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Uncategorised

Please find below all the articles that have been categorised as 'Uncategorised'.

Changes for Companies House address rules

Changes have taken effect regarding Companies House rules on the public register.

As of 27 January, you can apply to hide your residential address from the public register if it’s been used as your company’s registered office
address.

‘If your residential address is the company’s current registered office address, you’ll need to change your registered office address before applying,
‘ Companies House explained on its website. Individuals can apply under section 1088 of the rules.

There is a new form for those wishing to make use of the…

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Employment Allowance: common errors by businesses revealed


A list of the biggest mistakes and errors made by businesses when claiming Employment Allowance and reporting their Apprenticeship Levy has been
revealed.

As part of new guidance to help employers conform with both schemes correctly, HMRC has published a list of the most common errors businesses
make to help them avoid these in future.

‘Following these guidelines will help to reduce your risk of making errors, therefore reducing the risk of any penalty charges,’ HMRC stated.

These Guidelines for Compliance are for all employers. The most…

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Millions at risk of fines as Self-Assessment deadline looms


With only days to go until the Self-Assessment Tax Return deadline (at the time of writing), millions of people were still apparently yet to submit
theirs and pay up, as warnings were issued over fines for failing to comply.

The number of self-employed due to submit their forms still stood at 3.4 million with one week to go, according to HMRC.

Failure to meet the deadline risks a £100 fine – which can increase depending on how late the final submission is. A daily penalty of…

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Spring Statement announced: more tax changes to come?


The debates and arguments over the merits or otherwise of some of the tax changes from the Budget have barely settled down, even two months after it happened.

The rise in employers’ National Insurance (NI) and the alterations to the Inheritance Tax rules for agricultural properties have been particularly contentious.

Many of the changes announced by Chancellor of the Exchequer, Rachel Reeves, are not set to take effect until the new tax year beginning on 6 April. Could some of those
be axed or changed further?

We…

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Tax changes to progress to law in the new year


The 2024-25 Finance Bill is on course to complete in the new year. This will enact the many tax measures announced in the Autumn Budget into law.

The Government has published an official document entitled ‘Overview of tax legislation and rates’, detailing the main changes set to take effect following
the Chancellor’s announcements on 30 October. Within the core parts of the paper is the setting of rates and thresholds for Income Tax, Corporation Tax,
Inheritance Tax and Capital Gains Tax – the…

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Self-Assessment scammers warning as January deadline nears


It’s sadly become all too common a trend in recent times, that the Self-Assessment Tax Returns deadline has become a time for criminals to exploit and target.

Attempts to scam the self-employed and others filling out their forms before the 31 January are ramping up, officials have warned.

In particular, taxpayers have been cautioned to look out for so called ‘refund scams’. Watch out for emails that take this approach.

HMRC received nearly 150,000 referrals about possible scams in the last year. Around half of all scam…

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Treasury coffers swell from IHT bills – even before imminent reforms set in


Reforms to Inheritance Tax were arguably among the most contentious measures that Rachel Reeves announced during her Autumn Budget.

We’ve seen farmers staging significant protests in London regarding changes to how agricultural properties are taxed when it comes to IHT.

But it seems that IHT receipts are rising swiftly even before any of the proposed changes can take effect.

Compared to the same half-yearly period last year, the Treasury took in £0.6bn extra in April to November 2024. That’s according to new figures released by
HMRC.

With these…

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Stamp Duty tax receipt trends revealed in new reports

Among the changes we saw at Budget 2024 related to Stamp Duty – the tax you pay when you buy a new
property.

And a raft of new statistics has been released in the last couple of weeks, suggesting a significant trend downwards in terms of the amount of money the
Treasury is receiving from this form of tax in the last couple of years. But on the flip side, other figures show signs of an increase in the later part of
2024.

The higher rates…

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Tax compliance rules for charities to change

Plans to change tax compliance rules for charities are moving forward, as the new Government picks up proposals for
reform to prevent misuse.

The previous Government had created proposals to prevent donors from obtaining a financial benefit from their contributions and stop wrongful use of charitable investment
rules.

The changes also included introducing sanctions for charities failing to meet their filing and payment obligations.

After a widespread consultation receiving responses from charities, law firms, businesses and other bodies, the new Government has announced it will move ahead with the plans,
though…

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Christmas company parties – cause for cheer

With Christmas soon arriving, you may be planning a festive party for your employees or on behalf of the company you work for.

It sometimes surprises people to hear that your business can benefit from a tax-free allowance for throwing a yuletide bash.

You can spend up to £150 each year per employee for holding a Christmas party and you do not have to pay tax or national insurance on this.

The party must be open to all employees. For those of you with a business operating at multiple sites, HMRC…

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