Welcome to the October 2024 Newsletter
Colin Bielckus
Outsourced FD, mentor and business coach at The Outsourced Finance Director
The Institute of Directors (IoD) has outlined key policy changes for the upcoming Budget, including generating a business tax roadmap that supports business confidence and planning. ?
Meanwhile, data published by Paragon Bank showed that savers added ￡42 billion into cash ISAs during the first half of this year.
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IoD outlines key policy changes in Budget submission
In a letter to Chancellor Rachel Reeves, the IoD has outlined its key policy changes for the upcoming Autumn Budget.
The business group has set out key recommendations for the government in five key areas:
Savers added ￡42 billion into cash ISAs in first half of 2024, data shows
Savers deposited an additional ￡42 billion into cash ISAs in the first half of this year, data from Paragon Bank has revealed.
Paragon Bank found that, at the end of June 2024, there was ￡351.6 billion held in adult cash ISAs compared to ￡309.3 billion at the end of December 2023.
Fixed-term cash ISAs increased from ￡157.9 billion to ￡188.5 billion, the data showed. Total adult cash savings balances have increased by ￡70.7 billion to ￡1.18 trillion during the first half of the year.
ESSENTIAL TAX DATES FOR OCTOBER
1?October Due date for payment of Corporation Tax for period ended 31 December 2023.
5?October???????? Deadline for notifying HMRC of new sources of taxable income or gains or liability to the High Income Child Benefit Charge for 2023/24 if no tax return has been issued.
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14?October?????? Due date for income tax for the CT61 quarter to 30 September 2024.
19?October?????? Tax and NICs due under a 2023/24 PAYE Settlement Agreement. PAYE, Student loan and CIS deductions are due for the month to 5 October 2024. PAYE quarterly payments are due for small employers for the pay periods 6 July 2024 to 5 October 2024.
31 October??????? Deadline for submitting 'paper' 2023/24 self assessment returns.
QUOTE OF THE MONTH
'The news that workers now require a significantly larger pension pot to cover basic living costs in retirement will undoubtedly be alarming for many, particularly low paid workers who have borne the brunt of rising prices over the past two years.'
Katherine Chapman, Director of the Living Wage Foundation, commenting on research that revealed that the average pension pot required for a basic standard of living in retirement has surged to almost ￡110,000 in just three years.
ON OUR WEBSITE
A wealth of resources for businesses With topics ranging from the Bribery Act 2010 to the National Minimum Wage and the National Living Wage, the Your Business section of our site is a hub of essential information.
Useful information for individuals For a comprehensive bank of guides covering Venture Capital Trusts, the dividend nil-rate and much more, please visit the Your Money area of our website.
IN THE NEWS
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