November Newsletter

Nov 7, 2023 | Newsletters | 0 comments

DO YOU HAVE A SIDE INCOME?

You must declare this on your Self Assessment.

Furthermore, from 1 January 2024, HM Revenue and Customs (HMRC) will have the power to see the exact income you receive when using digital platforms to sell goods and services online. These digital platforms include, but are not limited to, companies such as Airbnb, Uber and Etsy.

This change is for HMRC to accurately keep track of people adding to their existing income recorded on their tax return. It is also to make sure that the records of declared income and the income on the online platforms align.

From 1 January 2025, this change will extend to how these digital platforms will be required to report information to HMRC about the income earned by their users, which HMRC will use alongside other tax authorities to check if this information is correct.

To not get caught out by these changes, make sure you’ve declared your side income on your Self Assessment. If you’re unsure what you need to declare, get in touch with us.

IS WINTER SICKNESS WEIGHING YOUR BUSINESS DOWN?

After remote working for several years during the pandemic, employees that have returned to in-person working may feel the impact of cold and flu season with the bugs spread around the office.

Before cold and flu season truly approaches, businesses should put strategies in place now to protect their employees and their business.

Flexible working

Now that many businesses have structures in place to allow flexible working, it can be used to employer’s advantage during increased sickness periods. Not only does it reduce the spread of illness, but also allows employees to recover at home and allows them to be productive if they’re well enough to.

Clear sick leave policies

If the inevitable happens, employees should be informed of how to report their sick days as well as what will need to be reported to employers, depending on how long their sick leave is. If the process of this is clear, it makes the process easier, and the impact on the business will be less detrimental.

Cross-training

If an employee is off sick, policies should be in place so that other employees can take over their job responsibilities and reduce pressure on the one individual. This is crucial across the year, but especially during Christmas when businesses tend to be at their busiest.

By encouraging employees to report their illnesses promptly, the correct steps can be put in place to ensure the workload can be redistributed and other team members can be used to help, if necessary.

EMPLOYING TEMPORARY STAFF OVER CHRISTMAS

Around this time of year is when businesses decide and start to hire temporary staff to help them transition into the busier Christmas period.

Even though these employees are not on long-term contracts and are more likely to be on zero-hour contracts, they are still entitled to the National Minimum Wage and fair working conditions.

Ahead of hiring new staff members, here is the list of National Minimum Wages that employers must oblige to:

£10.42 – For ages 23 and over (National Minimum Wage)

£10.18 – Ages 21 to 22

£7.49 – Ages 18 to 20

£5.28 – Ages under 18

£5.28 – Apprentice

AUTUMN STATEMENT 2023

This year’s Autumn Statement has been announced for 22 November 2023. Look at our social media channels on 23 November to find summaries of the key information you should know.

DON’T FORGET TO SEND US YOUR SELF ASSESSMENT INFORMATION!

31 January 2024 is HMRC’s deadline for Self Assessment, but it shouldn’t be yours. Send us your information now and avoid the Christmas rush.

IMPORTANT DATES FOR NOVEMBER AND DECEMBER:

DateWhat is due
01/11/2023Corporation tax for year to 31/01/2023, unless quarterly instalments apply
19/11/2023PAYE & NIC deductions, and CIS return and tax, for month to 05/11/23 (due 22/11 if you pay electronically)
01/12/2023Corporation tax for year to 28/02/2023, unless quarterly instalments apply
19/12/2023PAYE & NIC deductions, and CIS return and tax, for month to 05/12/23 (due 22/12 if you pay electronically)
30/12/2023Deadline for filing 2022/23 tax return online in order to request that HMRC collect outstanding tax via the 2024/25 PAYE code