January Newsletter 2024
Administrative Burdens Advisory Board annual report 2023?
The Administrative Burdens Advisory Board (ABAB) has released its?2023 annual report?analysing HM Revenue and Customs’ (HMRC’s) commitments and support to small businesses.?The Board, Chaired by Dame Teresa Graham DBE, makes recommendations to HMRC to help with the administrative burdens placed on small businesses. Some initiatives introduced by government don’t properly address the needs or resourcing capabilities of small businesses and ABA is there to raise this with HMRC.?n the foreword, Dame Teresa makes note of last year’s ABAB concerns around Making Tax Digital for Income Tax Self-Assessment (MTD ITSA). Shortly after this was reviewed and an amended timescale introduced for small businesses, highlighting the power of and need for groups such as the ABAB.
This year’s report covers the following areas:?
Have a read to see what the Board sees as ongoing concerns for HMRC and small businesses. Also keep an eye out for the ‘Tell ABAB’ survey’, which gets your opinion on how you think HMRC is doing against key metrics. A report is then compiled completely independently from HMRC to paint a clear and unbiased picture.?
HMRC News?
At the Autumn Statement in November the government announced a comprehensive set of tax simplification measures to make it easier?for businesses and individuals to interact with the tax system.???Following this, the government is now setting out further measures? to simplify the experience of taxpayers, using the efficiencies of digital services to drive public sector productivity. The measures include:?
Enhancing the Non-Reimbursed Expenses Service?
Simplifying how employees can claim tax relief on expenses by?designing a new online service for employees to claim tax relief on all?their expenses in one place, meaning employees will get relief sooner. HMRC will provide further details on this later in the year.??
Mandating the payrolling of benefits in kind?
The reporting and paying of Income Tax and Class 1A National?Insurance Contributions on benefits in kind via payroll software will?be mandated from April 2026. HMRC will engage with stakeholders?to discuss proposals to inform design and delivery decisions, and draft legislation will be published later in the year as part of the tax legislation process. HMRC will also work with industry experts to produce? guidance, which will be made available in advance of 2026.???
January Coffee Morning?
In this month’s coffee morning we went from the calm and tranquillity of Kim Searle giving us advice on how to be stress self-aware to rising our anxiety levels getting an insight into the?growing cyber threats we could all face from Joshua Richards the Co-Founder of OSINT. All in all thought a great session with lots of engagement from all those that attended.?
Updates to employment legislation that could impact your small business
Our insurance brokers work with small business owners every day, that’s why we understand the pressures that small business owners face. Keeping on top of changing laws and legislation is yet another task that owners of SME’s need to keep track of. Whilst larger companies may employ entire legal teams to keep up with these changes, for many small businesses this simply isn’t cost effective and therefore the responsibility to remain up to date falls to them.?
领英推荐
Read Full article here- https://www.iab.org.uk/updates-to-employment-legislation-that-could-impact-your-small-business/
First changes to UK company law expected on 4th March 2024 - Latest news from Companies House.?
An update on the changes being introduced by the Economic Crime and Corporate Transparency Act and a webinar about community interest companies (CICs).??
Those who are incorporated will have additional requirements to meet prior to the 4th?March, and if they are offering TCSP services to clients they may need to do this too.
We have had a great response since entries opened on 2nd?January 2024.?
Could you be the winner of one of our new categories??
Excellence in Client Service Award?
Impact Through Finance Award?
Innovation in Education Award?
Young Adult Learner Award (18-30)?
Life Change and Progression Through Education Award (30+)?