18 Dec 2023
Accountants like you operate in an ever-changing industry. As well as the recent ICAEW CPD changes that came into effect at the end of 2023, there are numerous highlights to stay abreast of in 2024.
With that in mind, 20:20 Innovation have put together a helpful list of key dates, events and payment deadlines to note down in your diary for 2024. We cover everything from income tax and national minimum wage to key price changes that may impact businesses. We've also included some events to help you keep up to date.
Read on to ensure you've got your financial year mapped out, putting you in the best position to manage your time effectively.
If you are an accountant in practice or industry and would like more information about becoming a 20:20 Innovation member, why not book a free 30-minute demo with our team today.
Energy Price Cap
Ofgem's energy price cap is set to rise from £1,834 to £1,928. Many of your clients will see gas and electricity bills rise by almost £100 and this price hike is likely to impact small and medium-sized businesses.
National Insurance Contributions
Employees (Class 1) National Insurance Contributions are set to be reduced from 12% to 10%. Clients may look for advice on their annual saving whether they are basic, higher or additional rate taxpayers. This change will not affect company directors, who pay National Insurance on an annual basis.
Self Assessment Tax Returns
Any client who needs to file a tax return online or pay any tax owed for 2022/23 will need this completed by January 31st. This is also the payment deadline for the first payment on account towards the 2023/24 tax bill. Could technology help you through this busy time? Why not check out Tech-Talk to find out!
20:20 Innovation Spring Conference
Join hundreds of accounting professionals at the heart of London's financial district to network with likeminded peers and learn from some high quality keynote speakers. The 20:20 Innovation Spring Conference is an event not to be missed.
Alternative Accountancy Management Summit
Join Partners, Managing Directors and Chief Executive Officers working in the top 300 UK accountancy practices. This is an invite-only event.
Rail Fare Increases
This is something that will impact both accountants like us, particularly travelling to see clients, and clients too. Prices are set to rise by almost 8%.
Spring Budget 2024
Following a significant raft of announcements in the Autumn Budget, the Spring Budget will again be hotly anticipated, particularly with a general election seemingly imminent. As usual, 20:20 Innovation will be covering the Budget extensively with our PDF product and expert analysis in the 7th March Budget Update webinar.
20:20 Innovation will also be offering a Tax Rates PDF to summarise any significant changes to tax policy and thresholds.
Festival of Accounting
Head to the NEC, Birmingham for the Festival of Accounting to network, source new suppliers, meet clients and explore opportunities.
Fuel Duty Changes
A 5p reduction has been in situ since March 2022 and this is due to end on 23 March.
As the new fiscal year begins, April will of course be an extremely busy month for accountants.
National Living Wage
Clients need to be aware that the national living wage will, for the first time, apply to 21 and 22 year-olds. The amount is set to rise from £10.42 to £11.44 per hour.
National Minimum Wage
The amount received by 18-20 year-olds is set for a £1.11 increase to £8.60 per hour. Those on apprenticeships schemes will also receive a pay increase.
Look out for an update on this around February time, but it is widely expected that council tax rates are set to rise.
TV License Costs
TV license fees are going be rising in line with September inflation rate, which was 6.6%. The increased cost will mean a £1.50 annual hike to £160.
Research & Development - new merged scheme
For companies with accounting periods beginning on or after 1 April 2024, a new Research & Development (R&D) scheme will apply. The RDEC scheme (for larger companies) and the SME scheme will be merged. The new scheme will entail a relief rate of 20%.
National Insurance payments
This is particularly relevant if your clients are self-employed. Class 2 NICs are set to be scrapped, although those with profits below the small profits threshold (£6,725 in 2024/25) can choose to pay at £3.45 per week. Class 4 NICs are also going be cut from 9% to 8%.
Dividend and capital gains tax
Business owners will no doubt be keeping tabs on the capital gains tax annual exemption, which will drop from £6,000 to £3,000 on 6 April 2024. If you've got clients looking to sell property, check out our Property Sector group.
In addition, the dividend allowance is going to be cut from £1,000 to £500.
Cash Basis for the self employed
Starting from 2024/25, cash accounting will become the default way of reporting business profits for all unincorporated businesses. It will be possible to 'opt out' and use accruals-based accounting, but it's worth considering whether the cash basis will be useful for your clients. Our webinar will cover the pros and cons of using the cash basis, as well as dealing with transitional adjustments for debtors, creditors and stock.
ISAs are going to see numerous changes in 2024. These include:
State Pension Rise
The State Pension is set to rise 8.5% in accordance to the triple-lock approach. This will take a full state pension to £221.20 per week.
Working Age Benefits
Anyone who receives working age benefits will see these increase by 6.7% in line with the inflation rate in September 2023.
Digital Accountancy Show
Taking place at Evolution, London, the Digital Accountancy Show is a chance to look at the technologies set to shape your work and processes in 2024.
Limited companies that own residential property must submit the Annual Tax on Enveloped Dwellings (ATED) return by 30 April. Payment of ATED is due on the same date.
Held at the Excel, London, there are almost 300 fintech companies and a packed education programme.
2024 General Election
At this stage, we are speculating. However, commentators are widely predicting a general election will be held in May 2024.
All those who were employed as at 5 April must be issued with a P60 form.
This is the deadline for submitting 2023/24 P11D forms to HMRC. It's also the deadline for submitting the return of Employment Related Securities.
Payment on Account Deadline
Self-employed clients may have to make the second payment on account towards their 2023/24 tax bill by the end of tax month in July.
Wage Figures Announced
The latest wage figures, which impact the state pension and triple lock calculations, will be made public.
Join hundreds of accountancy and finance suppliers at Manchester Central to look at tech, trends and legislation.
This is the deadline for notifying HMRC of chargeability for 2023/24 (i.e. registering for self assessment).
As part of the triple lock system impacting state pension and benefits, inflation figures are announced in mid-October for the following April's state pension.
Self assessment tax return
Any client who wishes to settle their self assessment tax bill via paper (as opposed to digital) will need to file their return by the end of October.
20:20 Innovation Annual Conference
Get exceptional keynote speakers, CPD points, networking opportunities and evening entertainment at the 20:20 Innovation Annual Conference 2024.
Last Day for General Election
Should the current government decide against holding a general election in mid-2024, this is the final day to call a general election for the following year. This would then need to take place on January 28th 2025.
Those self assessment taxpayers who wish for HMRC to collect any tax due via their PAYE tax code should file their 2022/23 tax return by this date.
You will be working with limited companies on their corporation tax and company tax return deadline. For companies with standard accounting periods, corporation tax must be paid 9 months and one day after the company’s accounting period ends and the corporation tax return is due 12 months after the accounting period ends. Larger companies are required to pay their corporation tax in instalments.
Accounts must be filed at Companies House 9 months after the company's financial year ends. In addition, the annual confirmation statement must be completed every 12 months.
VAT payment deadlines are usually one month and seven days following the end of the VAT accounting period, with the VAT return being due on the same date.
For employers, PAYE deductions must be paid to HMRC by the 19th of each month (22nd if the payment is made electronically).
For those who sell a second property in the UK, any Capital Gains Tax due must be paid and the gain reported within 60 days of completion.
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