Welcome to the December 2023 News Update from Prestige Business Management
December 2023 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs.
Key Dates Coming Up
Due date for payment of Corporation Tax – 1 January 2024
for period ended 31 March 2023
VAT return submission and payment due date – 7 January 2024
Online – for period ended 30 November 2023
PAYE, NIC and CIS payment due – 19 January 2024
(postal) for month end or quarter end 5 January 2024
CIS return due – 19 January 2024
Payments made to subcontractors in month to 5 January 2024
PAYE, NIC and CIS payment due – 22 January 2024
(electronic) for month end or quarter end 5 January 2024
Corporation Tax return – 31 January 2024
For quarter ended 31 January 2023
Self Assessment filing deadline – 31 January 2024
Online for financial year 2022-23
Self Assessment balancing payment due – 31 January 2024
Self Assessment first 2023-24 payment on account due – 31 January 2024
Christmas Opening Hours
Prestige Business Management will be closed for Christmas break from 25th December, open again on the 2nd of January.
Get Ready for the Self-Assessment Tax Deadline
If you are self-employed it’s time to prepare and submit your tax return, if you haven’t done so already. Your self assessment tax return for the financial year 2022-2023 is midnight on 31 January 2024. Your self-assessment tax return is a complete record of your tax filing for the relevant financial year. This needs to include everything relating to your personal income. Prestige Business Management can help you streamline your tax liability and maintain compliance. Find out everything your accountant needs to know, to complete your self-assessment tax return accurately, here.
There will be no rail or bus services running in London on Christmas Day. The only transport available in the capital on 25 December will be taxi and private hire services, so plan ahead. Between Friday 22 December 2023 and Tuesday 2 January 2024, most services will be running as usual, besides planned work, closures and service changes that may affect your journey. For drivers both the Congestion Charge and ULEZ will not be enforced between 25 December and 1 January 2024, inclusive. However be mindful that the LEZ operates every day of the year, including Christmas Day.
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Client Referral Programme
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Click our blogs to read more and follow us for updates and breaking news
How to Save for a Rainy Day – 17 December 2023
There is never a good time for a financial emergency. However it pays to be prepared to ease the burden when the unexpected occurs. A leaky boiler can cause unwelcome flood damage, or a vehicle breakdown may need costly repairs. We can’t always be prepared for the physical or emotional challenges life brings, but we can take measures to be prepared to handle the bills. It can seem impossible to spare any funds to save for a rainy day. However it’s always a good idea to have an emergency fund set aside to handle life’s emergencies. This gives you an amount to fall back on when a financial emergency occurs. Without this option you could be looking at costly loans or credit which can drive you into unmanageable debt. However tricky, this is the very reason you want to build up an emergency fund. You can pat yourself on the back later when you save yourself a lot of trouble when the worst happens. Here are some simple steps to help you. Find out more.
Inflation has Finally Fallen – 20 November 2023
Inflation has finally fallen to 4.6 per cent which is better than expected according to the Office for National Statistics (ONS). This is the lowest rate of inflation we have seen for two years. This means that the Prime Minister has hit his target of halving inflation, which he pledged in January. Mr Sunak said: “While it is welcome news that prices are no longer rising as quickly, we know many people are continuing to struggle, which is why we must stay the course to continue to get inflation all the way back down to two per cent.” Inflation has finally fallen because energy prices have fallen. The Bank of England says “main driver of the expected fall is a reduction in the Ofgem energy price cap, reflecting the decline in wholesale gas prices over the course of 2023.” The rate of inflation for food and drink has slowed but remains high, at 10.1 per cent. This is down from 12.2 per cent in September and from the high of 19.2 per cent in March. Read in full.
How to Manage Staff Annual Leave – 1 November 2023
Most workers look forward to using their annual leave for a well earned break. However staff holidays have to be thoughtfully balanced with ensuring business needs are still successfully met. Especially if you see fluctuations in your revenue at various times of the year, that correspond with staff annual leave, say summer holidays or Christmas. Here we take a look at the regulations and considerations when managing staff annual leave legally and fairly. All employees are entitled to a minimum number of days of staff annual leave per year. This amount will be stated within their contract. Provided the employer does not prevent an employee from taking this leave over the course of the year, it is up to the employer to determine the rules around when annual leave can be taken. Some businesses will specify set periods of shut down where leave must be taken by some departments to or all employees in relation to all or part of their employee’s annual leave entitlement. This is a perfectly usual practice as long as the employer gives twice the length of the enforced leave period, as notice to the employee. Find out more.
December Top Tips
Seasonal holidays can come loaded with anticipation, not to mention various commitments. But we can all benefit from a little rest and relaxation over the Christmas break. Here are our top tips for a stress-free Christmas.
Plan ahead and inform others of your plans, where appropriate, so there are few unwelcome surprises and less decisions to make when under pressure.
Make time for resting
As hard as it is to carve out time for yourself among all the family and festivities, try to plan in and take a few moments to yourself whenever possible. You deserve it and regular rests can help keep you healthy. Regular rest breaks actually make it easier to sleep when it comes to bed time. The more rested the body, the easier it is to sleep. Most importantly to remember is that it’s not selfish to take time out to rest. Taking frequent rest breaks is an essential self-care practice.
It’s tempting to imagine the perfect Christmas. However, to manage expectations, it’s realistic to expect hiccups and let downs. Being prepared to manage these imperfections will help you handle anything unexpected that arises.
Practise mindful food choices
It’s the season to indulge and you should certainly treat yourself. Just remember to be mindful of excess, either eating or drinking alcohol, as feeling unwell can exacerbate Christmas stress. A good tip to achieve this balance is to go slow.
Whatever your commitments are, make sure you build in some relaxation for yourself. This might be getting out for a run by yourself, or saving up your favourite Christmas special to watch after the chaos is over.
Prestige Business Management Works for You
We at Prestige Business Management wish you a very Merry Christmas and we look forward to working with you in the new year.