Please see below a brief list of areas that may need particular attention: -
- Making Tax Digital is now live for all VAT registered businesses from 1 April 2019 which will affect all VAT Return filing. Do you have compatible software and procedures in place and are you aware of the changes from 1 April 2024?
- Auto Enrolment is here. Do you know your Staging Date and are you aware of your obligations?
- From the 6 April 2024 the Employment Allowance which could reduce Employer’s Class 1 National Insurance Contributions (NICs) remains at £5,000
- This will be removed from 6 April 2024 for Employer's with an Employer's NIC liability of £100,000 or more in 2023/24
- Personal Allowance limit remains unchanged at £12,570 from 6 April 2024
- Higher Rate 40% tax threshold remains unchanged at £50,270 from April 2023 & Additional Rate of 45% for income over £125,140
- Income limit for Personal Allowance remains at £100,000 from 6 April 2024
- Corporation Tax remains at 19% for 2024 for businesses with profits less than £50,000 then at 25% for businesses with profits of more than £250,000 and the marginal relief percentage will be applied to profits between those thresholds
- New Living Wage Rates came into effect on 6 April 2024. Are you compliant?
- New HMRC redesigned Business Records Checks (BRC) are now being implemented - are you ready?
- HMRC PAYE Real Time Information (RTI) - do you still have problems and are you aware of the penalties involved?
- Were you ready for the 5 April 2024 Tax Year end and will you utilise all of your allowances and reliefs on your 2024 Self Assessment Tax Return by 31 January 2025?
- Have you missed out on Class 4 NIC loss relief?
- VAT Flat Rate Scheme - are you losing out?
- Did you miss the filing deadline of 31 October 2023 for paper based tax returns?
- Can your existing Accountant guarantee that they can produce iXBRL compliant Accounts and Returns?
- New HMRC compliance visits - are you ready?
- Did your current Accountant advise you of "the real tax year end" and did you miss out on Capital Allowances Relief?
- Are your Company details up to date with the relevant authorities?
- Are you aware of the new HMRC compliance visits and penalty system?
- Are your Company expenses records up to date and do they comply with HMRC guidelines?
- Are you receiving the right Tax, PAYE, VAT and Accountancy advice?
- Are you given sufficient notice to plan for forthcoming tax liabilities and take advantage of Capital Investment?
- Does your Company have an effective "R&D" policy and do you comply with HMRC legislation?
- Are you being overcharged and undervalued by your current Accountant?
If you have any queries or doubts regarding any of the above, then we would advise that you contact us immediately for a free initial consultation and we can guarantee you will not be disappointed.