January 2024 Newsletter
The Christmas decorations are firmly put away and we are all hunkering down, watching various boxed sets and having quieter evenings now that the weather seems to have turned colder. A new year brings no better time to reassess your finances both in your personal and in your business life too. Make time to look at ways to reduce your tax bill and save money. Remember planning is the key to success.
If you fail to plan, you plan to fail.
Here are a few January updates that may be useful in ensuring you take full advantage of all tax-saving strategies.
Please do get in touch if you would like to talk further about optimising your financial strategies.
Changes to UK Company Law
From March 2024 Companies House will bring in the introduction of the Economic Crime and Corporate Transparency Act.
The act gives Companies House the power to play a more significant role in tackling economic crime and supporting economic growth. Over time, the measures will lead to improved transparency and more accurate and trusted information on our registers.
With the introduction of the above act, Companies House will have greater powers to query information, take stronger checks on company names, new rules for registered office addresses, and new lawful purpose statements. Also anyone setting up, running, owning or controlling a company in the UK will need to verify their identity.
Click here to view the upcoming changes.
What is a Digital Nomad visa?
A Digital Nomad visa is a type of visa that allows you to work remotely and legally stay in a foreign country, longer than the typical tourist visa.
The qualifications for a digital nomad visa vary by country. Generally, to qualify for a digital nomad visa, you’ll need to have a job that can be done from anywhere in the world. You'll also need to meet a minimum monthly income and fulfill other requirements such as having global health insurance coverage.
As more countries around the world are starting to acknowledge and truly value the benefits of allowing digital nomads to legally live and work on their soil, new digital nomad visas are popping up all the time. Your favourite country could be next!
For more information, there are many Digital Nomad sites to visit.
Key Financial Dates to note for 2024
Several changes are coming in 2024 that could affect your money. Even the cash in our pockets will look different. This article outlines the key dates to note down in your financial diary.
Follow this link to The Times Money Mentor.
Do you have a side hustle?
Maybe you sell bits on Etsy, or you're an Uber driver or maybe you rent out your home on Airbnb.
From 1 January 2024 these platforms and others, will be required to record users’ income and report it to HMRC. With 7.25m side hustle/gig workers in the UK, the impact of these changes is set to be significant.
You can check if you need to tell HMRC about additional income here.
How to check if you are eligible for the Marriage Tax Allowance
If you are married or in a civil partnership where one partner earns less than £12,570 a year and the other is a basic rate taxpayer, you may be able to share your personal tax allowances. This is known as the marriage allowance.
Despite 4.2 million couples being eligible for the tax break, only 1.8 million are claiming this benefit worth £252 a year. It can also be backdated up to four tax years, meaning that couples could be losing out on £1,256.
More information can be found here.
