Insights – March 2021
This week marks the achievement of a significant milestone for Gildernew & Co. On 1st April 2021, we will be five years in business.
Unfortunately we will not be able to celebrate with a big birthday party this time round. But it’s important nonetheless to acknowledge the achievement.
We opened our doors in a small office at 27 Market Square on 1st April 2016 with a small number of clients and we were a team of four.
In the past five years, our client bank has grown significantly and we will soon be a team of 15 professionals across several specialist areas.
We wish to extend our sincere thanks to our many clients and referral partners for your support over the past five years.
It’s been a fantastic journey to date, and we are only just started. Thank you.
To say thank you to our team, an additional annual leave day will be taken on Friday 2nd April. Our office will be closed all day.
Our office will re-open after the Easter break on Wednesday 7th April at 8.45am. Have a safe and peaceful Easter.
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Looking at this month’s key focus points:
1. Automatic filing extensions at Companies House to end
Regulations brought in to give companies more time to file year-end accounts and confirmation statements come to an end on 5th April 2021. For deadlines falling after that date, the original deadline applies (9 months for company accounts and 14 days for confirmation statements). To avoid a penalty, ensure you know your deadline and file on time.
In some instances, a request for an extension of time can be made but it is at the discretion of Companies House as to whether to grant it.
2. 2021/2022 director salary levels
For directors paying themselves a minimum salary and topping up their income with dividend, the minimum salary should be increased to £170 per week / £737 per month / £8,840 per year. Make sure your payroll software is updated from 6th April 2021 onwards.
3. New National Minimum Wage rates
The NMW rates increase from 1 April. The higher rate (for over 23s) increases by just over 2% to £8.91 per hour. Full details are available on our website https://www.gildernewandco.com/2021/03/31/minimum-wage-increases-april-2021/.
4. HMRC & Revenue Commissioners – information sharing
The UK and Irish tax authorities continue to share information on taxpayers across both jurisdictions. We have seen a flurry of activity of late with some UK residents in receipt of ROI taxable income being contacted by HMRC in respect of undisclosed income. If you have income on both sides of the border, get in touch and we can help you better understand your UK and Ireland tax filing requirements.
5. High Income Child Benefit
Did you know that parents/guardians with income of more than £50,000 per annum gradually lose their entitlement to child benefit? At annual income levels of £60,000, the benefit is lost altogether. Taxpaying parents/guardians often don’t realise they are not entitled to the benefit until they receive a letter from HMRC claiming back the monies received (and often going back several years). The clawback can come to thousands of pounds. Speak to us to find out what you need to do if you come within this income level.
6. Coronavirus Job Support payments to be published
Employers claiming the JRS payment from December onwards will have their details published on a publicly available list prepared by HMRC. The list shall include business name and an indication of the amount claimed under the scheme.
7. 95% mortgages now available
The UK Budget earlier this month purported to bring about an easing of mortgage restrictions and the introduction of a 95% Mortgage Scheme. It is positive to see that a number of our local banks have already engaged in offering these new mortgage products. Speak to your bank to find out more.
Should you have any queries on any of the above, please do not hesitate to contact us on 028 8772 4697 or at info@gildernewandco.com.
Take care and keep safe.
Everyone at Gildernew & Co.
Posted on March 31, 2021
