Important current issues for companies and individuals

Issues to be aware of, please contact us to discuss in detail.

Tax return deadlines

The last tax year started on 6 April 2023 and ended on 5 April 2024.

Self Assessment Deadline 

Register for Self Assessment if you’re self-employed or a sole trader, not self-employed, or registering a partner or partnership:                 5 October 2023              

Interim Payment on account         31 July 2023

Tax Year 2023 / 2024

  1. Interim tax payment                                               Midnight 31st July 2023
  2. Paper tax returns                                                    Midnight 31 October 2023
  3. Online tax returns                                                  Midnight 31 January 2024
  4. Pay the remaining tax you owe                              Midnight 31 January 2024

Company Deadline

The deadline for your tax return is 12 months after the end of the accounting period it covers. You’ll have to pay a penalty if you miss the deadline.

There’s a separate deadline to pay your Corporation Tax bill. It’s 9 months and one day after the end of the accounting period.

Making Tax Digital

The first stage of HMRC's Making Tax Digital (MTD) programme focuses on VAT and imposes new requirements for digital recording keeping on VAT registered businesses and organisations from April 2019.

From April 2019 all VAT registered businesses and organisations with taxable turnover above the VAT threshold of £85,000 will be required to:

  • Maintain their accounting records digitally in a software product or spreadsheet. Maintaining paper records will cease to meet the legal requirements in tax legislation.
  • Submit their VAT returns to HMRC using a functional compatible software product that can access HMRC’s API (Application Program Interfaces) platform.

Financial support for businesses during coronavirus (COVID-19)

Please see below link to UK Government support and guidance, we are fully geared up to help during this unprecedented time.

Paying your employees
Paying sick pay
Paying tax
Business rates relief
Business support grant funds
Support for the self-employed
Support for small and medium-sized businesses

We have already successfully supported clients in claiming their Furlough claims and business loan applications.

Anti-money laundering registration

If you run a business in the financial sector, you may need to sign up to an anti-money laundering scheme.

Some businesses and individuals in the UK must register with a supervisory authority to follow anti-money laundering regulations. The regulations apply to many business sectors, including:

  • financial and credit businesses
  • independent legal professionals
  • accountants, tax advisers, auditors and insolvency practitioners
  • trust and company service providers
  • estate agents
  • casinos

How to apply

You must register with the supervisor that regulates your industry sector. You’re breaking the law if you carry on a business activity covered by the regulations, but don’t register with a supervisory authority.

GDPR - Data Privacy rule changes

The enforcement date for GDPR may have already passed but data protection is an evolving beast. It will never be completely possible for businesses to be fully "GDPR compliant".

Keeping on top of data can be a tricky thing – especially when businesses are evolving the services that are offered to customers. The ICO's guide to GDPR sets out all of the different rights and principles of GDPR.

It also has a starter guide, which is available here, that includes advice on steps such as making senior business leaders aware of the regulation, determining which info is held, updating procedures around subject access requests, and what should happen in the event of a data breach. In Ireland, the regulator has also setup a separate website explaining what should change within companies.

Best guidance from the ICO

Companies House - Coronavirus (COVID-19)

On 25 June 2020, the Corporate Insolvency and Governance Act 2020 received royal assent.

Some of the measures in the Act came into effect immediately on Friday 26 June. Other measures came into effect on Saturday 27 June when the secondary legislation came into force.

The measures introduced by the Act will relieve the burden on businesses during the coronavirus outbreak and allow them to focus all their efforts on continuing to operate.

Companies and other types of business registered at Companies House will get more time to file accounts. 

Late filing penalties: coronavirus
If your accounts are filed late, an automatic penalty will be imposed. The registrar has very limited discretion not to collect a penalty.

Companies House Covid-19 Assistance