Bell Tindle Williamson LLP

Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary Threshold. The annual threshold is £12,570 in the current 2024-25 tax year.

Directors and National Insurance • Bell Tindle Williamson Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceed the Primary Threshold. The annual threshold is £12,570 in the

An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory Parental Bereavement and Statutory Shared Parental Pay. If the business qualifies for Small Employers’ relief, this figure can increase to 103%.

Statutory Pay assistance • Bell Tindle Williamson An employer can usually reclaim 92% of employees’ Statutory Maternity, Statutory Paternity, Statutory Adoption, Statutory Parental Bereavement and Statutory Shared Parental Pay. If

There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at www.gov.uk/check-additional-income-tax.

Need to register for self-assessment? • Bell Tindle Williamson There is an online tool, developed by HMRC, that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at

Setting up in business as a sole trader is arguably the simplest way of starting and running a business. The advantages of being a sole trader include independence, ease of set up and running your business, and the fact that all the profits go to you.

Setting up as a sole trader • Bell Tindle Williamson Setting up in business as a sole trader is arguably the simplest way of starting and running a business. The advantages of being a sole trader include independence, ease of set up

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.

Transferring unused IHT residence nil rate band • Bell Tindle Williamson The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until later this year or even until January 2025.

Filing your tax return early • Bell Tindle Williamson The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 tax returns until

Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new asset and any CGT liability is deferred until the new asset is sold.

CGT Rollover Relief • Bell Tindle Williamson Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and

Where an employee with a company car is provided with fuel for their own private use by their employers, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car, applied to the car fuel benefit multiplier, currently £27,800.

Payback company car private fuel • Bell Tindle Williamson Where an employee with a company car is provided with fuel for their own private use by their employers, the default position is that the employee is required to pay the car fuel

The changes to the High Income Child Benefit Charge (HICBC) announced as part of the Spring Budget came into effect on 6 April 2024. The income threshold at which HICBC starts to be charged has been increased from £50,000 to £60,000.

Changes to the High Income Child Benefit Charge • Bell Tindle Williamson The changes to the High Income Child Benefit Charge (HICBC) announced as part of the Spring Budget came into effect on 6 April 2024. The income threshold at which HICBC starts to

There are many advantages to creating an employee suggestion scheme where employees are rewarded for making suggestions that benefit your business. Apart from the value that these suggestions can have in saving money or driving new business ideas there are also tax-free benefits associated with running these schemes.

Employee suggestion schemes • Bell Tindle Williamson There are many advantages to creating an employee suggestion scheme where employees are rewarded for making suggestions that benefit your business. Apart from the value that these

Companies House published guidance titled ‘Reporting scams pretending to be from Companies House’ has been updated. The list is intended to help people check if contacts purporting to be from Companies House are actually a scam.

Do not respond if you receive this letter • Bell Tindle Williamson Companies House published guidance titled ‘Reporting scams pretending to be from Companies House’ has been updated. The list is intended to help people check if contacts purporting

If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations to the previous tax year. A request to carry back the donation must be made before or at the same time as your previous year’s self-assessment return is filed.

Carry back charitable donations • Bell Tindle Williamson If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations to the previous tax year. A request to carry back the donation must

The Prime Minister, Rishi Sunak, declared from the steps of Downing Street (on 22 May 2024) that the next general election will take place on 4 July 2024.

General election date announced • Bell Tindle Williamson The Prime Minister, Rishi Sunak, declared from the steps of Downing Street (on 22 May 2024) that the next general election will take place on 4 July 2024. The Prime Minister

When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of their actions. However, apart from the emotional stress, there are also tax issues that can have significant implications.

Tax when transferring assets during divorce • Bell Tindle Williamson When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of their actions. However, apart from the emotional stress, there are

There are special VAT reverse charge rules for certain building contractors and sub-contractors. The rules, which came into effect on 1 March 2021, makes the supply of most construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge only applies to supplies of specified construction services to other businesses in the construction sector.

VAT reverse charge for builders • Bell Tindle Williamson There are special VAT reverse charge rules for certain building contractors and sub-contractors. The rules, which came into effect on 1 March 2021, makes the supply of most

The deadline for submitting the 2023-24 forms P11D, P11D(b) and P9D is 6 July 2024. These forms can be submitted using commercial software or via HMRC’s PAYE online service. HMRC no longer accepts paper P11D and P11D(b) forms. Employees must also be provided with a copy of the information relating to them on these forms by the same date. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) unless the employer has registered to payroll benefits.

