Tax Diary November/December 2023
1 November 2023 – Due date for Corporation Tax due for the year ended 31 January 2023. 19 November 2023 – PAYE and NIC deductions due for month ended 5 November 2023. (If you pay your tax electronically the due date is 22 November 2023.) 19 November 2023 – Filing deadline for the CIS300 monthly […]
Cost of Living payments 2023-24 support
The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were published earlier this year and have recently been updated. Eligible recipients will receive up to 3 Cost of Living Payments […]
Reforms to powers of attorney
These legal agreements enable a person to grant decision making powers about their care, treatment or financial affairs to another person if they lose mental capacity. The Powers of Attorney Act fires the starting gun on bringing the existing paper-based process online for the first time. The changes, when introduced, will make the system quicker, […]
Reporting self-employed profits 2023-24
The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no change to the rule for companies. The reforms will change the basis period from a ‘current year […]
National Living Wage potential boost
The government looks likely to accept the recommendations of the Low Pay Commission with a boost to the National Living Wage rate. In summary: National Living Wage will rise to two-thirds of average earnings. Chancellor commits to Low Pay Commission recommendations, with latest forecasts showing a pay boost next year worth over £1,000 for 2 […]
Do you need to register for Self-Assessment?
Taxpayers that need to complete a Self-Assessment return for the first time are required to notify HMRC. This is a final reminder that the latest date that HMRC should be notified, by new Self-Assessment taxpayers, for the 2022-23 tax year, is 5 October 2023. The deadline for filing the 2022-23 Self-Assessment tax return online and […]
Charity Trustees Quiz
The Charity Commission has launched the next phase of its trustee campaign which aims to increase charity trustees’ knowledge and drive a positive change in charities’ governance. The campaign encourages trustees to check what they know about their duties and aims to increase their awareness of the Commission’s 5-minute guides. As part of the latest […]
Change to Company Accounts filing
The Economic Crime and Corporate Transparency Bill has completed its initial journey through the House of Commons and the House of Lords and is now at the stage known as, consideration of amendments. This is where the second House’s amendments are considered, and the Bill may go back and forth until both Houses agree on […]
Changes afoot at Companies House
Due to new legislation working its way through Parliament, Companies House will be making a number of significant changes. In a recent blog post, they made the following announcement: We’re approaching a pivotal moment in the history of Companies House. This legislation, The Economic Crime and Transparency Bill, will fundamentally change our role and our […]
Calculate tax on company cars
Where an employee with a company car is provided with fuel for their own private use by their employers, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car applied to a fixed amount, currently £27,800. For […]
