1 February 2024 - Due date for Corporation Tax payable for the year ended 30 April 2023. 19 February 2024 - PAYE and NIC deductions due for month ended 5 February 2024. (If you pay your tax electronically the due date is 22 February 2024) 19 February 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 February...
Digital labelling of imports
Businesses are set to benefit from savings as import labels are made digital for the first time. New legislation to introduce digital labelling for British businesses to cut red tape and save millions in unnecessary regulation costs. Recognition of CE marking continued for products such as toys and machinery, easing burdens to businesses. Digital labelling reforms made possible by Brexit and ensures the...
Update on Companies House changes
Looks like Companies House is morphing from passive registrar into a monitoring agency for the government. Changes that are likely to impact the business community from as early as March 2024 are listed below, extracted from a Companies House blog post, dated 22 January 2024. “The Economic Crime and Corporate Transparency Act became law in October 2023. Since then, we’ve been...
Red Sea disruption to supply chains
The Department for Business and Trade (DTI) has launched the Critical Imports and Supply Chains Strategy to safeguard the UK supplies of critical goods such as medicines, minerals and semiconductors. This should help importers counter the effects of the Red Sea disruption. In their recent press release, the DTI said: “Imports of critical goods for the NHS and UK manufacturing to be...
Spread the cost of tax payments
None of us has been exempt from the effects of inflation and cost of living issues in the past year. Which is why taxpayers who are obliged to register for self-assessment will be somewhat apprehensive as the deadline for paying any arrears of tax for 2022-23 and the first payment on account for 2023-24 looms large; both need to be...
Tax reminder for crypto asset users
With use of crypto assets growing, HM Revenue and Customs (HMRC) is urging people to avoid potential penalties and check if they need to complete a Self-Assessment tax return for the 2022-23 tax year. Anyone with crypto assets should declare any income or gains above the tax-free allowance on a tax return. Tax may be due when a person: receives crypto assets...
More news on the Horizon saga
Since the recent ITV airing of the Post Office sub-postmasters confrontation with the Horizon accounting software, a flurry of support for the affected individuals have been generated. A news story issued by the Insolvency Service has been added to the list. Entitled: Update: Postmasters impacted by Horizon who may have been made bankrupt They said: “Horizon was the former accounting system used by the...
Muras Matters: Time To Pay Arrangement
Background With the deadline of 31 January 2024 approaching for the payment of individual’s self assessment tax liabilities, this week’s Muras Matters offers a timely reminder that HM Revenue & Customs (HMRC) may be able to offer the option of setting up a time to pay arrangement plan for those taxpayers that may be having trouble paying their tax on time. Detail Time to...
Beware rogue business rates agents
The Valuation Office Agency (VOA) is warning business owners to avoid taking advice from agents who approach them to reduce their business rates bills. According to Alan Colston, Chief Valuer at the VOA: “The vast majority of agents are reputable and provide a good service. But there is a small minority promising big reductions in business rates, based on incorrect information. “These rogue...
Selling online? Are you declaring the income?
Many of us use online trading platforms to sell unwanted goods or perhaps offer space in our home for rental. If you are creating income in this way and you are earning more than £1,000 from this activity in any one tax year, then you will need to declare these earnings to HMRC. This issue is likely to become a hot topic...