All UK limited companies are now legally obliged to keep a ‘PSC Register’ (People with Significant Control Register).
What is a PSC Register?The register allows the government (and anyone else - it is on the public register) to see who ultimately owns or controls a company. The aim of the register is to improve transparency and combat issues such as tax evasion and money laundering.
Please contact us if you require any assistance with this compliance.
We have finally made the move into our new offices at Station Parade, Northolt which is convenient both by car (free parking up to 2 hours) or by tube (Northolt tube station on the central line).
Do drop in to say Hello or just for a chat over coffee ☕️
The National Living Wage for those aged 25 and over is going up at the beginning of 1st April 2017 from £7.20 per hour to £7.50 per hour. There will also be increases at the same time to the National Minimum Wage payable to those under 25 and apprentices:
- £7.50 per hour – 25 yrs old and over
- £7.05 per hour – 21-24 yrs old
- £5.60 per hour – 18-20 yrs old
- £4.05 per hour – 16-17 yrs old
- £3.50 for apprentices under 19 or 19 or over who are in the first year of apprenticeship.
It is now a legal requirement for all U.K. Limited companies to keep anregister of people with significant control (PSC). This replaces the previous annual return process.
Failure to comply with the rules is a criminal offence punishable by a fine and/or upto two years imprisonment.
The hourly rate depends on age groups and also whether you work as an apprentice:
25 and over: £7.20
Under 18: £4.00
If so, as per our previous blogfrom April 2016 there will be a new dividend allowance coming into place for amounts over £5000:
Basic rate (and non-taxpayers) = 7.5%
Higher rate = 32.5%
Additional rate = 38.1%
Anyone renting property whether furnished or unfurnished including anyone renting a room to a lodger will have a new obligation placed on them to ensure that their tenants or lodgers have a legal right to live in the UK.
As with all these things failure to do what you would quite naturally assume to be the job of the home office will result in a fine of up to £3,000.
If you set up a company, then that's your business. Apt and true!
From 1 April 2016 workers aged 25 and over will be legally entitled to a new minimum pay rate of £7.20 per hour, called the National Living Wage (NLW).
As an employer you’ll need to check which staff are eligible for the new rates and update your payroll in time.
Britain is extremely unlikely to face an economic recession over the next two years and is on safer ground than any other major country in the developed world, according to a new crisis-study by Goldman Sachs.
As limited companies are not affected by the tax relief changes, it may be financially beneficial for some landlords to consider using this vehicle for their buy-to-let property investments. Of course, it will depend on individual circumstances and landlords considering this option should seek qualified tax advice beforehand.
excellent article in the independent which in our view supports our compaign against the tax credit cuts
The government want to stop business owners being paid via dividends to reduce tax bills. This flies in the face of risk & reward for running a business & contributing to the economy. Life as a business owner means very long hours, low pay, stress, no holiday or sick pay & a life of uncertainty & worry.
Sign the petition in support:
From Thursday 1 October 2015, the adult rate of the National Minimum Wage (NMW) will rise by 20p. From Thursday 1 October 2015, the adult rate of the National Minimum Wage ( NMW ) will rise by 20 pence from £6.50 to £6.70 per hour, as recommended by the Low Pay Commission ( LPC ) in March 2015 this year.
When setting up a business, especially with family or friends, it is easy to assume that nothing will go wrong in the future. You assume that as you trust one another you do not need to put in place things like shareholders’ or directors’ or partnership agreements.
Whilst they sometimes consult their own advisers, it’s up to you to make sure that your investment and shareholding documents comply with the law. If you don’t, and things go wrong, you expose your business and possibly yourself to liability.
Why this is a problem: Hopefully nothing will go wrong in the future but even family members and best friends fall out. If the worst should happen you could then end up with nothing and you might face the breakdown of a friendship alongside a costly and acrimonious legal dispute.
If an investor puts money into your business and loses money, they’ll often ask their lawyers to investigate whether appropriate disclosures were given. If they were not, investors may sue – and seek damages.
2014 (current rate) per hour
21 and over: 6.50
18 to 20: £5.13
Under 18: £3.79
But to the Finance Controller, growth can bring a bitter aftertaste.
A push into a new geographic region, for example,
means the business needs to deal with half a dozen
new currencies, languages and tax jurisdictions.
An acquisition brings with it new legacy systems
that may or may not work with the existing ERP
/ accounting system.
The need to meet new requirements spawns ad-hoc
solutions that immediately start to look permanent.
In other words, growth sows the seeds for chaos within
an otherwise well-run company’s financial management
systems and processes. The cost of compliance can build
up, often undetected, as a result.
Can back-end systems worsen the situation, or aid it?
Before 30 June, 2014, only employees who care for certain children or adults living with them had the right to request flexible working.
Under new rules, which apply to England, Wales and Scotland, any employee with at least 26 weeks' service can now ask for flexible working.
Employees must make the request in writing, date it, and state whether they've asked for it before and, if so, when.
Changes have also been made to how these requests are dealt with. Previously, there was a statutory procedure in place to deal with requests. Now, you have a duty to deal with requests in a 'reasonable' manner. You also have 3 months to consider their request, talk to them about it and tell them of your decision (this period can be extended if agreed).