13 March 2024
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Welcome to our round up of the latest business news for our clients. Please contact us if you want to talk about how these updates affect your business. We are here to support you.

COMPANIES HOUSE NEWS

Companies House has outlined plans to increase its fees from 1 May 2024, with the agency noting that the changes are being made to “bring them in line with the costs of providing our service”.

Companies House fees are set to rise as part of the agency’s annual review.

Set to come into force from 1 May 2024, the new costs affect the likes of incorporation, a change of name, confirmation statements, re-registration of a company and other services.

A Companies House spokesperson added: “We’re amending our fees to bring them in line with the costs of providing our services but also to recover the costs of our new powers being introduced through the Economic Crime and Corporate Transparency Act.

“This will enable the cost of investigative and enforcement activities that promote the integrity of the register, maintain a healthy business environment and combat economic crime, to be met through fees.”

“The filing fee, which has not increased since 2016, may seem large, but it will ultimately enable Companies House to deliver a better service and allow accountants to access accurate information on the register”.  To see further details on the fee changes – click here.

BOOK REVIEW What is Jenny reading in March? ….

Some of you may know Jenny is an avid reader and regularly encourages her team to pick up a book and exercise their brains.  So, that got us thinking, maybe you’d like to know what’s captured Jenny’s imagination this month.  See Jenny’s brief precis of ‘The Six Types of Working Genius’ below.

‘The Six Types of Working Genius’ by Patrick Lencioni is a thought provoking but easy to read book, it will help small business owners understand their team’s and their own natural talents at work. Learning about the range of talents and how they need each other to work, equips you with a framework for solving team problems more effectively. If you want to enhance your work experience, boost team dynamics, and find joy in what you do, The Six Types of Working Genius is worth exploring!

Book

TEAM TALK

Employee of the month

Maples employee of the month has gone to Heather Webster. Heather is an extremely hardworking team member and has recently taken on additional tasks and work responsibilities, including administering our on-boarding processes and money laundering compliance checks.  Heather has also recently started working with a number of our clients providing Credit Control services with great success.  Well done Heather.

If you are interested in Credit Control services to help manage your aged debtors and improve cashflow, please contact success@maple.uk.com

Heather Webster - Credit Control Maple pic

Team Success ……. Congratulations

Georgia Morgan

A huge congratulations to Georgia who has passed her AAT (Association of Accounting Technicans) Level 4 apprenticeship.  Georgia received confirmation of successfully passing with a MERIT and now is proud to be MAAT qualified.  Well done Georgia.

Archie (Sara’s gorgeous labrador) visited the office last week bringing fun and good vibes.  Studies have showed that employees that are allowed pets in the office have lower stress levels, improved communication and positive team interactions – find out more at the Dogs Trust website here

ARCHIE

BUDGET NEWS
Don’t forget to check out our summary of the Spring Budget and what it could mean for you and your business here.

 

OFFICE OPENING HOURS OVER EASTER
Friday 29th March 2024 – Closed
Monday 1st April 2024 – Closed
We reopen on Tuesday 2nd April 2024 at 9.00am

 

DO YOU OWN A DOUBLE-CAB PICK UP?

Only a week after HMRC released new guidance that classed double-cab pickups as cars rather than vans, the government has now performed a screeching U-turn and has reversed this decision.

HMRC confirmed that it’s scrapping the recently updated guidance announced on 12 February, meaning that double-cab pickups will continue to be treated as goods vehicles rather than cars.

The government hit the brakes on the guidance after listening to concerns from farmers and the motoring industry on the impact of the changes to the tax treatment.

The government is now set to legislate to keep things exactly as they were. So double-cab pickups will continue to be goods vehicles for tax purposes and the tax on benefits-in-kind will not increase when employers provide these vehicles to their employees.

It’s also worth noting that the capital allowances available in the first year of use will now not be reduced when a business purchases this vehicle for use in their trade.

