Monthly Archives: April 2024

More corporate red tape

We are still waiting for the government to introduce secondary legislation that will oblige directors and others with significant control – so-called PSCs – to verify their identity in order to file documents or set up a company at Companies House. According to Companies House this will: “…deter those wishing to use companies for illegal […]

New employment protections

The following changes were enacted from 6 April 2024. These changes apply to England, Wales and Scotland. Northern Ireland is not included as employment law is devolved. The information that follows is reproduced from a post on the House of Commons Library at https://commonslibrary.parliament.uk/what-employment-laws-are-changing-from-april-2024/#:~:text=New%20legislation%20has%20expanded%20rights,effect%20from%206%20April%202024. Changes to flexible working Employees can now make two rather than […]

Opening up small company reporting

Companies House are working on detailed changes that will require small and micro sized companies to file information about their turnover and profits at Companies House. Once filed, this data will be available to anyone searching affected companies’ records at Companies House. At present, smaller companies can file abridged accounts that do not include a […]

Boost for small businesses

A man and woman looking at a laptop in a small business restaurant

In a recent press release, HMRC underlined the benefits to small businesses from the increase in the VAT registration threshold and the business rates freeze. Here’s what they said: “Small businesses have received a boost as the VAT registration threshold is raised from £85,000 to £90,000, and £4.3 billion of business rates relief comes into […]

Tax on savings interest

The words tax on coins

If you have taxable income of less than £17,570 in 2024-25 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570 personal allowance. In addition, there is a Personal Savings Allowance […]

Register for the Marriage Allowance

A wedding ring being placed on a woman's finger

The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must currently earn less than the £12,570 personal allowance for 2024-25). The allowance works by permitting […]

Check your National Insurance record

The words National Insurance pegged to a washing line

There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is available at https://www.gov.uk/check-national-insurance-record In order to use this service, you will need to have a Government Gateway account. If you do not have an account, you can apply to set one up online. By signing […]

HMRC helpline changes on hold

Open envelope from HMRC

HMRC has been forced into an embarrassing climbdown on plans to close the Self-Assessment, VAT and PAYE helplines from early April until September this year. HMRC has now confirmed that these helpline changes have been abandoned following feedback from many concerned stakeholders, including MPs, accountants and members of the public. This means that the helplines […]