April Newsletter & HMRC Updates

DS April Newsletter & HMRC Updates 

Good Evening 

What's new with DS Business Support

No updates to report for DS this month, as I would like to concentrate on the below HMRC Updates (there are a lot of them) please take additional notice of the highlighted, as this may be something you need to action

HMRC Updates  

VAT

As of the 1st April, the VAT threshold has been increased to £90,000. You can find details on this increase via the link below

Increasing the VAT registration threshold - GOV.UK (www.gov.uk)2023-24 Self Assessment Tax Return

Now that 2023-24 tax year has come to an end, we will shortly be prepping any books ready for your tax return – if you provide your books to us yearly, please can you ensure these are with is no later than the 30th May so we can book you in, so that we can advise on your tax bill in plenty of time for you to budget

National Insurance

Class 1 NI contributions are being reduced from the 6th April from 10% to 8%

You can find the changes to NI on the following link

Reduction to the main rates of primary Class 1 and Class 4 National Insurance contributions - GOV.UK (www.gov.uk)

HMRC have issued their new employer bulletin, you can find it on the following link, which will include a lot of the above updates

March 2024 issue of the Employer Bulletin - GOV.UK (www.gov.uk)

Self-Assessment

The last month, HMRC issued over 100,000 letters in error to sole traders. This letter noted that the 2022-23 self-assessment tax return was still outstanding, and a penalty of £100 had been issued. Please let me know if you have received one of these and I can guide you to what you need to you to reverse this penalty and inform HMRC of the submission date

HMRC have also mentioned they will be closing their help lines for Self Assessment enquiries from April to September. However, with an uproar from thousands in the UK – they have now changed their minds – but, I wouldn’t be shocked if their revert back to their original decision, but I will keep you posted

Our Sister Company – The Offsite Office

 Alongside DS Business Support – we have a siter company which we run with other local bookkeepers and accountants which offers:

• Registered office address – we offer a registered office address for limited companies and directors who trade from home or freelance and wish to keep their home address private and off the public register on Companies House

• We are proud to announce we now have hotdesking available. Choose from one of our 3 desks to hire for a day rate of just £20.00 – or a reduced rate for a long-term rent.

More information along with pictures of the office / site can be found on our website 

www.theoffsiteoffice.co.uk

Recommendations

We work with some great companies/individuals to ensure not only the background of DS Business Support is top notch, but also to be able to refer their services to our clients.

• Website design – Kayleigh – KH Web Design kayleigh@khwebdesign.co.uk

• Legal (Contracts, Waivers, Website Cookies Policy, Policies & Procedures plus much more) – All things Write – Henry - info@allthingswrite.org 

• Financial Planning - Ed - Mckenzie & Co - edward.schwarz@sjpp.co.uk

• Mortgage Advise - becky@kingsbridgemortgages.co.uk