UK Company Law: Changes in 2016

UK Company Law: Changes in 2016

This year Companies House introduces some important changes to UK company law. We have provided some of the key changes and the proposed implementation dates. New accounting regulations for companies – January 2016 The regulations apply to accounting periods beginning on or after 1 January 2016. The key change in these regulations is the removal of the ability for a small or medium-sized company to file abbreviated accounts at Companies House (although the very smallest companies can prepare micro entity accounts). New accounting standards – January 2016 The Financial Reporting Council (FRC) have revised the accounting standards under which UK companies prepare their accounts. More information about this change can […]

Brexit: What next?

Brexit: What next?

On Thursday 23 June 2016 the UK public has voted to leave the EU and nowadays it’s a hot topic across the world in newspaper, on tv, radio, social media. For many people this is not an easy situation which may rise lots of emotions. No doubt you are worried about it and very likely you are interested in getting answers. Some answers you will get in stages, however there are some answers you can find now, for example: What happens next? An agreement called Article 50 of the Lisbon Treaty has to be activated in order to leave the EU. The withdrawal from the EU is a formal legal […]

Tax Return: Who needs to complete

Tax Return: Who needs to complete

The tax year in UK is from 6 April to 5 April the following year. Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. Who must send a tax return You’ll need to send a tax return if, in the last tax year:   you were self-employed even though the tax due may in fact be ‘nil’ you were a company director you got dividends from shares you had income from abroad that you needed to pay tax on you lived […]

10 Changes from April 2016 which may affect you

10 Changes from April 2016 which may affect you

1. The National Minimum Wage will be increased to £7.20 per hour for those 25 or over. 2. The Personal Tax Allowance, the amount you can earn before paying income tax, will be increased from £10,600 to £11,000. 3. The Higher Rate Threshold will increase from £42,385 to £43,000. 4. The Employment Allowance will increase from £2,000 to £3,000. 5. To make it cheaper to employ young people, from April 2016 employers will not have to pay National Insurance contributions (NICs) for all but the highest earning apprentices aged under 25. 6. The new State Pension will be increased £119.30 from to £155.65 per week. 7. The income rise disregard […]