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Growth continues for our SME corporate finance specialists
The annual benchmarking data for The Corporate Finance Network, of which we are a member firm, has been published. Key findings are: For the second year running, like-for-like corporate finance fees have increased by 36% per firm on average, after a 19.9% increase last year across 200 deals led by 21 firms across The Corporate…
Beware Of New Scam: Companies House Users
There have recently been a number of emails sent to Companies House users from an email address posing as Companies House. The email contains the Companies House logo and threatens that Companies House services will no longer be available from 23rd September unless ‘identification’ is received. Companies House have warned people ‘Do not reply…
Paper Self-Assessment Tax Return Deadline – One Month Away
There is now just one month before the self-assessment (SA) deadline for filing your Self Assessment Tax Return in paper form. If you’re doing a paper tax return, you must submit it by midnight 31 October 2023. Here at Whitings almost 100% of our client’s Self Assessment Tax Returns are filed online with HM…
Making PAYE Payments By Direct Debit (DD)
After initial teething problems, HMRC under-estimated the number of employers who wished to take advantage of the scheme, paying your liabilities to the revenue via an automated payment is fully operational. Employers will need their own Business Tax Account (BTA). On the BTA there will be a link to “Set up a Direct Debit”.…
Directors on payrolls: Statutory Maternity Pay (SMP)
Directors of companies are perfectly entitled to claim Statutory Maternity Pay (SMP). However, the director must have a contract of employment before they qualify for SMP. If they qualify for SMP, then the payment is calculated as it would be with any other employee. If the Director does not have a contract of employment, then…
Changes in Auto-Enrolment?
Late in September it is expected that Extension of Auto-Enrolment No 2 bill will be passed by the House of Commons. The aim of the bill is to increase personal pension savings by a some £45 billion over the next 30 years. The two key reforms under consideration are the removal of the lower…
HMRC increase interest rates
Until inflation is under control, HMRC have no option but to adjust their interest rates in accordance with changes decreed by the Bank of England. There are two rates to consider, both linked to the Bank of England base rate: Late payment interest, set at base rate plus 2.5% Repayment interest, set at base…
Holiday Pay: Projected Changes
Rolled up holiday pay is a practice whereby an employer pays you an additional amount on top of your normal pay to reflect any extra hours you may have worked in the pay period. The additional amount was paid at 12.07% of the extra earnings. So, if you earned an extra £100 through working overtime…
Advisory Fuel Rates: New Advisory Electricity Rate
The latest Advisory Fuel Rates (AFR’s) for electric company vehicles took effect from 1st September 2023, with the new rate set at 10p per mile (previously 9p per mile). The latest diesel, petrol & hybrid rates are listed below: Diesel Engine size (cc) Fuel price (per litre) Rate per mile Advisory fuel rate…
Student Loan Thresholds for 23-24 Tax year
A quick summary of the Student Loan Thresholds for 23-24 Tax year. The Department for Education (DoE) has confirmed the following changes for the next tax year: Plan 1 (student loans pre-2012) the threshold will rise to £24,990 Plan 2 (student loans post 2012) the threshold will rise to £27,295 Postgrad…