April Bank Holiday Round-Up
 | I hope you had a good bank holiday! Hot on the heels of the budget, I thought I’d update you on a few other changes that are taking place at the beginning of the new tax year:
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HMRC Services
Amid much adverse publicity, HMRC announced reductions to some public facing helplines arguing that digital services were now of a standard that this could be achieved without a detriment to service. This action has now been suspended and helplines will continue as normal until HMRC have performed a further review
Child Benefit Reminder
Approximately 180,000 families are encouraged to reconsider claiming child benefit in light of changes to the high income child benefit charge, which apply from 6 April 2024. Are you one of them?
Broadly, he high income child benefit charge claws back child benefit in full where the income of the highest earner in the household exceeds the upper threshold. There is a tapered withdrawal of child benefit where the income is between the lower and upper thresholds. HICBC is paid through self assessment. However, rather than file a tax return, the person may have chosen not to claim child benefit, or may have made a claim and chosen not to receive any payments.
As announced at Spring Budget 2024, the lower threshold is increased from £50,000 to £60,000, and the upper threshold from £60,000 to £80,000, from 6 April 2024, so if your income falls within these new limits consider claiming. The following link is useful: www.gov.uk/child-benefit-tax-charge/restart-child-benefit
Broadly, he high income child benefit charge claws back child benefit in full where the income of the highest earner in the household exceeds the upper threshold. There is a tapered withdrawal of child benefit where the income is between the lower and upper thresholds. HICBC is paid through self assessment. However, rather than file a tax return, the person may have chosen not to claim child benefit, or may have made a claim and chosen not to receive any payments.
As announced at Spring Budget 2024, the lower threshold is increased from £50,000 to £60,000, and the upper threshold from £60,000 to £80,000, from 6 April 2024, so if your income falls within these new limits consider claiming. The following link is useful: www.gov.uk/child-benefit-tax-charge/restart-child-benefit
Companies House Fees
Companies House are increasing their fees from 1 May 2024. A full list can be viewed using this link:
changestoukcompanylaw.campaign.gov.uk/changes-to-companies-house-fees/
The common fees that have increased are:
• Confirmation statement fee - currentlv f13 will rise to £34
• Company strike off - currentlv £ 10 will rise to £33
• Change of name - currentlv £8 will rise to £20
These new rates will be payable by companies or people like solicitors and accountants who act for companies.
changestoukcompanylaw.campaign.gov.uk/changes-to-companies-house-fees/
The common fees that have increased are:
• Confirmation statement fee - currentlv f13 will rise to £34
• Company strike off - currentlv £ 10 will rise to £33
• Change of name - currentlv £8 will rise to £20
These new rates will be payable by companies or people like solicitors and accountants who act for companies.
Minimum Wages
www.gov.uk/national-minimum-wage-ratesncreases to the rates of minimum wage take effect from 1 April 2024. Care is needed to ensure you are paying this rate and that any pension duties are covered off with part time employees likely to come into the pension scheme threshold. There has been some high profile ‘naming and shaming’ in this area.
NMW Rate £ Rate £ Increase % Increase
National Living Wage (21 and over) £11.44 £1.02 9.8%
18-20 Year Old Rate £8.60 £1.11 14.8%
16-17 Year Old Rate £6.40 £1.12 21.2%
Apprentice Rate £6.40 £1.12. 21.2%
A fuller explanation is available on the following link: www.gov.uk/national-minimum-wage-rates
NMW Rate £ Rate £ Increase % Increase
National Living Wage (21 and over) £11.44 £1.02 9.8%
18-20 Year Old Rate £8.60 £1.11 14.8%
16-17 Year Old Rate £6.40 £1.12 21.2%
Apprentice Rate £6.40 £1.12. 21.2%
A fuller explanation is available on the following link: www.gov.uk/national-minimum-wage-rates
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