Businesses need to be prepared for changes to the way Companies House operates when the Economic Crime and Corporate Transparency Bill comes into force. As part of the package of reform, all small companies, including micro-entities, will be required to file their profit and loss accounts. The Government expects the changes to “improve transparency” and help tackle economic crime by making more...
Muras Matters: Self-Assessment – Registration Deadline
Background An individual must notify H M Revenue & Customs (‘HMRC’) by 5 October following the end of a tax year if they have a liability to tax and are not already registered for Self-Assessment. Failure to notify by this date can result in penalties. Anyone who has a new source of income for the year ended 5 April 2023 and is...
Companies House fees expected to rise to fund new powers
Companies House is expected to charge higher fees when it is granted new powers. The Economic Crime and Corporate Transparency (ECCT) Bill is already making its way through Parliament. This legislation will change the role and purpose of Companies House to make it a more active gatekeeper over company creation. This would include new powers to check, remove or decline information submitted...
Retirees set for second bumper State Pension hike as pay inflation soars
State Pensions are expected to rise by 8.5 per cent in April 2024 in line with rocketing wage growth. The Triple Lock policy means the increase in the State Pension is set at the highest of average earnings, inflation or 2.5 per cent. The latest statistics from the ONS recorded growth of average earnings – total pay including bonuses - at 8.5...
Muras Matters: Trust Registration Service (TRS) Update
Background Under the Fifth Anti-Money Laundering Directive which was adopted in October 2020 H M Revenue & Customs (HMRC) expanded the requirement to register a trust to include non-taxable relevant trusts and all reportable trusts created on or before 6 October 2020. The trustees of all relevant trusts have to provide certain information to HMRC including details about the settlor(s), trustees and...
Clampdown on hidden online fees to help shoppers cut costs
Rules on hidden online fees, known as drip pricing, will be tightened to boost transparency for stretched families. The Government is proposing a crackdown on extra charges such as booking or processing fees in products ranging from train tickets and concerts to food deliveries. It comes after research confirmed drip pricing – where the price paid at checkout is higher than originally...
One in five strips back pension contributions or halts them altogether
One in five people have reduced their pension contributions or stopped saving for retirement altogether due to cost-of-living pressures. As household budgets continue to tighten, new research suggests 14 per cent of people have stopped paying into their pensions while eight per cent have cut their contributions. Men are more likely to have taken the action than women, as well as wealthier...
Trying to track down a pension? Help is at hand
Moving from job to job and starting a new pension each time can present a headache when the time arrives to think about retiring. Few of us can recall every pension provider we have ever had and unless you have carefully filed all the relevant paperwork, you will need help tracking them all down. But there is no need to panic. The...
Plan ahead to file accounts on time and avoid penalties
If you have a September deadline for filing your accounts, leaving it until the last minute risks being hit with a fine. All limited companies, whether they trade or not, must deliver annual accounts to Companies House each year. Directors are advised to file early, rather than leaving it until the 11th hour, when unforeseen circumstances could prevent you from being...
Corporation Tax Group Payment Arrangements
A Corporation Tax Group Payment Arrangement (GPA) is a special arrangement that allows groups of companies to make joint payments of Corporation Tax. This type of arrangement can reduce the administration and costs associated with making a large number of individual payments. A GPA can also let members of the group mitigate any potential differential interest charge by allowing the...