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There are a number of rules and regulations that you must be aware of when you employ staff for the first time.
HMRC’s guidance sets out some important issues to be aware of when becoming an employer.
Decide how much to pay someone - you must pay your employee at least the National Minimum Wage.
Check if someone has the legal right
An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has a physical presence in the UK through which it carries on business.
If an overseas company does not have a physical presence in the UK, they are not usually required to register with
An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial rate the employee would have to pay on a loan obtained elsewhere. These types of loans are referred to as beneficial loans.
There are a
There are a number of reasons why you may need to close your limited company. This could be because the company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually need the agreement of all the company’s directors and shareholders to close down a company.
The method for
The Check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number.
This service allows users to check:
if a UK VAT registration number is valid; and
the name and address of the registered business.
The service also allows UK taxpayers to obtain a certificate to prove that they checked that a VAT registration number
Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain circumstances.
This deferment can be considered when any of the following apply:
You pay Class 1 National Insurance with more than one employer.
You earn £967 or more per week from one job over the tax year.
You earn £1,209 or
A reminder that businesses must submit all export declarations through the Customs Declaration Service (CDS) by 4 June.
Businesses exporting goods have less than one month left to move across to the CDS, HM Revenue and Customs (HMRC) announced today.
Export declarations must be submitted through CDS from 4 June this year, when it
A recent post by Companies House confirmed that they are now using new powers to challenge the registration of certain company names.
Extracts from their recent blog post is reproduced below:
“New powers to challenge company names
These new measures build on existing controls on company names. Names cannot be the same as or too
HMRC is currently sending the annual tax credit renewal packs to the 730,000 tax credit claimants and is encouraging recipients to renew their tax credits claim online. HMRC started writing to taxpayers on 2 May and expects all packs to be with recipients by the 19 June 2024.
Renewal packs with a black stripe across the front page are
The Ministry of Justice has published an urgent warning for anyone with unclaimed dormant funds held by the Courts Funds Office (CFO). Recent changes in legislation have changed the rules for individuals or entities with dormant funds held by the CFO.
The new rules come into effect from 1 June 2024 and mean that any account that has been
HMRC’s published guidance titled ‘Check genuine HMRC contact that uses more than one communication method’ has been updated. The list is intended to help taxpayers check if recent contacts purporting to be from HMRC are actually a scam.
The guidance contains a list of emails, phone calls, letters and text messages recently issued by HMRC
In the Autumn Statement last year, it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme would be merged from April 2024. The merged scheme R&D expenditure credit (RDEC) and enhanced R&D intensive support (ERIS) became effective for accounting periods beginning on or after 1 April
The Economic Crime Levy is a levy that applies to businesses that are already regulated for anti-money laundering purposes.
Your business must register if your UK revenue is £10.2 million or more in a financial year and:
Your business is already regulated by HMRC for anti-money laundering purposes.
Your business is regulated by a
There are special rules concerning the liability to IHT of a transfer made during a lifetime. For example, most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'.
These gifts or transfers achieve their potential of becoming
1 June 2024 - Due date for corporation tax due for the year ended 31 August 2023.
19 June 2024 - PAYE and NIC deductions due for month ended 5 June 2024. (If you pay your tax electronically the due date is 22 June 2024).
19 June 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 June 2024.
19 June 2024 - CIS
New consumer protections against hacking and cyber-attacks came into force at the end of April 2024. All internet connected smart devices will be required by law to meet minimum-security standards.
Manufacturers will be legally required to protect consumers from hackers and cyber criminals from accessing devices with internet or network
The recently introduced Economic Crime and Transparency Act has gifted Companies House a range of new powers aimed at reducing exploitation by corporate entities to pursue illegal enterprise.
The aim of the new reforms are:
Introducing identity verification for all new and existing registered company directors, People with Significant
The government is looking to introduce a new relief that would provide a VAT boost to charitable donations. The new VAT relief would be designed to encourage businesses to donate everyday items to charities without creating a VAT liability. A 12-week consultation on the proposed changes will be launched before 23 July 2024.
Under the
New rules that stop employers from withholding tips from people working in the hospitality, leisure and services sectors are a step closer following the publication of a new Code of Practice on tipping.
The Employment (Allocation of Tips) Act 2023 colloquially known as the Tipping Act received Royal Assent on 2 May 2023. However, the
The self-employed tax basis period reform has changed the way trading income is allocated to tax years. Under the reforms, the tax basis period has changed from a ‘current year basis’ to a ‘tax year basis’.
This means that all sole trader and partnership businesses must now report their profits on a tax year basis, beginning with the
HMRC has the power to make directors personally liable for paying the tax debts of companies they have been involved in under certain limited circumstances. This can also apply to certain other individuals associated with a company.
A joint and several liability notice tells the recipient that they are personally responsible, along with
Business rates are a tax on non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. The money raised through business rates is used to help fund local services like the police, fire and rescue services.
Business rates are generally calculated by multiplying the rateable value of
Customs declarations can be difficult and time consuming to complete. Businesses can make their own custom's declarations; however, this is complex and requires specialist skills and software.
Most businesses use a specialist such as a customs agent, broker, freight forwarder or fast parcel operator to submit import and export customs
The government has launched the new Help to Grow: Management Essentials course; a short online course with practical tips and resources for small business leaders.
It is based on the 12-week Help to Grow: Management Course and is suited for leaders of newer or smaller SMEs, or those who are looking to explore the principles of business
Latest News
- Employing staff for the first time?
16/05/2024 - More...
There are a number of rules and regulations that you must be aware of when you employ staff for the first time. HMRC’s
- Register an overseas company
16/05/2024 - More...
An overseas company must register with Companies House if they want to set up a place of business in the UK. This would
- Beneficial tax-exempt loans
16/05/2024 - More...
An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is
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