The Economic Crime and Corporate Transparency Bill has completed its initial journey through the House of Commons and the House of Lords and is now at the stage known as, consideration of amendments. This is where the second House’s amendments are considered, and the Bill may go back and forth until both Houses agree on the Bill. The Bill is...
Tax Diary October/November 2023
1 October 2023 - Due date for Corporation Tax due for the year ended 31 December 2022. 19 October 2023 - PAYE and NIC deductions due for month ended 5 October 2023. (If you pay your tax electronically the due date is 22 October 2023.) 19 October 2023 - Filing deadline for the CIS300 monthly return for the month ended 5 October...
Tips to minimise the tax burden on earnings
The UK paid a whopping £788.8 billion in taxes in 2022 to 2023, an increase of 10.2 per cent from the year before. As well as income tax, that figure also includes inheritance tax, dividend tax and capital gains tax. No-one wants to pay more tax than necessary. But with busy lives and hectic schedules, there are rarely enough hours in the...
Small companies required to file profit and loss when new Bill becomes law
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...
Small companies required to file profit and loss when new Bill becomes law
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...