Five handy tips that could help couples create an effective financial plan
Managing your finances effectively as a couple could provide you with peace of mind and mean you’re more likely to reach your goals. Yet, it can be difficult as you could have very different financial priorities to your partner. Read on to discover five handy tips that could help you build a financial plan that suits both of you.
New Companies House powers come into force
New powers for Companies House based on the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on 4 March 2024.
The new measures allow Companies House to combat the criminal acts and money laundering being carried by criminals abusing the company registration system. These abuses have been well documented in the news, with many examples of individuals and businesses receiving correspondence and demands addressed to companies that they have no knowledge of.
One of the new measures requires those setting up new companies to confirm the lawful purpose of forming a company during the incorporation process.
However, the annual confirmation statement will also now require confirmation each year that the company’s intended future activities will be lawful. Where you complete your own confirmation statement, you will see this option included now.
Where we complete the confirmation statement on your behalf, then this will be something that the directors will first need to confirm to us before we complete the return.
All companies will now need to provide a Registered Email Address when incorporating or as part of their next confirmation statement, whichever comes first.
The new powers include being able to query information and request supporting evidence. Companies House will be able to make stronger checks on company names and will have greater ability to tackle and remove factually inaccurate information.
Under the new measures, it will no longer be possible for a company to use a PO Box as their registered office address.
It should be noted that Companies House will be actively checking Registered Offices on an ongoing basis and failure to respond quickly to their enquiries could result in fines or suspension from the register. If you are concerned at all about communication you receive from Companies House, please contact us as soon as possible to advise you.
The ECCT Act now allows Companies House the ability to share data with other government departments and law enforcement agencies, which will help them in combating criminal activity.
The new measures are accompanied by new criminal offences and civil penalties to help with their enforcement. The ECCT Act also introduces other measures, including identity verification and accounts reform, but these will not be introduced until a later date.
If you need help with a company incorporation or any company secretarial tasks, please do not hesitate to contact us. We will be very happy to help you!
Are you or your employees making good use of Tax-Free Childcare?
Tax-Free Childcare is available to working families to help them save on their childcare costs. However, many may not be making use of this provision and with the Easter break soon upon us, HM Revenue & Customs (HMRC) is encouraging families who have not yet signed up to consider doing so.
Tax-Free Childcare can be worth up to £2,000 annually per child, or £4,000 if the child is disabled. It can be used to help pay for approved childcare for children aged 11 and under, or 16 and under if they have a disability.
The way it works is that the parents first apply for a childcare account. Once the account is opened, the parents can deposit money that will be used to pay for childcare. Where eligible, for every £8 paid into the account, the government will pay in £2 to use to pay the childcare provider.
To be eligible for Tax-Free Childcare a family has to:
- Have a child aged 11 or under, or 16 and under if they have a disability.
- Be earning at least the National Minimum Wage for 16 hours a week, on average.
- Each earn no more than £100,000 a year.
- Not be receiving tax credits, Universal Credit or childcare.
Employed, self-employed, and directors can all apply, and HMRC set out what details parents need to provide to confirm eligibility.
From April 2024, there is also the possibility for eligible working parents to access 15 hours free childcare for 38 weeks a year that can be used flexibly with one or more providers.
This scheme will be further expanded in September 2024 and again in September 2024 so that ultimately 30 free hours of childcare could be available for working parents with children between nine months old and school age.
2024 – The year of the SME
2024 seems to be a good year to be a small business. The UK Government is doubling down on its commitment to the nation’s 5.5 million small businesses by announcing the launch of a new Small Business Council.
Small businesses are the backbone of the UK economy, comprising 99.9% of all businesses and supporting a staggering 27 million jobs across the country, with an annual turnover of £4.5 trillion. Recognising their pivotal role in the UK economy, the government has declared 2024 as the year of the SME.
The Small Business Council is tasked with working alongside the Prime Minister’s Business Council to tackle key issues facing small businesses. The Council will provide an opportunity for small business leaders to have direct access to the government.
The Council will include organisations dedicated to helping small businesses, such as Small Business Britain, the Federation of Small Businesses and Family Business UK, as well as representatives from SMEs themselves.
In addition to establishing the Small Business Council, the government has revamped the Help to Grow campaign and website to provide a comprehensive resource hub for small businesses. This ‘one-stop shop’ aims to simplify access to vital information such as funding opportunities, webinars and guidance on setting up and scaling a business.
A 12 week programme, called the Help to Grow: Management Course, is also available and is designed to help with learning leadership and management skills. An additional course, Help to Grow: Management Essentials, will launch in April 2024. This will cater for micro-businesses and those that want a condensed version of the leadership course.
The government have also expressed a commitment to tackling the ongoing problem of late payments and providing financial support through schemes like the start-up loan scheme and business rates relief. Accessing finance and dealing with large businesses who do not pay in a timely way can be significant issues for small businesses, so this support will be most welcome.
Charity ordered to stop sending spam texts
Penny Appeal, a charity based in Wakefield, have been ordered to stop sending unsolicited marketing texts by the Information Commissioner’s Office (ICO).
The charity sent more than 460,000 unsolicited texts over a ten-day period to 52,000 people who had either not provided consent or had clearly opted out. The texts were sent at the time of Ramadan in April and May 2022 to encourage people on a daily basis to donate.
354 complaints were made, including the complaints that texts were often received late at night. The ICO’s investigation found that the charity had worked from a new database where opt out requests were not recorded and the messages were sent to anyone that had interacted with the charity over the last five years.
The ICO has now issued an Enforcement Notice to order Penny Appeal to stop sending marketing communications within 30 days.
It is important for all charities to be aware of the legal duties they have when contacting the public. The ICO have shared the following advice to help charities remain compliant with the law:
- Charities should only email or text someone if they have specifically consented to receiving them, such as by ticking an ‘opt-in’ box.
- Consent has to be freely given and be fully informed. Therefore it is unlawful to make consent a condition of subscribing to a service.
- An ‘opt-out’ option must be provided, and when received must be acted on promptly.
- A clear ‘do not contact’ list should be kept of anyone who opts out or unsubscribes from communications. This list should be screened against each time the charity sends an email or text message.
