The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. Late submission of a self-assessment return will generate a £100 late filing penalty. The penalty usually applies even if there is no liability or if any tax due is paid in full by 31 January 2025.

Daily penalties of £10 per day will also take effect if the tax return is still outstanding three months after the filing date up to a maximum of £900. Additional higher penalties will be incurred if the return remains outstanding after six and twelve months.

We would recommend that anyone still submitting paper tax returns consider the benefits of submitting the returns electronically. This would allow for an additional three months until 31 January 2025 in which to submit a return.

In addition, you must inform HMRC by 5 October 2024 if you need to complete a tax return for the 2023-24 tax year and have not done so before. Failure to do so could result in a fine.

There is a trivial benefit-in-kind (BiK) exemption for small, non-cash employee benefits. This exemption applies to BiKs classified as 'trivial,' helping employers simplify the handling of these benefits while offering a tax-efficient way to give small gifts to staff.

However, the "trivial" benefit rules actually present an excellent opportunity for employers to provide small rewards and incentives. The key condition is that the gifts must not be a reward for services performed or part of the employee’s duties. Gifts for personal milestones, such as the birth of a child or a marriage, as well as other goodwill gestures, usually qualify.

Employers benefit as these trivial BiKs do not need to be included in PAYE settlement agreements or reported on P11D forms. Additionally, they are exempt from Class 1A National Insurance contributions.

To qualify for the tax exemption, trivial BiKs must:

• Not be cash or a cash voucher;
• Cost £50 or less;
• Not be part of a salary sacrifice or other contractual arrangement;
• Not be given in recognition of services performed by the employee or in anticipation of such services.

For directors or office-holders of close companies and their families, there is an annual cap of £300. Each gift must still adhere to the £50 limit, but this allows up to £300 of non-cash benefits per person each year. This cap does not apply to employees. If the £50 limit is exceeded for any gift, the entire value becomes taxable.

A partnership is a reasonably straightforward way for two or more legal persons to establish and operate a business with the intent to make a profit. Partnerships can take various forms, and legal entities other than individuals can also be partners.

There are two main types of partnerships: the traditional partnership, involving two or more partners, and the more complex limited liability partnership (LLP), which offers the benefit of limited liability, similar to that of a company.

HMRC’s guidance clarifies that a partnership can exist without a written agreement, with a later written agreement simply formalising an existing oral agreement. In such cases, the partnership's formation date is when the terms of the oral agreement were first implemented. However, if a written agreement establishes a new partnership, where none previously existed, it is only effective from the date it is executed and implemented, with no retrospective effect.

HMRC's internal guidance for determining the existence of a partnership advises its officers that… it is important that you establish all of the facts to determine the true relationship between the parties. This will include finding out what the intentions of the parties were. No single factor is likely to be conclusive on its own. You will need to form an overall view, based on all the facts and evidence.

To apply for trademark protection in the UK, you will need to follow these steps:

Check if Your Trademark is Eligible
Ensure your trademark is unique and not too similar to existing trademarks. A trademark can include a word, logo, slogan, or a combination of these, but it must be distinctive and not misleading, offensive, or too generic.

Conduct a Trademark Search
Before applying, it's important to conduct a search of existing trademarks to ensure yours doesn’t conflict with others. You can search the UK Intellectual Property Office (IPO) database for registered trademarks and pending applications.

Choose the Right Trademark Class
Trademarks are registered under specific "classes" that define the types of goods or services covered. There are 45 different classes (34 for goods and 11 for services), and you must select the appropriate ones when filing your application.

File Your Application with the UK IPO
You can apply online through the UK Intellectual Property Office (IPO) website. The application form will require details about your trademark, the goods or services it applies to, and the classes you’ve chosen.

The standard online application fee is £170 for one class, with an additional £50 for each additional class you include.

Apply here https://trademarks.ipo.gov.uk/ipo-apply.

Examination by the UK IPO
Once you’ve submitted your application, the UK IPO will examine it to ensure it meets the criteria for registration. If there are any issues, such as similarities to existing trademarks or incomplete information, the office may contact you for clarification or to correct the issues.

Publication for Opposition
If your application passes the examination, your trademark will be published in the UK Trade Marks Journal for two months. During this time, other parties can oppose the registration if they believe it infringes on their rights. If no opposition is raised, or if any opposition is resolved, the process continues.

Registration and Protection
If no opposition is raised, or any opposition is successfully resolved, your trademark will be registered. The UK IPO will issue you a certificate of registration, and your trademark will be protected for 10 years. After this period, you can renew the trademark every 10 years indefinitely.

By following this process, you can secure trademark protection for your brand in the UK, safeguarding your intellectual property from unauthorised use.

PSC stands for Person with Significant Control. It is a legal term used primarily in the United Kingdom under company law. A PSC is someone who holds significant influence or control over a company. Companies in the UK are required to identify and register their PSCs with Companies House to ensure transparency about who owns and controls companies.

A person can be classified as a PSC if they meet one or more of the following criteria:

1. Holding more than 25% of shares in the company.
2. Holding more than 25% of voting rights in the company.
3. Having the right to appoint or remove the majority of the board of directors.
4. Exercising significant influence or control over the company.
5. Having control over a trust or firm that meets any of the above conditions.

This register of PSCs helps combat issues like money laundering and tax evasion, ensuring there is transparency in company ownership and control.

PSC Register Requirements

Every UK company (unless exempt) is required to maintain a PSC Register and submit it to Companies House. This register must be kept up-to-date and include information on all PSCs. The process ensures transparency in company ownership and helps regulators, and the public, understand who controls UK companies.

Information Required for the PSC Register

For each person or legal entity classified as a PSC, the following details must be recorded:

1. Full name
2. Date of birth
3. Nationality
4. Country of residence
5. Service address (this can be different from their residential address)
6. Residential address (this is not made public)
7. The date they became a PSC
8. Which of the PSC conditions they meet (e.g., holding over 25% of shares)
9. Details of any significant influence or control they have over the company