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www.cipd.co.ukKey HR information for employers.
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Business Round-up
Government brings forward
state pension age rise
The government recently announced that
the rise in the state pension age from 67
to 68 will now be phased in between 2037
and 2039 – earlier than originally planned.
Those individuals born between
6 April 1970 and 5 April 1978 will be
affected. However, no one born before
5 April 1970 will see a change to their
proposed state pension age. David Gauke,
Secretary of State for Work and Pensions,
stated that the government is committed
to ensuring a ‘fair and sustainable system’
that is ‘reflective of modern life, and
protected for future generations’.
Meanwhile, a separate report published
by the Institute for Fiscal Studies (IFS)
revealed that women between the ages of
60 and 62 have been left ‘worse off’ as a
result of a recent rise in their state pension
age.
Between 2010 and 2016, the state pension
age for women increased from age 60 to
63. The IFS found that women between the
ages of 60 and 62 have experienced a £32
reduction in their weekly household income
since the increase, leading to a ‘sharp’ rise
in poverty rates amongst women of this
age. The government’s eventual aim is to
align women’s state pension age with that
of men.
We can help you plan for a prosperous
retirement – please contact us for advice.
Additional requirements for
PSCs
New rules introduced in 2016 imposed a
series of new obligations on UK companies
and limited liability partnerships (LLPs),
as well as those holding interests in UK
companies.
Since April 2016, most companies have
been required to produce and maintain
a register of Persons with Significant
Control, or PSC register, which provides
details of those who ultimately control
or exercise significant control over the
company. From 30 June 2016, companies
were required to submit their PSC
information to Companies House via their
confirmation statement (which replaced the
previous annual return).
However, as part of the implementation of
the Fourth Money Laundering Directive
(4MLD), additional rules have now
been introduced, meaning that PSCs
are no longer updated annually via the
confirmation statement, but instead must
be maintained in real time.
Under the new rules, if a company has
reason to believe that details relating to
a PSC have changed, it will need to act
swiftly to determine the change.
Where a relevant change occurs, the PSC
register must be updated within 14 days
of the company becoming aware of the
amendment, and the changes must be
submitted to Companies House within a
further 14 days.
The confirmation statement still needs
to be filed each year, including to record
where a company is exempt from the need
to supply information on PSCs.
The PSC regime has also now been
extended to apply to Scottish limited
partnerships (SLPs) and Scottish
qualified partnerships.
Reminders for your
Winter diary
December 2017
1 New Advisory Fuel Rates
(AFR) for company car users
apply from today.
19 PAYE, Student loan and CIS
deductions are due for the
month to 5 December 2017.
30 Online filing deadline for
submitting 2016/17 self
assessment return if you
require HMRC to collect any
underpaid tax by making an
adjustment to your 2018/19
tax code.
31 End of CT61 quarterly
period.
Filing date for Company
Tax Return Form CT600
for period ended
31 December 2016.
January 2018
1 Due date for payment of
corporation tax for period
ended 31 March 2017.
14 Due date for income tax
for the CT61 quarter to
31 December 2017.
19 PAYE, Student loan and CIS
deductions are due for the
month to 5 January 2018.
PAYE quarterly payments
are due for small
employers for the pay
periods 6 October 2017 to
5 January 2018.
31 Deadline for submitting your
2016/17 self assessment
return (£100 automatic
penalty if your return is late)
and the balance of your
2016/17 liability, together
with the first payment on
account for 2017/18 are
also due.
Capital gains tax payment
for 2016/17.
Balancing payment –
2016/17 income tax and
Class 4 NICs. Outstanding
Class 2 NICs also due.
February 2018
2 Deadline for submitting
P46(car) for employees
whose car/fuel benefits
changed during the quarter
to 5 January 2018.
19 PAYE, Student loan and CIS
deductions are due for the
month to 5 February 2018.