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January 2024

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To January’s Business Companion News. Happy New Year!

Keep your eyes open for our new Website!
We will be relaunching our website over the next few days – with a more colourful design, easier navigation & now mobile friendly.

Keep an eye on our url:

January 2024
· Watch out for data thieves’ latest scam
· Tax-free company parties
· Self Assessment Helpline Restricted
· Shareholder Entitlement to Dividends
· January Questions and Answers
· January Key Dates
Watch out for data thieves’ latest scam top
Scammers are targeting people’s online tax accounts and attempting to steal sensitive personal data, HMRC officials have warned. It’s been reported by the Institute of Chartered Accountants in England and Wales (ICAEW) that various accountants’ clients have received emails, which are described by HMRC as “a tactic by scammers to direct people to a phishing site and steal personal details.”

The emails purport to be from the Government Gateway and contain a confirmation code to confirm an email address. “If such requests are received, these should be reported to HMRC,” the ICAEW says, adding that “HMRC advises that anyone who has received an email they haven’t requested, to verify a change to their online account, should ignore it. Taxpayers and agents should also ignore any follow-up emails asking them to click a link.”

A statement from HMRC added that “systems have not been compromised – but criminals have attempted to create fake customer accounts or to access existing accounts using personal data obtained through a variety of routes, including breaching other organisations’ security.”

If you receive a message like the one described here, the advice is to tell HMRC about it by forwarding it to
Tax-free Company Parties top
Self Assessment Helpline Restricted
Did you know that your business can benefit from a tax-free allowance if you host a celebratory event for your employees? If not, you may have missed out for this year’s Christmas party. Or if you’re planning a late festive party in January, this may come at just the right time!

It’s not just the yuletide event that attracts this benefit, however. So, if you’re planning to throw staff a party, you can spend up to £150 each year per employee and not have to pay tax or national insurance on this. Read More
Until Wednesday 31 January 2024, HMRC’s Self Assessment (SA) Helpline will only discuss questions about:
– paying your SA tax bill
– getting a refund from your SA account
– completing your Self Assessment tax return

The helpline not deal with other SA queries until Thursday 1 February 2024.

To contact the Self Assessment Helpine ring 0300 200 3310, Monday to Friday: 8am to 6pm.
Shareholder Entitlement to Dividends
The percentage of shares owned is used to calculate the amount of dividends that a shareholder receives. For example, someone who owns 30% of a business’ shares will usually receive 30% of the profits. Working on this basis can help make sure that shareholders get a proportional amount according to their investment in the business.
This assumes that all of the shareholders own the same type of shares, but there might be times when  a company wants to pay them in a different way. Creating different classes of shares, sometimes called alphabet shares, allows a company to do this.

What are alphabet shares?
The term ‘alphabet shares‘ describes the different classes of shares that can be issued by a limited company. Each class of shares (A shares, B shares, C shares and so on) can be assigned different rights. These could be voting rights, or the percentage of dividends that the shareholder of that particular class of share is entitled to.

For instance, an ‘A share’ shareholder might be paid dividends at a different rate to a ‘B’ shareholder. A ‘B’ or ‘C’ shareholder may not have any voting rights. This means that the company can manage shareholders with different dividend payouts and voting rights.
January Questions and Answers top
January Key Dates top
Q: The turnover of my business has been no higher than £75,000 over a 12-month period since we started but has now crept up to £92,000. It reached this point on 5 December 2023. What do I need to do about VAT registration? Answer

Q: I have recently started a carpet fitting business but I’m not sure what the rules on the Construction Industry Scheme (CIS) mean for me? I’m the only employee at the moment. Do I have to register? Answer

Q: I’m considering starting a scheme for my employees where they can hire a bicycle as an extra staff benefit. Will this be exempt from tax on employment income? Answer
– Due date for Corporation Tax due for the year ended 31 March 2023

– Employee National Insurance reductions announced at Autumn Statement to take effect

– For employers operating PAYE, this is the deadline to send an Employer Payment Summary (EPS) to claim any reduction on what you’ll owe HMRC

– Deadline for employers operating PAYE to pay HMRC. For those paying by post, the deadline is 19 January.

– Self-Assessment Tax Returns submission and payment deadline

Need Help? top
New Clients Welcome top
Please contact us if we can help you with these or any other tax or accounts matters.

In addition, if there’s anyone else who you think would benefit from the newsletter, please forward the email to them or ask them to contact us to be added to the newsletter list.
If you are not already a client and are interested in becoming one, we would love to discuss how we can help and provide you with a competitive quote for our services.

See details of our Business Companion Service.
About Us top
Simple Accounting Limited offers a cost effective Business Companion service to business owners who use MYOB, Acclivity, Mamut, Solar Accounts, Quickbooks or Xero.

‘All clients using these software packages can benefit from our support. Visit our website for a look at the resource on offer.’

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95 Bridge Lanes, Hebden Bridge, Yorkshire, HX7 6AT
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