There have been a number of significant changes in Companies House fees. These changes took effect on 1 May 2024. The last significant change in fees occurred in April 2016. The new fees have been calculated on a ‘cost recovery’ basis meaning that the fees are calculated based on what it costs to provide the services in question. Companies House state...
Tax Diary June/July 2024
1 June 2024 - Due date for corporation tax due for the year ended 31 August 2023. 19 June 2024 - PAYE and NIC deductions due for month ended 5 June 2024. (If you pay your tax electronically the due date is 22 June 2024). 19 June 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 June...
Muras Matters: Company Cars Changes to Advisory Fuel Rates
This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage HM Revenue and Customs (HMRC) have updated their advisory fuel rates for company cars with effect from 1 June 2024. The rates are intended to give guidance to employers about what is an acceptable fuel allowance to reimburse employees for use of...
Do not reply to this letter from Companies House
In a recent email Companies House warned company owners to ignore a letter purporting to be from Companies House. Basically, the letter claims you need to make payment for Enhanced Web Filing Access. This is a scam letter. Do not follow any instructions in the letter. If you want to report receipt of the letter you can follow the guidance on the gov.uk...
What are alphabet shares?
Most small companies are set up with a number of Ordinary shares, let’s say a 100 shares in this example. If there are two equal shareholders, John and Mary, they would each receive 50 shares. In most cases, the rights of the ordinary shares – in this 50:50 example - would entitle the shareholders to receive equal amounts of any declared dividends,...
Companies House flexes new legislative muscles
In the latest of new legislative changes that have granted Companies House new powers, the Registrar has turned it’s attention to the registration of company names. Here’s what they have announced on this topic: “We’re running stronger checks on company names which may give a false or misleading impression to the public. This will help us improve the accuracy and quality of...
Act now to claim dormant funds
Recent legislation changes have been made which affects how the Court Funds Office (CFO) holds dormant funds. From 1 June 2024 any account that has been held dormant within the CFO for 30 years or more will be surrendered and any future right to claim the funds will be extinguished. Funds are classified as dormant if they have been held...
Muras Matters: Basis Period Reform
Background From 6 April 2024, a new ‘tax year basis’ of assessment will apply to the trading profits of unincorporated businesses, such as sole traders and partners, which are subject to income tax. Under the tax year basis, these businesses will be taxed on the profits arising in each tax year (6 April to the following 5 April), regardless of their accounting...
Check out the Trivial Benefits rules
Trivial benefits are small gifts or perks given to employees that are exempt from tax and benefit reporting obligations. But bosses must adhere to certain conditions, such as a cost limit of £50 per employee – or the average cost per employee if provided to a group of employees. Additionally, the benefit cannot be cash or a cash voucher, and it...
Death and taxes
Death and taxes are certainties of life, according to Benjamin Franklin, and if you are in business, you should be aware which taxes you are liable to pay. Our mantra is - by understanding the taxes that your business is required to pay - you can plan and budget accordingly. No surprises… There are several types of taxes that businesses may be...