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Company confirmation statement changes

14/03/2024

As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House has about your company is correct every year. This is facilitated by the filing of an annual company confirmation statement. Companies House can prosecute a company and its officers for failing to file a

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Still time to register for the Marriage Allowance

14/03/2024

There is still time to register for the marriage allowance before the current tax year ends on 5 April 2024. The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must

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Tax on savings interest

14/03/2024

If you have taxable income of less than £17,570 in 2023-24 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 income

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Register of Overseas Entities

14/03/2024

The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by Companies House and requires overseas entities that own land or property in the UK to declare their beneficial owners and / or managing officers. HMRC has recently published an updated list of the UK-regulated agents who have an agent

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Changing a company’s accounting year end

14/03/2024

There are special rules which limit the ability to change your company’s accounting year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under certain circumstances it is possible to make a change to the accounting year end

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Eligibility for replacement of domestic items relief

14/03/2024

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The allowance is available based on the cost of domestic items such as free-standing wardrobes, curtains, carpets, televisions, fridges and

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Tax Diary April/May 2024

14/03/2024

1 April 2024 - Due date for corporation tax due for the year ended 30 June 2023. 19 April 2024 - PAYE and NIC deductions due for month ended 5 April 2024. (If you pay your tax electronically the due date is 22 April 2024). 19 April 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2024. 19 April 2024 -

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Public sector productivity

12/03/2024

In a recent announcement by the Treasury, it was announced that plans are afoot to deliver up to £1.8bn of productivity benefits by 2029. The aim is to improve public sector productivity, including releasing police time for more frontline work. The Chancellor is promoting increases in public sector productivity as an alternative to

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Tech companies assist with fuel price transparency

12/03/2024

Leaders from top comparison sites, RAC and The AA will be among those meeting the Energy Affordability Minister to help share new fuel price data and keep costs down for motorists. Price comparison sites and map apps will have access to this new data as part of the government’s PumpWatch initiative, which aims to drive down prices at

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Spring Budget 2024 – NIC changes

07/03/2024

As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates for employees and the self-employed. There will be a further 2% cut in the main rate of Employee National Insurance from 6 April 2024. This will see Class 1 NICs reduced by 2% from 10% to 8%. This is on top of the earlier

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Spring Budget 2024 - VAT registration threshold changes

07/03/2024

The taxable turnover threshold that determines whether businesses should be registered for VAT will increase from £85,000 to £90,000 from 1 April 2024. The taxable turnover threshold that determines whether businesses can apply for deregistration will be increased from £83,000 to £88,000 on the same date. It had been previously announced

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Spring Budget 2024 – High Income Child Benefit Charge

07/03/2024

The High Income Child Benefit Charge (HICBC) came into force January 2013 and has applied to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. It was announced as part of the Spring Budget measures that the income threshold at which HICBC starts to be charged will be increased from £50,000 to

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Spring Budget 2024 - Alcohol and Tobacco Duty

07/03/2024

As part of the Spring Budget measures, the Chancellor announced that the duty rates on beer, cider, wine and spirits would be frozen at the current rates from 1 August 2024 until 1 February 2025. This is an extension to the previous alcohol duty freeze announced in last year’s Autumn Statement that took effect on 1 February 2024 and was

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Spring Budget 2024 - CGT on disposals of residential property

07/03/2024

A higher rate of Capital Gains Tax (CGT) applies to gains on the disposal of residential property if the gain falls into the higher rate band. In the Spring Budget, the Chancellor announced a reduction in the higher rate that exists for residential property from the current rate of 28% to 24% from 6 April 2024. These rates apply to higher

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Spring Budget 2024 – non-dom changes

07/03/2024

In a move that may partly have been prompted by seeking to mirror a longstanding policy of the Labour party, the Chancellor has announced that the generous non-dom rules are to be axed. From April 2025, the government plans to abolish the remittance basis of taxation for non-UK domiciled individuals and replace it with a simpler

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Spring Budget 2024 - Fuel Duty rates

07/03/2024

In the Spring Budget, the Chancellor extended the fuel duty cut for a further 12 months to help support households and businesses at a time of high oil prices. The Chancellor acknowledged that the rising price of fuel places a huge burden on families and businesses. The government was under considerable pressure from consumer and

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Budget summary 6 March 2024

06/03/2024

As expected, the Chancellor has found wriggle room in his fiscal rules that have allowed him to please his fellow Conservatives by reducing the impact of taxation. Not an unfamiliar tactic for a government in a general election year. The impact of tax changes announced are summarised below. Impact on personal finances Further fall in

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Pension fund reforms

04/03/2024

The Chancellor announced pension fund reforms as a further step in the government’s plan to boost British business and increase returns for savers. This includes requirements for Defined Contribution (DC) pension funds to publicly disclosure their level of investment in the UK. Under the plans: By 2027 DC pension funds across the

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