming a limited company. Each of these options comes with its own set of pros and cons, especially when it comes to tax. Sole trader: Pros: Less administration: Operating as a sole trader is straightforward and involves minimal paperwork. You have no need to register with Companies House either. So, this is an attractive option if you are looking to start a small business quickly [...]

The Advisory, Conciliation and Arbitration Service (ACAS) has released a final draft of a new Code of Practice on requests for flexible working. The draft Code received consultation in 2023 and is now awaiting parliamentary approval. If it is approved, then the new Code is expected to come into force in April 2024. Flexible working refers to any working arrangement that meets the needs of the employee and employer on where, when, and how an employee works. This would include part-time work, homeworking, hybrid working, job sharing, compressed hours, term-time working and so on. Employers and employees can make informal [...]

In an announcement made on 19 February, the government confirmed that twin-cab pickup vehicles with payloads of 1 tonne or more will continue to be treated as goods vehicles for both capital allowances and benefit-in-kind purposes. This is an example of what has become known as a ‘U-turn’. On 12 February, HM Revenue & Customs (HMRC) had updated its guidance on the tax treatment of twin-cab pickups following a 2020 Court of Appeal judgment. The guidance had confirmed that, from 1 July 2024, twin-cab pickups with a payload of one tonne or more would be treated as cars rather than [...]

Companies House have reviewed the fees they charge and have released details of the new charges that will apply from 1 May 2024. Companies House work on a cost recovery basis, so the fees are set to cover their costs rather than to make a profit. Due to the measures introduced by the Economic Crime and Corporate Transparency (ECCT) Bill, costs for Companies House are increasing and so the fees are being adjusted in part to cover this. The increases are quite significant. For instance, the fee for an annual confirmation statement, if submitted digitally, will rise to £34. The [...]

Since the COVID lockdowns, QR codes have become increasingly commonplace as a quick way to direct people to websites, to log into online video services on smart TVs and TV boxes, or to order or pay for goods and services. But is your business protected from the risks that may come from criminals using malicious QR codes? Do you have a policy for your staff in place? What issues do you need to consider? The National Cyber Security Centre (NCSC) have provided some guidance on the subject in a recent blog post. They advise that QR code related scams are [...]