New Rules for Company Names
New Rules for Company Names As Companies House continues to introduce new practices as a result of the implementation of Economic Crime and Corporate Transparency Act, the latest is the new rules for company names. Companies House have advised that they are ‘running stronger checks on company names which may give a false or misleading…
Read MoreGetting your Self Assessment tax return filed early!
Getting your Self Assessment tax return filed early! Did you know that nearly 300,000 people submitted their self assessment tax return in the first week of the new tax year – so why not get in touch with us here at Kennedys Accounting and get yours filed too. So….what are the advantages of getting this…
Read MoreFurnished holiday lets – changes are coming!
Furnished holiday lets – changes are coming! With effect from 6 April 2025, loan interest for holiday let businesses operated by individuals will cease to be a deduction and relief but will instead be given as a 20% tax credit from the individual’s tax liability which was announced by the Chancellor in the Budget earlier…
Read MoreHigh earners removed from Self Assessment
High earners removed from Self Assessment The increase in the earnings income threshold to £150,000 means that over 300,000 taxpayers will be removed from the requirement to file a self assessment tax return with HMRC. Up until 6 April 2023, any taxpayers with earnings above £100,000 were required to file a tax return, even if…
Read MoreIncorrect refunds of Voluntary Class 2 National Insurance payments
Incorrect refunds of Voluntary Class 2 National Insurance payments Due to a delay by HMRC in processing self assessment tax returns for self employed taxpayers, this has resulted in the refund of some Class 2 national insurance contribution (NIC) payments by mistake. This has meant that some taxpayers have received refunds for NIC payments, which…
Read MoreCompanies House changes to registered office addresses….
Companies House changes to registered office addresses…. The Economic Crime and Corporate Transparency Act continues to be embedded with the next change coming into effect meaning that businesses will no longer be able to use PO Box numbers as a registered office address on the Companies House register. Companies must now have an ‘appropriate address’…
Read MoreOnline tool to check national insurance shortfalls
Online tool to check national insurance shortfalls If you have gaps in your national insurance payments dating back to 2006, you will be able to check online using a new HMRC tool to see if you need to make additional contributions. The ‘Check your State Pension forecast online tool’ is now live and is a…
Read MoreDon’t get caught out by the £10 a day self-assessment fines
Don’t get caught out by the £10 a day self-assessment fines From 1 May 2024, anyone who has not yet filed their overdue self assessment tax returns for 2022-23 will face an additional late filing penalty of £10 per day, up to a maximum of £900. This is in addition to the £100 late filing…
Read MoreScams Circulating as HMRC
Scams Circulating as HMRC Scams are not a new thing as we all know but we have been made aware of more scams recently. IF YOU RECEIVE ANYTHING FROM HMRC WHICH YOU HAVE NOT REQUESTED OR IS NOT HOW YOU USUALLY RECEIVE IT – STOP! A couple of examples; VAT Submission Scam We have been…
Read MoreChanges to the confirmation statement – from 5 March 2024
Changes to the confirmation statement – from 5 March 2024 Further changes have started to come into play as various aspects of the new Economic Crime and Corporate Transparency Act come into play. One of the first areas affected is the way you file your confirmation statement. Here’s what you need to know: Registered email…
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