As of 1st May 2024, Companies House has implemented revised fees, marking a significant change in the cost structure for various services. This adjustment stems from the Economic Crime and Corporate Transparency (ECCT) Act, introducing measures that inevitably increase operational costs for Companies House. Understanding the impact The fee revisions encompass a range of services, […]
HM Revenue & Customs (HMRC) has warned that a new wave of fraudulent text messages is targeting taxpayers using iPhones, claiming that recipients are owed tax refunds and must supply personal information to receive them. Some recipients are also being asked to follow a link to access their refund, which is disguised to appear legitimate. […]
The Consultative Committee of Accountancy Bodies (CCAB) has released the 2024 edition of its Statement of Recommended Practice Accounting (SORP) for Limited Liability Partnerships (LLPs). CCAB is appointed by the Financial Reporting Council (FRC) to oversee the SORP for LLPs, ensuring that such businesses can present financial statements and accounts similar to those of other […]
HM Revenue & Customs (HMRC) has issued its updated guidance on salaried members in limited liability partnerships (LLPs), in relation to capital contributions. Currently, LLPs incorporate elements of both partnerships and limited companies, limiting the liabilities of each partner to the amount of capital they put into the business. Partners are typically considered to be […]
Leading Surrey accountancy firm, TWP, has urged business owners and employers to stay informed on new rules around the reporting of employee benefits, to avoid penalties for being caught short-changed. Employers that choose to offer certain benefits to staff may be muddying the National Insurance waters, says the firm, if perks are classed as benefits […]
P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software. Remember that reimbursed expenses no longer need to be […]
The deadline for reporting shares and securities and share options issued to employees for 2023/24 is 6 July 2024. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2023/24. Employers must submit their employment related securities annual returns online and attach the appropriate spreadsheet template […]
Where a company car is provided for use by an employee or director there is a benefit in kind taxable on the employee based on the original list price of the vehicle multiplied by the CO2 emissions percentage for that vehicle. There is an additional benefit in kind where private fuel is paid for by […]
HMRC have announced that the official rate of interest will remain at 2.25% for 2024/25, despite the Bank of England Base Rate currently standing at 5.25%. The official rate of interest is used to calculate the income tax charge on the benefit of employment related loans and the taxable benefit of some employment related living […]
As mentioned above the HMRC rate of interest on beneficial loans looks very attractive compared to the Bank of England Base rate of 5.25%, and much higher rates charged by banks for unsecured loans. Note that where loans are made to participators (broadly shareholders) of a close company there is potentially a special tax charge […]
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