This week there are several new changes coming into place for both self-employed people and limited companies. We’ve highlighted the key points you need to know…

Changes to Self-Assessment Penalties:

From 1 May 2024, taxpayers who have not yet filed their overdue self assessment tax returns for 2022-23 will face an additional late filing penalty of £10 per day, up to a maximum of £900.

This is in addition to the £100 late filing penalty for missing the initial deadline for filing self assessment tax returns online by 31 January. An estimated 1.1 million taxpayers missed the 31 January deadline this year, giving HMRC £110m in revenue… we hope you weren’t one of them!!

The £10 penalties accrue on a daily basis so watch out if you haven’t yet filed, as they will very quickly mount up, and this is not how you want to be spending your hard-earned money.

Additional penalties are also levied for late payment of the tax due – 5% of the tax due at 30 days, 6 months, and 12 months – along with interest charged on the unpaid tax at 7.75%.

This is the highest rate in over 20 years, so it really is a good time to stay on top of things. We understand that things can get overwhelming, so if you need support with your self assessment, we can help you get back on track.

Changes to Companies House Fees

Additionally, there are a number of changes to Companies House fees which you don’t want to be caught out by. These are part of a new law which is designed to make records “more accurate and trustworthy, and lead to greater transparency.”

For companies, this mostly means an unavoidable increase in fees! However, this is the first time Companies House fees have increased since 2016 and it doesn’t make a profit from the fees it takes.

We’ve highlighted a few of the new fees:

For Setting Up & Registering: 

Incorporation of a Company will now be £50 and the ‘same day’ service will be £78.

Registration of an Overseas Entity will now be £234.

LLP confirmation statement will become £34 (digital) and £62 (paper).

For Existing Companies: 

Change of Name will be £30  on paper and £20 digitally.

Filing a Confirmation Statement will be £34 digitally or £62 on paper.

Changing a Limited Company to a Community Interest Company (conversion) will be £45.

The full list of fees is here. 

Once again, if we can help you get your accounts in order and filed on time to Companies House, do get in touch and our friendly team will be happy to hear from you.