Welcome to the October 2023 News Update from Prestige Business Management
October 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 November 2023
for period ended 31 January 2023
PAYE, NIC and CIS payment due – 19 November 2023
(postal) for month end or quarter end 5 November 2023
CIS return due – 19 November 2023
Payments made to subcontractors in month to 5 November 2023
PAYE, NIC and CIS payment due – 22 November 2023
(electronic) for month end or quarter end 5 November 2023
Corporation Tax return – 30 November 2023
For quarter ended 30 November 2022
BACA Quarterly Update
We are proud supporters of our chosen charity Bikers Against Child Abuse and we are pleased to report good news from their regular, quarterly update. More new members have completed their ‘BACA Basics’ Training. Lots of positive and supportive interactions have taken place both in person and online. Plus you can hear President Dozer speaking on Real Life Responses podcast. Once again, Capital Chapter held its annual Children’s Summer Party, and once more all the children had a great time. Capital Members and Supporters always make the most of the summer months by riding to rallies, events and shows. Find out more.
Get Ready for the Self-Assessment Tax Deadline
It is under 100 days until the deadline to submit your self assessment tax return, at midnight on 31 January 2024, for the financial year 2022-2023. 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 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.
Can you help Prestige Business Management?
Positive reviews from awesome customers like yourself helps other business owners just like you to feel confident choosing Prestige Business Management. Could you take 60 seconds to leave us a review using any of the links below – or all of them if you are feeling generous – and share your happy experiences? This really helps us get the word out about our services and dedication to helping businesses like yours flourish and grow.
Client Referral Programme
Did you know it pays to refer a friend? If you recommend a friend or colleague with our client referral programme and they sign up to become a client, we will thank you with a £100 cash reward, per referral! All you have to do is recommend us – and make sure they tell us you made the recommendation. We will take care of the rest.
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The Power of Writing a Review – 26 October 2023
You will be used to being asked to write a review for new products you have tried. More often than not, consumers will be motivated to write a review if their experience has either been extremely good, or extremely bad. But this is exactly why it’s worth writing a review of your most trusted businesses and services. Good reviews are a huge asset for businesses of every type. A good review of your favourite business offers valuable guidance for others looking to employ these services. This makes it easier for clients to decide if this is the right business for them to employ. Good reviews also attest to reliability. Mainly reviews help new clients to make a balanced choice. This can be even more valuable in the circumstances when a client is looking for specialist services. It’s pretty straightforward to look for reviews when looking to engage a new business. But why should you in particular take the time to leave a review? Find out more.
Inheritance Tax – How Does it Work – 13 October 2023
Inheritance tax can be complicated and subject to lots of misunderstanding and mistakes. Furthermore the topic can even be controversial and occasionally even inflammatory. However, as with all forms of tax, it’s vitally important to understand the fundamentals, especially when it applies to you. We have put together a simple, easy-to-understand guide to UK inheritance tax. Inheritance tax (IHT) is levied on an estate that has been inherited. For example, if Adult A passes away and bequeaths £1 million to their child, Child B. This would mean that Child B will be liable to pay tax on the inheritance. However, inheritance tax only applies above a certain threshold. The normal threshold is £325,000. Although this can change in certain circumstances. In this instance of the £1 million inheritance, Child B would pay tax on £675,000 – i.e. only on the amount of inheritance over the £325,000 threshold. Read in full.
How to Gift a Tax Free Christmas Bonus – 5 October 2023
Unbelievably Christmas is under 80 days away. The festive season is a time to celebrate your year’s success and give back to your dedicated workforce. It’s common to gift a staff bonus. However, did you know that there is a more cost effective way to treat your staff this Christmas? The traditional staff bonus added to your employees’ pay packet is subject to tax. So while a staff bonus at Christmas time is always welcomed there is a more tax efficient way to gift this bonus. If you give goods with a cash value, these will also be subject to taxation that will reduce their value in most cases. Meaning that your staff still won’t benefit from the full value of your seasonal gift. So what’s the alternative? If you choose to treat your staff with gift vouchers you avoid tax liability for the recipient and the business. Find out how to use the trivial benefits exemption to offer staff a valuable tax free Christmas bonus this year, including company directors. Find out more..
October Top Tips
With colder nights drawing in you may be agonising over whether to switch on the central heating, or to put on a jumper and last as long as you can. While rising energy costs are of concern to us all, here are a few top tips for keeping the bills down.
Turn Down the Thermostat
Turning down your thermostat by even one degree has a much bigger impact that you would expect and coils save an average of £100 per year on your bills. Plus avoid the urge to crank up the heat in colder conditions. The role of your thermostat is to heat your home to a consistent temperature, whatever the weather, it may just take a little longer on colder days. The World Health Organisation recommends 18°C for most healthy adults.
Lower the Temperature of Your Hot Water
Love a hot bath, hate the high bills? How often do you fill up the tub only to dilute the water with the cold tap to get it just right? That’s all wasted energy that adds to your overall bill. Try setting your hot water temperature a little lower, this way you could avoid over-using your boiler and may not even need to dilute your bath water. 55°C is recommended.
Reset Pre-Heated Water
Most boilers are set to pre-heat your water by maintaining a constant heat within your boiler. While this is a convenient way to have warm water on demand, this requires more energy and is likely unnecessary during most of the day – especially during hours that you are out at work. The trade off is it may take a little longer for the water to run warm when you do need it, but not by much and this will save some pennies.
Turn Down Radiators in Empty Rooms
Don’t waste money heating rooms that you use infrequently. Simply turn down the radiators in those rooms when not in use.
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.