HLAS

New powers for Companies House based on the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on 4 March 2024. The new measures allow Companies House to combat the criminal acts and money laundering being carried by criminals abusing the company registration system. These abuses have been well documented in the news, with many examples of individuals and businesses receiving correspondence and demands addressed to companies that they have no knowledge of. Annual confirmation statements affected One of the new measures requires those setting up new companies to confirm the lawful purpose of forming a company [...]

The Carer’s Leave Act comes into force on 6 April 2024, which will affect all employers in the UK. If an employee has a dependent with: An illness or injury (mental or physical) that means they are expected to need care for more than 3 months, or A disability that’s defined as such by the Equality Act 2010, or Care needs because of their old age, Then the Act gives them the right to unpaid leave to give or arrange care. The dependent can be anyone who relies on them for care and not just a family member. The entitlement [...]

A new policy paper has been released by HM Revenue and Customs (HMRC) on Making Tax Digital for Income Tax Self Assessment for sole traders and landlords. The new tax information and impact note supersedes the previous one and incorporates the changes in scope and timelines announced in December 2022, and other policy amendments and improvements made in the Autumn Statement 2023. Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) revolves around requiring businesses and landlords to keep digital records and update HMRC each quarter using compatible software. The policy paper outlines that MTD for ITSA will [...]

Value Added Tax (VAT) is a significant consideration for businesses. It impacts your cash flow, the amount of admin work needed, and even your overall profitability. One option available to businesses - with a VAT exclusive turnover of £150,000 or less - is the VAT Flat Rate Scheme (FRS), which offers a simplified approach to VAT accounting. However, deciding whether to adopt this scheme requires careful consideration of its benefits and drawbacks. The VAT Flat Rate Scheme operates by applying a fixed percentage to your turnover to determine the VAT payable to HM Revenue and Customs (HMRC). This fixed rate [...]

On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) forecasts, the Chancellor had his work cut out. Headlines included further cuts in National Insurance Contributions for workers and the self-employed, a slight increase in the VAT registration threshold and an increase in thresholds to reduce the number of people affected by the high-income child [...]

The UK government has launched a campaign to address the stigma around loneliness with young people. Research shows that 16-to-24 year olds are the loneliest age group, but are also the least likely to take action to help themselves. Many also hide feelings of loneliness out of worry over being judged. Loneliness among young people can also have an effect on a business. Loneliness in the workplace can significantly affect the performance of employees. Feelings of isolation can lead to decreased motivation, engagement, and productivity. Loneliness may also contribute to higher levels of stress and anxiety, that knock on to [...]

Robin Forster, the director of two companies involved in operating an unauthorised care home investment scheme has been banned from being a company director for 14 years. A total of £57 million had been taken from investors and put at risk in the unauthorised scheme. Based in the north-east of England, Qualia Care Properties Ltd and Qualia Care Developments Ltd offered investors the opportunity to invest in care homes. Investors bought a long-term lease on a care home room. The care home was run by a third company, Qualia Care Ltd, who sublet the room back to the other 2 [...]

David Withey, Chief Executive of the Education and Skills Funding Agency (ESFA) has written to independent training providers in receipt of direct funding from the Department for Education (DfE) or ESFA. The letter announces the publishing of a financial handbook for independent training providers. The financial handbook describes a mix of requirements, best practice and discretionary elements that are tiered depending on the organisation’s level of funding. It covers many aspects of financial management and governance. For many independent training providers, these procedures will already be part of their good financial management. However, there may be some new requirements that [...]

A total of 37 Geographical Indications (GIs) gained formal protection last week as part of a deal agreed between Japan and the UK. Iconic food products such as Cornish Pasties, Welsh Lamb, Scotch Beef, Cornish Clotted Cream, and Melton Mowbray Pork Pies will all receive protection under the agreement. This means that UK businesses exporting these food and drink products to Japan will be protected against local and other businesses imitating these products in Japan. Under the agreement, a number of Japanese agricultural products and drinks will have their GIs protected in the UK. For a full list of the [...]

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 [...]