2 May 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.

BOOK REVIEW

Jenny, Kerri and Sara have been reading Surrounded by Idiots by Thomas Erikson ….

Despite some scepticism, everyone agreed to take the assessment as fundamentally, we all felt committed to better understand the people we work with and spend so much time with.

 

The assessment was incredibly quick and easy (we used the free site mydiscprofile.com) and each team members received a detailed assessment report with a summary of key personality characteristics and insights into innate behaviours and motivations. 

 

Book

Reviewing the results has been incredibly interesting; being either confirmation of what we thought we knew about certain team members or offered new insights into why certain people behave in certain ways to certain situations.  

To further interpret the results, Jenny also suggested the book Surrounded by Idiots (by Thomas Erikson).

The book, as the title suggests, starts by getting you to think about some simple questions like: 

Do you ever think you’re the only one making any sense?

Why do some people answer to your questions drive you crazy?

Why do some people just not get the point you’re trying to make?

Why does your colleague’s attitude get your back up?

The first couple of chapters begins by introducing you to the 4 main categories of behaviour and colour-codes (for easy) each behavioural type, as follows

RED – ambitious, strong-willed, goal orientated, impatient, independent convincing, decisive but can seem aggressive and controlling.

YELLOW – talkative, enthusiastic, creative, inspiring, encouraging, sociable and sensitive, undisciplined and can be egotistic.

GREEN – patient, self-controlled, modest, reluctant, persistent, loyal and reliable, can be stubborn and sometimes awkward.

BLUE – conventional, conscientious, systematic, compliant, perfectionist, scrutinizes, questioning, always correct and can be critical of others.

The subsequent chapters offer more insight into how to adjust the way you interact with each person, including ways to communicate better, handle conflict without it situational escalating and improve interactions and hopefully, results.

Erikson also shares simple tricks on body language, improving written communication and advice on when to back away or when to push on, and when to speak up or indeed, when to be quiet.

Packed with ‘aha!’ and ‘oh no!’ moments, Surrounded by Idiots will help you understand and influence those around you, even people you currently think are beyond all comprehension.

The book is an easy read with lots of interesting, eye-opening and funny analysis of the 4 behaviour type. 

So, what has been the impact for Maple since we all took the DISC assessment back in July 2023?  Well, we’ve all realised we’re not surrounded by idiots, in fact, quite the opposite.

The team genuinely have an increased self-awareness and understanding of communication preferences which has resulted in better communication and less misunderstandings.

Team engagement has improved and relationships are working more smoothly than ever before as there’s a better understanding of individuals’ stress triggers

The exercise has also been a great personal and professional development activity helping contribute to a more positive and open environment.  Talking to the team, the overriding outcome we feel we’ve seen is an improved productivity and overall performance.

BASIS REFORM - What does it mean for sole traders and partnerships?

From the 2024-25 tax year, (6th April 2024) HMRC has brought in basis period reform which means that all unincorporated businesses will use the UK tax year of 6 April to 5 April as their basis period for income tax assessment. The 2023/24 tax year serves as a transitional year. During this transitional period, the basis period will be adjusted to align with the new rules.

Previously, unincorporated businesses were assessed for income tax based on the profits made during their accounting year. (Accounting Year Basis). Going forward, these businesses’ profits will be assessed for income tax based on the UK tax year (Tax Year Basis).

2023/24 Tax Year Transition Period

Businesses with a year-end that doesn’t match up to the tax year will have a longer basis period for the 2023/24 tax year. Their accountant will need to apportion profits from their two accounting periods that fall within the tax year to file their income tax return.

Profits must be apportioned between the Standard period (the 12 months of their normal year-end) and the transition period (the period after the Standard period ends to 5th April)

Profits arising within the Transition Period will be declared in a separate box on the tax return and payment may be split over 5 years, so businesses aren’t hit with tax all in one go.

Example – Geel Trading

Geel Trading May 2024

Overlap Relief: If you’ve previously claimed overlap relief due to a misalignment between your accounting year end and the tax year, this relief may be affected by the reform. Seek professional advice to understand how this impacts your specific situation.

