The Economic Crime and Corporate Transparency Bill (ECCT) achieved royal assent recently, and as we have reported previously, this will have an impact on the data that is held and required on the Companies House register. Many of the changes – including the requirement to file profit and loss details – will require secondary legislation and may be some months away...
Muras Matters: Selling an Unwanted Christmas Jumper? Beware The Tax Trap
Background Millions of UK individuals often now sell second hand clothes on digital platforms, whether to declutter their wardrobe, discretely dispose of that unwanted Christmas jumper or as a side venture on platforms such as Vinted, eBay and Etsy. Vinted for example has over 8 million registered sellers in the UK with some users claiming they have turned selling second hand...
Pubs to open longer if UK nations reach Euros semis
In a potentially welcome announced for the hospitality industry in England and Wales, the government has set out plans to extend licensing hours for the semi-finals and final of the men’s European Football Championships next year, should England, Wales or Scotland reach the final stages of the tournament. In a public consultation launched 27 November 2023, the government has proposed that...
Winter support for pensioners
Pensioners across the country have started to receive up to £600 to help with energy bills this winter. Winter Fuel Payments – boosted again this year by an additional £300 per household Pensioner Cost of Living payment – will land in bank accounts over the next two months, the vast majority automatically. The money will appear in bank statements with the payment...
Muras Matters: Staff Christmas Parties
Background This year will represent a return, for the first time since Covid, of our traditional staff Christmas party and as the Christmas season begins to get into full swing we thought it would be useful to remind businesses that it is not just about getting the drinks, food and music right! There are certain criteria to be met to ensure that employees do...
Income Tax – savings on zero rate band
If you have taxable income of less than £17,570 in 2023-24 tax year 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. However, it is important to note that if your total non-savings...
Marriage allowance entitlement
The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or 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 2023-24). The allowance works by permitting the lower earning partner to transfer...
Due a student loan refund?
Student Loans are part of the government's financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is directly responsible for collecting the loans of...
Current State Pension age
The second review of the State Pension age has been published by the Department for Work and Pensions. The State Pension age is currently 66. The review has stated that a further increase in the State Pension age to 67 for those born on or after April 1960 will take place as planned between 2026 and 2028. Following this announcement,...
Tax Diary December 2023/ January 2024
1 December 2023 - Due date for Corporation Tax payable for the year ended 28 February 2023. 19 December 2023 - PAYE and NIC deductions due for month ended 5 December 2023. (If you pay your tax electronically the due date is 22 December 2023). 19 December 2023 - Filing deadline for the CIS300 monthly return for the month ended 5 December...