Post-Brexit reform of financial services announced | Business News England
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Post-Brexit reform of financial services announced
Andrew Griffith, the UK City of London minister, has stated the UK government’s intent to revamp the regulation of the investment and insurance sectors.??
Earlier this month he unveiled over 30 reforms “to unlock investment and turbocharge growth in towns and cities across the UK”.
Last week the Chancellor, Jeremy Hunt, set out plans to repeal and replace EU retained laws governing financial services. This will establish a new regulatory framework for the UK with the aim of making it more agile, less costly, and more responsive to emerging trends.
These plans included a commitment to make substantial legislative progress over the course of 2023 on repealing and replacing EU-era rules governing insurers’ balance sheets. This is expected to unlock over ￡100 billion of private investment for productive assets such as UK infrastructure.
The work to repeal, and where appropriate replace, retained EU law governing the sector has been guided by industry and split into two initial tranches. These will focus on delivering reform to areas which provide the most significant boost to UK growth and competitiveness, and the government will set out further detail on future tranches over time.
These announcements deliver the next chapter in the government’s plan for a UK financial services sector that is open, sustainable, and technologically advanced; one that is globally competitive and acts in the interests of communities and citizens.
As announced in the Autumn Statement, the government will look to announce changes to EU regulations in four other high growth industries by the end of next year, including digital technology, life sciences, green industries, and advanced manufacturing.
Tax Year Basis for Unincorporated Businesses – Amending Estimates
From tax year 2024/25 unincorporated businesses will be required to compute their profits on the new ‘tax year’ basis, i.e. those arising between 6 April and 5 April. Many businesses are considering changing their accounting period end to align with the tax year but those that choose not to will need to apportion their profits and may need to estimate some of the figures in order to meet the 31 January filing deadline.
For example, a business with a 31 December accounting year end would need to include nine months of the profits from the year ended 31 December 2024 and three months from the year ended 31 December 2025 in 2024/25. The results for the year ended 31 December 2025 are unlikely to have been finalised by the 2024/25 filing deadline of 31 January 2026. This will require an estimate of those profits/losses and use that as the basis for the 2024/25?tax return submission.
HMRC’s guidance on provisional figures currently requires businesses to make amendments to provide final figures ‘without delay’. HMRC have now announced that this condition will be relaxed before the start of the basis period transition year in 2023/24.
Earlier this year HMRC consulted on a number of options on how to deal with provisional figures. The government have decided that they will allow businesses to amend provisional figures by the normal time limit for making amendments. For the 2024/25 tax year this would be on or before 31 January 2027, the same filing date as the 2025/26 return.
In order to avoid this additional complexity, unincorporated businesses should consider amending their accounting date to 31 March or 5 April. The timing of the change is critical, and it will generally be better to do this to 31 March or 5 April 2024 due to the ability to spread additional profits arising over 5 tax years.
Book free meeting?with us to discuss the full implications of changing your business year end.
Cost of Living Crisis – Help for Households Campaign
The UK Government has launched its ‘Help for Households’ campaign. The campaign aims to help people through the cost of living this winter. Some of the topics include:
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HSE guidance on keeping workplace temperature reasonable
As winter takes hold, you can find helpful advice from the Health and Safety Executive (HSE) on keeping people as comfortable as possible when working in the cold.?
The guidance has been refreshed to make it easier to find and understand advice on how to protect workers in both low and high temperatures.
The Workplace (Health, Safety and Welfare) Regulations require employers to provide a reasonable indoor temperature in the workplace.
The guidance explains how you can assess the risks to workers and?put controls in place to protect them.
There is a?workplace temperature checklist?to help you carry out a basic risk assessment. HSE have also updated sources of advice, including practical steps you can take in the summer months to protect workers during a heatwave.
Stay safe in the snow
The Met Office has some practical advice and information on what to do to stay safe in the snow.
When there is a snow warning in place the guidance covers:
1. What to do if you need to drive somewhere;
2. Driving safely in snow;
3. Thinking ahead and acting now so you can cope if cut off;
4. Staying safe if you are cut off; and
5. What you can do in a power cut.
Start Up Show 2023
Whether you are an aspiring or existing entrepreneur, the StartUp Show is a chance to not only discover everything you need to know about starting a business, but also to connect with?accounting advisers and business experts?who’ll help take your enterprise to the next level.
The event takes place on 28 January 2023 at King’s College London, with early bird tickets costing ￡10 (register by 31 December 2022).?Read more...