Reporting expenses and benefits to HMRC • Bell Tindle Williamson The deadline for submitting the 2023-24 forms P11D, P11D(b) and P9D is 6 July 2024. These forms can be submitted using commercial software or via HMRC’s PAYE online service. HMRC

We would like to remind our readers that HMRC is currently sending the annual tax credit renewal packs to 730,000 tax credit claimants. HMRC is encouraging recipients to renew their tax credits claim online. HMRC started writing to taxpayers on 2 May 2024 and expects all packs to be with recipients by the 19 June 2024.

Tax credits reminder • Bell Tindle Williamson We would like to remind our readers that HMRC is currently sending the annual tax credit renewal packs to 730,000 tax credit claimants. HMRC is encouraging recipients to renew

The Annual Tax Summary is a document provided by HMRC that shows details of the tax you pay and how this is used by government.

View your annual tax summary • Bell Tindle Williamson The Annual Tax Summary is a document provided by HMRC that shows details of the tax you pay and how this is used by government. The Annual Tax Summary shows: your taxable

There have been a number of significant changes in Companies House fees. These changes took effect on 1 May 2024. The last significant change in fees occurred in April 2016.

Changes to Companies House Fees • Bell Tindle Williamson There have been a number of significant changes in Companies House fees. These changes took effect on 1 May 2024. The last significant change in fees occurred in April 2016. The

The Check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number.

Check a VAT number • Bell Tindle Williamson The check a UK VAT number service is available at: www.gov.uk/check-uk-vat-number. This service allows users to check: if a UK VAT registration number is valid; and the name

There are a number of reasons why you may need to close your limited company. This could be because the company structure no longer suits your needs, your business is no longer active, or the company is insolvent. You will usually need the agreement of all the company’s directors and shareholders to close down a company.

Closing a limited company • Bell Tindle Williamson There are a number of reasons why you may need to close your limited company. This could be because the company structure no longer suits your needs, your business is no longer

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial rate the employee would have to pay on a loan obtained elsewhere. These types of loans are referred to as beneficial loans.

Beneficial tax-exempt loans • Bell Tindle Williamson An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any,

An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has a physical presence in the UK through which it carries on business.

Register an overseas company • Bell Tindle Williamson An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has a physical presence in

Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain circumstances.

Deferring National Insurance payments • Bell Tindle Williamson Employees with more than one job may be able to defer or delay paying Class 1 National Insurance in certain circumstances. This deferment can be considered when any of the

There are a number of rules and regulations that you must be aware of when you employ staff for the first time.

Employing staff for the first time? • Bell Tindle Williamson There are a number of rules and regulations that you must be aware of when you employ staff for the first time. HMRC’s guidance sets out some important issues to be aware of when

The Economic Crime Levy is a levy that applies to businesses that are already regulated for anti-money laundering purposes.

Do you need to register for Economic Crime Levy? • Bell Tindle Williamson The Economic Crime Levy is a levy that applies to businesses that are already regulated for anti-money laundering purposes. Your business must register if your UK revenue is £10.2

In the Autumn Statement last year, it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme would be merged from April 2024. The merged scheme R&D expenditure credit (RDEC) and enhanced R&D intensive support (ERIS) became effective for accounting periods beginning on or after 1 April 2024. The expenditure rules for both are the same, but the calculation is different. &D &DExpenditureCredit

How to claim R&D expenditure credit • Bell Tindle Williamson In the Autumn Statement last year, it was announced that the existing R&D Expenditure Credit and Small and Medium Enterprise Scheme would be merged from April 2024. The merged

HMRC’s published guidance titled ‘Check genuine HMRC contact that uses more than one communication method’ has been updated. The list is intended to help taxpayers check if recent contacts purporting to be from HMRC are actually a scam.

Check if HMRC contact is genuine • Bell Tindle Williamson HMRC’s published guidance titled ‘Check genuine HMRC contact that uses more than one communication method’ has been updated. The list is intended to help taxpayers check if recent

The Ministry of Justice has published an urgent warning for anyone with unclaimed dormant funds held by the Courts Funds Office (CFO). Recent changes in legislation have changed the rules for individuals or entities with dormant funds held by the CFO.

Act now to claim dormant funds • Bell Tindle Williamson The Ministry of Justice has published an urgent warning for anyone with unclaimed dormant funds held by the Courts Funds Office (CFO). Recent changes in legislation have changed

There are special rules concerning the liability to IHT of a transfer made during a lifetime. For example, most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'.

Lifetime transfers and liability to IHT • Bell Tindle Williamson There are special rules concerning the liability to IHT of a transfer made during a lifetime. For example, most gifts made during a person's life are not subject to tax at the time