February 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
New Advisory Fuel Rates – 1 March 2023
(AFR) for company car users
Due date for payment of Corporation Tax – 7 March 2023
for period ended 31 May 2022
Deadline for VAT returns – 14 March 2023
and payments of Accounting Quarter period ending January 2023
Monthly deadline for electronic remittance – 22 March 2023
of CIS, NICs, and PAYE to HMRC
Corporation tax returns – 31 March 2023
filed by companies with 31 March 2020 year end
Chancellor Jeremy Hunt is due to hold his Spring Budget on March 15. Forecasts suggest Mr Hunt will not introduce any tax cuts, after he extended the freeze on the personal allowance and most income tax thresholds in the Autumn Statement. Many will be looking out for The Energy Price Guarantee (EPG). This limits the average annual household bill to £2,500 , due to end in April 2023. In his Autumn Statement it was announced that this would last for an extra 12 months. But the cap will increase to £3,000 per year.
New Premises for Prestige Business Management
Prestige has a new home, in a much nicer location, with lots of amenities close by. The office is completely ours and we don’t share the entrance with anyone else, there is also free parking on the street so if anyone wants to pop by for a coffee then let us know. We will still have access to the post from our old office address so there is no need to worry, and we will be picking them up every week. For those of you who use our address for your company, we will be updating Companies House and HMRC over the coming week, which will of course be free of charge. However, if you have any bank accounts registered at our old address these may get updated automatically when the bank is notified by Companies House, but this depends on the bank so please check them in a month or two. In addition, any credit card companies will need to be updated. Our new address is: Office 1, 2A Curzon Road, Ealing, London, W5 1NF
New and Improved Software
Furthermore we will be moving to new software to manage your work. As we are always striving to improve we have moved over to a dedicated accountancy solution, this has a number of benefits for us in managing our client’s workflows. It also has some great benefits for you, there is now a client portal, in which you will receive an invitation to create an account in the coming weeks. In the portal you will be able to share files with us, approve tax returns, and see your tax amounts due and when they are due. When you receive the invitation to create the account please do so as soon as you can. Once you have then you can access the portal anytime from here https://portal.prestigebm.co.uk.
BACA Quarterly Update
Our charity partner is Bikers Against Child Abuse. We believe passionately that good business philanthropy can help change our communities for the better. We are pleased to share with you the quarterly update from B.A.C.A. During the past quarter more people have applied to join the B.A.C.A. Mission and more people have graduated through B.A.C.A.’s training programme. B.A.C.A. And their supporters have been busy ‘spreading the word’ across social media so that the more children and families know how to get in contact, the more children can be helped. For further information and a whole lot more news about B.A.C.A.’s events and activities in the last quarter, you can read the Quarterly Update from B.A.C.A.
Strike Dates in March
There are no scheduled Royal Mail strikes in Marh. The latest statement is that Royal Mail has held talks with the Communication Workers Union in January with a view to reaching an agreement to resolve the current pay and change disputes.
Rail Strike Dates
Railway trade unions have been calling for better pay and improved working conditions for their members amid the cost of living crisis. Services may also start later on days following the end of the strike action. It is recommended to check routes before you travel using journey planner services. Strikes are taking place on 16, 18 and 30 March.
- Thursday 16 March
- Saturday 18 March
- Thursday 30 March
- Saturday 1 April
School Strike Dates
Teachers across England will continue to walk out this month, in disputes with the government about pay, management and resources. The vast majority of schools could close or partially close on. London, the South East and the South West will strike on 2 March
- Thursday 2 March
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What is the Annual Tax on Enveloped Dwellings? – 27 February 2023
Annual Tax on Enveloped Dwellings (ATED) is an annual tax payable mainly by companies that own UK residential property valued at over £500,000, to ensure property owners are paying stamp duty land tax (SDLT). You’ll need to complete an ATED return if your property is classed as a dwelling, valued at over £500,000 and is owned entirely or partially by a company, a partnership where any of the partners is a company or a collective investment scheme. ATED was introduced within a package of measures to deter ownership of high-value residential properties within structures whereby those properties could be transferred or enjoyed without paying stamp duty land tax (SDLT). Read the guide in full here.
MTD for ITSA Delayed Until 2026 – 23 January 2023
The Government has announced that Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) will now be mandated to start from April 2026, instead of April 2024. The government recognises that businesses and self-employed individuals alike are facing a challenging economic environment, and that the forthcoming transition to MTD for ITSA for the self-employed and small landlords represents a significant change for taxpayers, agents, and for HMRC. Taking this into consideration it has decided that further time is needed to implement MTD properly. From April 2026, self-employed individuals and landlords with an income of more than £50,000 will be required (mandated) to keep digital records and provide quarterly updates on their income and expenditure to HMRC through MTD-compatible software. Those with an income of between £30,000 and up to £50,000 will need to do this from April 2027. MTD for ITSA will not extend to general partnerships in 2025 and instead this will come in at a later date. The Government will review the needs of smaller businesses, and particularly those under the £30,000 threshold before making any further decisions. Find out more.
Client Referral Programme
We pride ourselves in treating our loyal clients with top notch perks and services. Our client referral programme is one way that we like to give back and reward you for doing business with us. You can recommend a friend to receive, up to £100 cash reward, per referral! All you have to do is recommend us – and make sure they tell us you sent them. We’ll do the rest
February Top Tips
The first quarter is very often the busiest time for the housing market. With house prices falling for the fourth month in a row, perhaps you are seeking a mortgage in 2023. These are our top tips for getting prepared.
If you are self employed you will need to be able to provide your accounts and tax return. Ideally you will want to have your accounts drawn up by a professional accountant for at least the last two years before your mortgage application.
Proof of Income
You’ll need at least three months payslips, bank statements and household bills to prove your income as well as your outgoings and proof of identity using your current address. Lenders generally favour applications whereby you can prove that you have been earning steadily for six months or more.
Double check paperwork
Make sure that all your paperwork is up to date including passports, driving licences and having your current address on documents. This will help speed up the buying process and avoid unnecessary mistakes.
It is expected that the housing market will be quieter in 2023, due to measures tackling inflation. Housing prices are falling, so this year we can expect the market to be on the side of buyers. However this will be balanced with the cost-of-living continuing to be of concern for potential buyers, so good budgeting and the best possible mortgage advisor are a priority. Prestige Business Management can provide further guidance and here you can read more about Prepare for your perfect mortgage here.
Prestige Business Management Works for You
At Prestige Business Management we can help your business understand the best solutions for the success of your business. Find out what we can do for you. Call us today on 0203 773 2927.