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Welcome...
To May’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.
If you need further assistance just let us know or you can send us a question for our Question and Answer Section.
We are committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year.
Please contact us for advice on your own specific circumstances. We're here to help!
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| Treasury collects £10bn extra in Business taxes |
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It has been revealed that companies across the UK have paid £95.2 billion in Business taxes in the financial year just finished (23/24) - a rise of £10.3 billion compared to the year before.
Read More
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| Tax penalty fears for pensioners as millions ‘dragged into net’ |
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| New employment rights kick in |
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Baroness Ros Altmann, a leading campaigner on pensions, has highlighted her fears after figures showing that the number of pensioners liable for tax have doubled in the last 14 years. Read More
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Business owners need to be aware of a batch of new laws that have just taken effect covering employees' rights. Read More
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| HMRC helpline axe saga rumbles on as closure looms again |
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The saga over whether HMRC will axe its tax helpline continues to rumble on, with the latest comments suggesting it may still close after all.
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| May Questions and Answers |
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Q: I've started a new job quite recently with a hybrid working arrangement. I work from home 3 or 4 days per week, so that is my main place of work. However, I do have a significant journey - it takes more than two hours when I do go in. In terms of expenses, do my journeys to work qualify for tax relief? Answer
Q: We have just offered a job to someone who is ex-Army. She has just left and this is her first job outside the Armed Forces. She mentioned that there may be a relevant tax relief for us to consider, but I hadn't come across this before. Can you clarify what that would be?
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Q: I'm going to be introducing benefits to employees of my business for the first time, including gym membership and private medical insurance. I believe I need to be arranging the reporting of these benefits to HMRC? What's the best way to go about this? Answer
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 5th
- Companies House fees are increasing due to the recent introduction of the ECCTA. It will cost £50 to incorporate a company online - an increase from £12. The cost of filing a confirmation statement will go up to £34 (from £13).
5th
- Deadline for a 2024/25 tax credits claim to be backdated to 6 April 2024.
19th
- For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you'll owe HMRC
22nd
- Deadline for employers operating PAYE to pay HMRC. This is also the quarterly deadline for businesses that pay per quarter. For those paying by post, the deadline is 31 May.
31st
- Corporation Tax Returns are due for companies with year-end of 31 May
31st
- Deadline for P60s for employees who were on your payroll on 5 April 2024
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Please contact us if we can help you with these or any other tax or accounts matters.
In addition, if there's anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.
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If you are not already a client and are interested in becoming one, we would love to come to meet with you to discuss how we can help and provide you with a competitive quote for our services.
All new client consultations are provided free of charge and without obligation.
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Simpson & Associates (Accountants) Ltd are a firm of Chartered Accountants based in Westbourne, offering local business owners and individuals a wide range of Accountancy and Taxation services.
All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website https://www.completeaccountancyplus.co.uk for more information.
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