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Company incorporation fees increase from May 2024

The government agency that maintains the register of all incorporated and registered companies in the UK, Companies House, will soon be increasing their fees.

Companies House charges statutory filing fees for the registration and incorporation in the UK of companies, limited liability partnerships (LLPs), limited partnerships (LPs), community interest companies (CICs), and overseas companies.

From 1st May 2024, incorporation and maintenance fees will rise as part of the agency’s cost recovery efforts – the fees cover the cost of their services without profit.

Here’s how the cost of incorporating a company will be affected from May 2024.

HMRC Intensifies Scrutiny on Taxes: Who’s Affected & Actions to Take

HMRC is turning up the heat with increasing checks on tax compliance across the board.

They are particularly focusing on inheritance tax, undeclared dividends, and the profits from share sales, ensuring that everyone pays their fair share.

Both individuals and businesses must understand their tax obligations to avoid coming under scrutiny from HMRC.

In this blog, we will discuss the specific tax compliance checks that HMRC conducts, who could be affected, and what steps individuals and businesses can take to ensure their compliance.

A Simple Guide to the New £500 Trust Income Exemption

A new rule for trusts will soon be coming into effect, which aims to simplify tax dealings for smaller trusts.

From 6th April 2024, trust beneficiaries will be able to receive up to £500 in income from the trust, without having to pay taxes on it.

However, there are some points that could be a little tricky to get your head around.

This straightforward guide will explain exactly what the £500 trust income exemption is, who it impacts, and how to navigate the changes effectively.

Spring Budget 2024 Simplified: What It Means for You & Your Business

As a trusted companion in Barnsley’s financial landscape since the 1970s, we’re all about breaking down complex finance talk into something you can understand and use.

With the Spring Budget 2024 announced by Chancellor Jeremy Hunt on 6th March, there’s a lot to unpack.

This budget is particularly noteworthy as it’s likely the last one before the next election. As you would expect from a pre-election budget, it focused heavily on the tax relief measures, including additional cuts to National Insurance Contributions (NICs) and a new savings bond.

Limited by financial constraints, the Chancellor couldn’t offer as many tax breaks as some backbench Conservatives would have liked.

Despite this, he achieved a few key political goals, including adopting a Labour policy to end the non-domicile tax rule that allowed some UK residents pay less tax on foreign income.

In this post, we’ll give you a clear understanding of what’s new and how it might affect your family or business, ensuring you’re well-equipped to navigate the changes.

Income tax: the cost of moving to Scotland

Thinking of moving to Scotland from another country in the UK? There are plenty of benefits to working or retiring in Scotland, not least the incredible landscapes and friendly people – but you should keep the tax differences in mind, too.
The Scottish Parliament has been deciding its own income tax bands and rates since 2017, which are separate from those applied in England, Wales, and Northern Ireland.
As a result, most Scottish taxpayers pay more income tax than other taxpayers in the UK. With new tax changes coming in Scotland from 6th April 2024, it’s important to consider the tax cost before relocating to Scotland.

Reminder of the importance of equal pay

The stark financial crisis surrounding Birmingham City Council is a timely reminder of why it’s so crucial to get equal pay right the first time.
Many equal pay claims were made against Birmingham City Council starting from the early 2000s, but the public body tried to minimise its responsibilities – until 2012, when the UK Supreme Court ruled in favour of workers receiving financial compensation.

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