IMPORTANT DATES AND UPCOMING CHANGES – 2024

1 April

  • Corporation tax due for accounting periods ended 30 June 2023 (where not payable by instalments)VAT threshold increases from £85,000 to £90,000
  • VAT deregistration threshold up from £83,000 to £88,000
  • VAT acquisitions threshold for registration and deregistration increased to £90,000

 

5 April

  • Tax year 2023–24 ends
  • Last date to register to payroll benefits in kind for 2024–25

 

6 April

  • Tax year 2024–25 begins
  • Dividend allowance reduced from £1,000 to £500 for 2024-25 tax year
  • Class 1 Employer National Insurance contributions (NICs) cut by 2% to 8%
  • Class 2 NICs for self employed abolished
  • Class 4 NICs rate reduced to 6% on profits between £12,570 and £50,270.
  • Rate remains at 2% on profits over £50,270
  • Capital gains tax (CGT) rates for higher rate taxpayers for gains on residential property not eligible for private residence relief, cut to 24% from standard 28% rate
  • CGT annual exempt amount (AEA) for individuals and personal representatives cut from £6,000 to £3,000; and rate for most trustees halved to £1,500
  • Annual tax on enveloped dwellings increases to £4,400 from £4,150 for properties worth £500k to £1m, up to £9,000 from £8,450 for properties valued to £1m to £2m, and rising to £287,500 from £269,450 for properties over £20m
  • Income tax rates for trustees’ income threshold reduced from £1,000 to £500 de minimis trusts accounts
  • Income limit for married couple’s allowance increased from £34,600 to £37,000
  • Basic working tax credit increased from £2,280 to £2,435
  • Child benefit per week increased from £24 to £25.60 for eldest or only child, up to £16.95 for other children

 

7 April 

  • VAT returns and payments due for month or quarter ended 28 February 2024

 

14 April

  • Corporation tax instalment payments due for large companies as follows:
  • Year ended 31 December 2023 – instalment 4
  • Year ended 31 March 2024 – instalment 3
  • Year ended 30 June 2024 – instalment 2
  • Year ended 30 September 2024 – instalment 1

 

  • Corporation tax instalment payments due for very large companies as follows:
  • Year ended 30 April 2024 – instalment 4
  • Year ended 31 July 2024 – instalment 3
  • Year ended 31 October 2024 – instalment 2
  • Year ended 31 January 2025 – instalment 1

 

  • CT61 returns and payments due for quarter ended 31 March 2024

 

19 April

  • CIS returns due for month ended 5 April 2024
  • EPS due for month ended 5 April 2024 so HMRC can apply a reduction on what is owed from FPS
  • PAYE, NICs, student loan deductions and CIS deductions due for month ended 5 April 2024 paid non electronically
  • PAYE, NICs, student loan deductions and CIS deductions due for quarter ended 5 April 2024 paid non electronically

 

22 April

  • PAYE, NICs, student loan deductions and CIS deductions due for month ended 5 April 2024 paid electronically
  • PAYE, NICs, student loan deductions and CIS deductions due for quarter ended 5 April 2024 paid electronically

 

28 April

  • Plastic packaging tax returns and payments due for quarter ended 31 March 2024

 

30 April

  • Returns and payments due by tenants and agents for rents to non-resident landlords for quarter ended 31 March 2024
  • Corporation tax return due for accounting periods ended 30 April 2023
  • Deadline for amending corporation tax returns for accounting periods ended 30 April 2022
  • Inheritance tax due for deaths in October 2023
    – Inheritance tax due on lifetime transfers between 6 April 2023
    and 30 September 2023
    – ATED returns and payments for 2024–25 due for properties held on 1 April 2024

Maple Accountancy is a firm of expert Business Advisors offering accountancy services, tax and business advice to owner-managed and family-owned businesses.

All clients are individual, and we tailor our service to your needs. Use the site to find out what makes us different and understand why you should appoint us.

Offices

Head Office
Carter House, Wyvern Court,
​Stanier Way, ​Wyvern Business Park, Derby. DE21 6BF

01332 207336

Birmingham
3 Brindley Place, Birmingham, B1 2JB
0121 769 2197

Manchester & Leeds Chancery Place ​
50 Brown Street, Manchester, M2 2JG
0113 418 2078

London
1 Giltspur Street, London, EC1A 9DD
020 7127 0649

Contact

Maple Accountancy Ltd.

Carter House, Wyvern Court, ​Stanier Way, ​Wyvern Business Park, Derby. DE21 6BF

01332 207336
success@maple.uk.com

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