Read more here: Basis period reform – GOV.UK (www.gov.uk)

Team Talk

TEAM SUCCESS - CHARLOTTE & LUKA EXAM ACHIEVEMENT

Charlotte-Luka

A huge congratulations to Charlotte Ward and Luka Markelic who have both passed their Financial Reporting exam in April, one step closer to achieving their ACCA Qualification.

Keep up the great work!

EMPLOYEE OF THE MONTH – EMILY SESSIONS

Emily has done an outstanding job in April, with a new client she has proven to be a very technically complex with a job that is extremely demanding and has tight deadlines. She has risen to the occasion and has helped provide the client with an excellent service offering, learnt a number of particularly complex & new concepts quickly, offered useful insights and been a great second opinion for ways to improve the product & address the issues we have faced.

Keep up the excellent work Emily!

20230627_091026

COMPANIES HOUSE CHANGES TO REGISTERED OFFICE ADDRESSES

Office

Businesses no longer be able to use PO Box numbers to stop fraud

Under the Economic Crime and Corporate Transparency Act, businesses will no longer be able to use PO Box numbers as a registered office address on the Companies House register

Companies must now have an ‘appropriate address’ as their registered office at all times. An appropriate address is one where:

  • any documents sent to the registered office should be expected to come to the attention of a person acting on behalf of the company; and
  • any documents sent to that address can be recorded by an acknowledgement of delivery.

This means that a PO Box cannot be used as a registered office address. A third-party agent’s address can be used if they meet the conditions for an appropriate address.

What are the consequences of not having an appropriate registered office address?

Companies that do not have an appropriate registered office address could be struck off the register.

When an inappropriate registered office address is identified, it will be changed to a default address held at Companies House.

Companies must then provide an appropriate address, with evidence of a link to that address, within 28 days.

If this evidence is not supplied, Companies House will start the process to strike the company off the register.

COMPANIES HOUSE FEE INCREASE FROM 1ST MAY 2024

Price

From 1 May 2024 fees for registering a new company are set to rise significantly for the first time since 2016.

Companies House charge just £12 to set up a business or limited liability partnership; this is set to increase to £50 to incorporate a new company or LLP online and up to £78 for same day registrations.

The one-off registration cost is the only increase of this magnitude as Companies House said the charges were not revenue generating and only ‘cover the cost of the services we deliver’.

The full list of fee increases can be found on the Companies House website click here.

IMPORTANT DATES AND UPCOMING CHANGES – June 2024

1 June

Corporation tax due for accounting periods ended 31 August 2023 where not payable by instalments

HMRC reviews advisory fuel rates for company cars

 

7 June

VAT returns and payments due for month or quarter ended 30 April 2024

 

14 June

Corporation tax instalment payments due for large companies as follows:

  • Year ended 29 February 2024 – instalment 4Year ended 31 May 2024 – instalment 3
  • Year ended 31 August 2024 – instalment 2
  • Year ended 30 November 2024 – instalment 1

Corporation tax instalment payments due for very large companies as follows:

  • Year ended 30 June 2024 – instalment 4
  • Year ended 30 September 2024 – instalment 3
  • Year ended 31 December 2024 – instalment 2
  • Year ended 31 March 2025 – instalment 1

 

19 June

CIS returns due for month ended 5 June 2024
EPS due for month ended 5 June 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 June 2024 paid non electronically.

 

21 June

PAYE, NICs, student loan deductions and CIS deductions due for month ended 5 June 2024 paid electronically.

 

30 June

Corporation tax return due for accounting periods ended 30 June 2023

Deadline for amending corporation tax returns for accounting periods ended 30 June 2022

VAT partial exemption annual adjustments for year ended 31 March 2024 to be included in this quarter’s returns (if not included in return for quarter ended 31 March 2024)

VAT returns and balancing payments due for those using VAT annual accounting with a VAT accounting period ending on 30 April 2024

Inheritance tax due for deaths in December 2023

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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