March Newsletter | 2024
Happy Easter!! Hope you are all having a lovely bank holiday weekend!
What's new with DS Business Support
No updates to report for DS this month, as I would like to concentrate on the below HMRC Updates (there are a lot of them) please take additional notice of the highlighted, as this may be something you need to action.
HMRC Updates
VAT As of the 1st April, the VAT threshold has been increased to £90,000. You can find details on this increase via the link here: Increasing the VAT registration threshold - GOV.UK (www.gov.uk)
National minimum wages and salary changes from April 2024 - As we have now finished the 2023-24 tax year, we need to start prepping for your 2024-2025 tax year. Most importantly, National Minimum wage. You must ensure you are paying the National Minimum Wage to all employees by week 1 / month 1.
The link outlines the new rates. Please can you check this table, and notify us of any wages increases for your staff by the 5th April in order for us to prep the payroll for April. If there are any other changes to salaries, please ensure these are also with us by the 5th April: National Minimum Wage and National Living Wage rates - GOV.UK (www.gov.uk)
National Insurance: Class 1 NI contributions are being reduced from the 6th April from 10% to 8%. You can find the changes to NI on the following link: Reduction to the main rates of primary Class 1 and Class 4 National Insurance contributions - GOV.UK (www.gov.uk)
HMRC have issued their new employer bulletin, you can find it on the following link, which will include and explain in more detail a lot of the above updates: March 2024 issue of the Employer Bulletin - GOV.UK (www.gov.uk)
Self-Assessment - The last month, HMRC issued over 100,000 letters in error to sole traders. This letter noted that the 2022-23 self-assessment tax return was still outstanding, and a penalty of £100 had been issued. Please let me know if you have received one of these and I can guide you to what you need to you to reverse this penalty and inform HMRC of the submission date.
HMRC have also mentioned they will be closing their help lines for Self Assessment enquiries from April to September. However, with an uproar from thousands in the UK – they have now changed their mind – but, I wouldn’t be shocked if they choose to revert back to their original decision, but I will keep you posted.