Anna’s Accountancy Alerts – Week 1st – 7th April 2024)

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End of year reporting

It is time to prepare for making your last Full Payment Submission (FPS) or Employer Payment Summary (EPS) of the year.

Your last FPS or EPS of the year, up to and including 5 April 2024, needs to include an indicator that you are making the final submission. This tells HMRC you have sent them everything you expected to send, and they can finalise their records for you and your employees.

Basis period reform

HMRC is continuing to raise awareness for the basis period reform changes from April 2024. They will be releasing a YouTube video in early 2024 to help you, if you are affected, highlighting what further support is available.

They will send out letters in the first quarter of 2024 to unrepresented customers, giving you information on the basis period reform changes and signposting to the further support available to you.

Further guidance on Income Tax: basis period reform is available.

Upcoming changes to Paternity Leave and Pay

HM Government is making changes to the way Paternity Leave and Pay can be claimed and taken, which will make it more flexible for fathers and partners to access. These changes will come into effect for fathers and partners from 6 April 2024 however, employees can start informing their employers from the 8 March 2024 of the dates they are going to take for their child born on or after 6 April 2024.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.