Have you downloaded the HMRC app yet? The cost of coffee increases, and could UK-EU trade relations be improved by Reeves?
The new HMRC online tool launches to support the self-employed, bad news for caffeine addicts as the cost of coffee increases, and could the Chancellor help to improve UK-EU trade relations? All in today’s blog post from MLS Accountancy!
HMRC introduces new interactive tool for self-employed people
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 tools can be used on an anonymous basis and are only for information purposes. Using them will not result in being registered as self-employed, and the government have said that they do not collect or store any information about the user.
If you are unsure about whether you may need to register as self-employed, please feel free to contact us. We will be happy to help you.
See: https://www.gov.uk/government/news/new-support-for-small-business-from-hmrc
Coffee prices at record high
Those of us that rely on a coffee-fix to get the day started may see this get more expensive. Coffee prices on international commodity markets soared to their highest level on record last week.
The price for Arabica beans, the most used beans in global production, increased to $3.44 a pound, increasing by more than 80% this year. Robusta beans similarly reached a fresh high in September.
Coffee traders are expecting crops to shrink due to bad weather in Brazil and Vietnam, two of the world’s largest producers. Brazil experienced its worst drought in 70 years during August and September and this was followed by heavy rains in October. Vietnam, where Robusta beans are grown, has also experienced drought and heavy rainfall during 2025.
Meanwhile, the popularity of coffee continues to grow. For example, China, which is not traditionally a coffee drinking nation, has doubled its consumption in the last decade.
In recent years, major coffee roasters have been absorbing price increases to keep customers happy and maintain their market share, however some experts believe this could soon change and consumers will see price increases as a result.
See: https://www.bbc.co.uk/news/articles/c36pgrrjllyo
Chancellor promotes reset of UK-EU trade relations
Chancellor Rachel Reeves spoke last week at a meeting of EU finance ministers as part of the government’s attempt to perform an economic reset with the EU. It was the first time a UK chancellor has attended such an event since the UK left the EU.
The Chancellor spoke about tackling shared challenges including the war in Ukraine, championing free trade as a driver of economic competitiveness, and strengthening bilateral economic partnerships. She said she was looking for a reset that would break down barriers to trade, create opportunities to invest and help businesses in both the UK and EU countries to sell in each other’s markets.
The speech was part of a trip where the Chancellor attended a series of bi-lateral meetings with European counterparts.
No return to the single market, the customs union, or freedom of movement is planned. However, the President of the European Commission, Ursula von de Leyen and Keir Starmer agreed on October 2 to strengthen the UK-EU relationship and put it on a more solid, stable footing.
The business community waits to see how these discussions will translate into concrete changes with EU trading partners.
See: https://www.gov.uk/government/news/chancellor-calls-for-business-like-relationship-with-eu
New Business Growth Service launched
A new Business Growth Service has been launched that is designed to help businesses across the UK to get quicker and easier help, support and advice.
The new service has been initiated in response to small businesses finding the business support landscape fragmented and complex. Only 26% of UK SME employers reported that they sought external advice or information in 2023.
The Business Growth Service will develop a revamped web offering that will launch in the first half of 2025. This will be developed and will work in partnership with small businesses as well as governments, local and devolved, across the UK to try and ensure that the service will provide the information and resources that smaller businesses need from government.
It is estimated that a small business owner, on average, spends over 33 hours each month on internal business admin. The service aims to help decrease this time by providing practical help to small businesses.
See: https://www.gov.uk/government/news/government-growth-service-to-save-small-business-time-and-money