The UK is making significant strides in promoting gender equality within its top companies. According to the latest FTSE Women Leaders Review, women now occupy nearly 43% of board positions across FTSE 350 companies, totalling 1,275 roles. Additionally, women hold 35% of leadership roles, equating to 6,743 positions.

This progress indicates that the voluntary target of 40% women's representation by the end of this year is within reach for many businesses. Over 60% of FTSE 350 companies are close to achieving this goal, reflecting ongoing efforts to dismantle barriers and foster inclusive leadership.

Chancellor of the Exchequer Rachel Reeves emphasised the importance of this momentum, stating that while the UK leads in gender equality in boardrooms, continuous efforts are necessary to eliminate obstacles preventing women from ascending to decision-making roles.

Minister for Investment Baroness Gustafsson OBE highlighted the positive impact of female leadership, noting that strong female voices inspire change and add value throughout organisations.

Despite these advancements, challenges persist, particularly in increasing the number of women in top executive positions such as Chairs and CEOs. The government remains committed to collaborating with businesses to ensure equal opportunities for all, aiming to unlock economic growth and enhance living standards across the nation.

This concerted effort underscores the UK's dedication to fostering a diverse and dynamic business environment, recognising that inclusive leadership is key to driving innovation and economic success.

Benchmarking financial results involves comparing a business’s financial performance against industry standards or competitors. This process offers numerous benefits, helping businesses identify strengths, weaknesses, and opportunities for improvement.

Firstly, benchmarking provides a clear understanding of a company’s position in the market. By comparing key financial metrics such as profit margins, costs, and revenue growth with peers, businesses can identify performance gaps and areas needing attention.

Secondly, it aids strategic planning. With insights from benchmarking, businesses can set realistic targets and develop informed strategies to enhance profitability and efficiency. For example, if a competitor achieves higher profitability through lower overheads, a business might explore cost-reduction strategies.

Moreover, benchmarking promotes continuous improvement. Regular comparisons highlight trends and potential risks, enabling proactive decision-making. It fosters a culture of learning, as businesses adopt best practices from industry leaders.

Lastly, benchmarking can enhance investor confidence. Demonstrating performance in line with or better than industry standards reassures stakeholders of a business’s stability and growth potential.

Overall, benchmarking financial results is a powerful tool for driving competitiveness, efficiency, and long-term success in today’s dynamic business environment.

A complex celebrity case arose recently in which the First-tier Tax Tribunal (FTT) was asked to consider the application of the intermediaries’ legislation (IR35), otherwise known as off-payroll working, to payments made by Manchester United Football Club (MUFC) to Bryan Robson Ltd.

This appeal was in relation to determinations of income tax made under Reg. 80 of the PAYE Regulations and s31 of the Taxes Management Act (TMA) 1970  for personal appearances provided to MUFC by Bryan Robson Ltd. as a ‘global ambassador’ from 2015/16 to 2020/21. Those agreements included a licence for MUFC to exploit Mr. Robson’s “image rights” and required the former England star to make 35 personal appearances per year at MUFC’s request for a fixed sum. Although the image rights were not subject to the IR35 legislation and were left to be decided separately, and the additional tax due under the IR35 rules is to be determined.

This technical tax case highlights the intricate factors that determine employment status under IR35 and anyone providing such personal services, including freelancers, content creators, and contractors, has to demonstrate a high level of autonomy to be considered truly self-employed and present watertight contracts to the HMRC. 

HMRC has launched a new "Help for Hustlers" campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax might apply:

1. I’m buying or making things to sell.
2. I’ve got a side gig.
3. I work for myself with multiple jobs.
4. I’m a content creator or influencer.
5. I rent out my property.

The good news is there are two £1,000 tax allowances — one for property income and one for trading income. If you have both types of income, you can claim £1,000 for each.

• Trading Allowance: If you make up to £1,000 from self-employment, casual services (like babysitting or gardening), or renting out personal equipment (such as power tools), this income is tax-free and does not need to be declared.
• Property Allowance: If you earn £1,000 or less from property-related activities (like renting out a driveway), you do not need to report it to HMRC or include it in your tax return.

These allowances cover all relevant income before expenses. If your income is under £1,000, it’s tax-free. If you earn more than £1,000, you can choose to either deduct the £1,000 allowance from your income or list your actual expenses when calculating your taxable profit.

However, if your side hustle income goes over £1,000 in a tax year, you may need to complete a self-assessment tax return. Keep in mind this only applies if you are actively trading or selling services. If you are just clearing out some old stuff and selling it, there is usually no need to worry about tax.

The Ministry of Justice (MOJ), together with HM Courts & Tribunals Service (HMCTS) and the Minister for Courts and Legal Services, has announced significant improvements in probate waiting times. Probate is a legal process through which a deceased person’s will is validated and is the starting point for the distribution of funds to beneficiaries.

According to newly published data, the average waiting time for probate in December 2024 was just over four weeks. This represents a sharp reduction from 12 weeks at the close of 2023 and more than eight weeks at the end of June 2024. This achievement is part of a plan to address the backlog of cases that accumulated as a result of the Covid-19 pandemic by recruiting additional staff.

Approximately 80% of grant applications are now processed online, with digital submissions typically taking just over two weeks to complete. For applicants who submit their documents without complications, probate can often be granted in under a week. Meanwhile, the processing time for paper applications has been reduced from more than 22 weeks to just under 15 weeks.

The Minister for Courts and Legal Services remarked:

'We know that handling probate can be tough for families at a difficult period in their lives. That is why so we’ve worked hard to reduce delays and make the process easier. 

By cutting wait times and going digital, we’re ensuring people receive the support they need quickly at what can be a challenging time.

We’re getting public services back on their feet again as part of this Government’s Plan for Change.'