Thompson Elphhick News
Do you need to register for Economic Crime Levy?
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 million or more in
How to claim R&D expenditure credit
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
Check if HMRC contact is genuine
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
Act now to claim dormant funds
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
Time to renew tax credits
HMRC is currently sending the annual tax credit renewal packs to the 730,000 tax credit claimants and is encouraging recipients to renew their tax credits claim online. HMRC started writing to
New Companies House powers
The recently introduced Economic Crime and Transparency Act has gifted Companies House a range of new powers aimed at reducing exploitation by corporate entities to pursue illegal enterprise. The aim
Cyber protection laws introduced
New consumer protections against hacking and cyber-attacks came into force at the end of April 2024. All internet connected smart devices will be required by law to meet minimum-security standards.
Tax Diary June/July 2024
1 June 2024 - Due date for corporation tax due for the year ended 31 August 2023. 19 June 2024 - PAYE and NIC deductions due for month ended 5 June 2024. (If you pay your tax electronically the due
Hiring customs agents
Customs declarations can be difficult and time consuming to complete. Businesses can make their own custom's declarations; however, this is complex and requires specialist skills and software. Most
Business rates relief in England
Business rates are a tax on non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. The money raised through business rates is used to help
Directors who are liable for unpaid tax
HMRC has the power to make directors personally liable for paying the tax debts of companies they have been involved in under certain limited circumstances. This can also apply to certain other
Self-employed tax basis period reform
The self-employed tax basis period reform has changed the way trading income is allocated to tax years. Under the reforms, the tax basis period has changed from a ‘current year basis’ to a ‘tax year