COUNTDOWN TO THE FESTIVE SEASON!
Ahead of the festive period, team Harbour Key would like to take this opportunity to wish you all a Merry Christmas and a Happy New Year.
Please note we are taking a well-earned rest for the festive period, finishing at noon on Friday, 22 December 2023 and not re-opening until Tuesday, 2 January 2024. Our office and telephone line will be closed during this period and emails will be responded to in the New Year.
Prior to the Christmas break, team Harbour Key are frantically finalising those clients accounts which need to be filed by 31 December (which means Friday 22 December), and those required to make tax payments. Once we get the 31 December deadline out of the way, on the return from Christmas break, we will be concentrating on the 31 January self-assessment filing deadline. Each year, this filing deadline becomes tougher and tougher, as UK tax becomes more complicated, and therefore so does tax reporting. Completing tax returns for the type of clients we support always includes additional work around working out what and how to report. For those who have not provided their tax return information, or for those who wish to be better prepared for next year, please read our article below.
DON'T MISS THE 31 JANUARY DEADLINE!
AUTUMN STATEMENT
The big news last month was The Chancellor’s Autumn Statement, where we didn’t see any clear and obvious tax increases but instead a small tax cut by way of a reduction in national insurance contributions. Despite this, ‘stealth’ taxes and freezing tax allowances/thresholds continue to make the current period the highest tax burden period since the second world war.
Read our Autumn Statement here!
HARBOUR KEY DIFFICULTIES
HMRC & BANKS!
At Harbour Key in addition to working with our clients, two organisations that we have to deal with frequently are HM Revenue & Customs (“HMRC”) and the banks. Both in recent times are causing us extra work, use of time and on occasion costs to clients, with the whole experience on occasion being frustrating. We thought it would be useful to summarise what some of these difficulties are, and how these can either be avoided or you can be better prepared for. Banks will be covered in next month’s newsletter. Please read our blog on HMRC this month on the below button.
HMRC BEHAVIOURS & ACTIVITIES BLOG
CHRISTMAS PARTIES & GIFTS
This year it is hoped that businesses will be able to hold Christmas parties following the covid pandemic. The annual parties’ exemption remains at £150 per head and is not increased to take into account the missed years! Details of the exemption, and the exemption for gifts to employees and customers can be found on the blog below.
CHRISTMAS PARTIES & GIFTS BLOG
RURAL BUSINESSES GRANTS
Rural businesses grants - Rural businesses in the southern end of the Cotswolds are being offered a chance to apply for a rural grant. Stroud District Council has been passed the budget from the government's Rural England Prosperity Fund (REPF) which can be handed out to help businesses contemplating capital projects that create jobs and boost community investment. More details can be found here.
DATES FOR YOUR DIARY
- 31 December 2023 - Accounts with 31 March year-end to be filed, and corporation tax paid.
- 31 January 2024 - Self-Assessment filing deadline.
Should you wish to speak with us about a specific matter, or just to be a sounding board or for a chat, please do not hesitate to give us a call on 01452 713277
