DS March Newsletter & HMRC Updates
Good Evening
Happy Easter!! Hope you are all having a lovely bank holiday weekend
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
National minimum wages and salary changes from April 2024
As we have no finished 2023-24 tax year, we need to start prepping for your 2024-2025 tax year. Most importantly, National Minimum wage. You must ensure you are paying National Minimum Wage to all employees by week 1 / month 1.
The link below show a table of the new rates. Please can you check this link, and notify us of any wages increases for your staff by the 5th April in order for us to prep the payroll for April. If there are any other changes to salaries, please endure these are also with us by the 5th April
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
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
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