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 … More...
Companies House rolls-out new powers
04/03/2024 – The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4 March 2024.
Changes introduced include:
greater powers to query information and request supporting evidence;
stronger checks on company names;
new rules for registered office addresses (all companies must have an … More...
Update on the tax status of Double Cab Pick Ups
29/02/2024 – HMRC had published an update, on 12 February 2024, on the tax status of Double Cab Pick Ups (DCPUs), following a 2020 Court of Appeal judgment. The update announced that effective from 1 July 2024, DCPUs with a payload of one tonne or more would be treated as cars rather than goods vehicles for both capital allowances and benefit-in-kind … More...
Companies House filing fees increase
29/02/2024 – Companies House has announced that some of their fees will be changing from 1 May 2024. The last change in fees was April 2016.
The fees have been calculated on a ‘cost recovery’ basis meaning that the fees are calculated based on what it costs to provide the services in question. Companies House state that they do not make a profit on … More...
Contractors and CIS
29/02/2024 – The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and should be aware of the tax implications of the scheme.
Under the scheme, contractors are required to … More...
Advise HMRC if company is dormant
29/02/2024 – If a company has stopped trading and has no other income, then the company is usually classed as dormant for Corporation Tax purposes.
A company is usually dormant for Corporation Tax if it:
has stopped trading and has no other income, for example investments;
is a new limited company that hasn’t started trading;
is an … More...
Appeals against tax penalties
29/02/2024 – It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision issued by HMRC. There are a number of different options open to taxpayers seeking to use the review and appeals process.
Note, that there is a separate procedure to be followed by taxpayers that make a complaint about HMRC for issues … More...
Holiday Lets averaging election
29/02/2024 – The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes.
In order to qualify as a furnished holiday letting, the following criteria need to be met:
The property must be let on a commercial basis with a view to the realisation of profits. Second … More...
Crack down on ‘fire and rehire’ practices
28/02/2024 – The Government has announced action to tackle the use of controversial 'fire and rehire' practices. In a press release issued 19 February 2024 they said:
“Action against unscrupulous employers to tackle the use of controversial ‘fire and rehire’ practices will be rolled out by the Government today [19 February].
Dismissal and … More...
A new champion for small businesses appointed
28/02/2024 – An experienced entrepreneur has taken up a key role to promote the needs of small businesses to government and ensure suppliers seize the benefits of the Procurement Act.
Shirley Cooper OBE, former chair and president of the Chartered Institute of Procurement and Supply, met Parliamentary Secretary Alex Burghart for the first time as … More...