The UK Online Safety Bill, grants for businesses and the HMRC Overlap relief form
Today’s blog post discusses the latest Online Safety Bill, tips on how to identify a suitable grant for your business, plus the latest news on the new basis period method of taxation for sole traders, partners of trading partnerships, and members of LLPs who pay income tax on the profits of their businesses. For further information please do get in touch!
UK Online Safety Bill
The UK government have published details of the Online Safety Bill.
The Online Safety Bill is a new set of laws to protect children and adults online. It will make social media companies more responsible for their users’ safety on their platforms.
Details include:
- A guide to the Online Safety Bill;
- How the online safety bill will protect children;
- How the online safety bill will protect adults;
- Types of content that will be tackled;
- How underage children will be kept off social media platforms;
- How adults will have more control over the content they see;
- How the Bill will tackle repeat offenders;
- How the Bill will be enforced;
- How these UK laws impact international companies; and
- The next steps for the Bill.
See: A guide to the Online Safety Bill – GOV.UK (www.gov.uk)
Find a grant service
Find a grant is a UK government service that allows businesses to search all UK government-funded grants. Businesses can use the website to browse or search for available grants, check if they are eligible, and find out how to apply for each grant.
Anyone can use the UK government Find a grant service to find and apply for grant funding. Each funding opportunity has its own eligibility criteria and scope. There is no cost to use this service.
You can also sign up to get updates about new grants.
See: Home – Find a grant (find-government-grants.service.gov.uk)
HMRC Overlap relief form – Unincorporated businesses
Businesses that are sole traders, partners of trading partnerships, and members of LLPs who pay income tax on the profits of their businesses are subject to the new basis period method of taxation.
For tax year 2024/25, business owners will be subject to a tax year basis of taxation. This means that they will be taxed on profits arising in the tax year concerned, regardless of their accounting date.
Special rules apply for the 2023/24 tax year to help transition non-tax year end businesses from the existing accounting year end method of taxation to a tax year basis. This means that all overlap relief that the business has been carrying forward must be offset against profits in the 2023/24 tax year.
There is a new online form to request overlap information that allows unincorporated businesses to request the information HMRC holds on the available overlap relief that needs to be claimed for the 2023/24 transition year. This form was launched on the 11 September and, given the recent delays experienced by taxpayers trying to call HMRC or get a timely response to letters, it may prove the best option, especially as HMRC state they will have a specialist team involved.
The next HMRC webinars on basis period reform will be held on the 12 September at 3.45pm and 27 September at 11.45am. You can join either of these here: Registration (gotowebinar.com)
Please contact us if you need assistance with changing your accounting year end or understanding the new system as we have expertise in performing the new calculations and advising business owners in this complicated area.
Latest HMRC Employer tax webinars
Listed below are a number of live HMRC webinars that will help employers with payroll. The webinars are free and last around an hour.
Expenses and benefits for your employees – travel
Tue 12 Sep at 11:45am
Expenses and benefits for your employees – company cars, vans, and fuel
Wed 13 Sep at 1:45pm
Getting payroll information right
Thu 14 Sep at 9:45am
Expenses and benefits for your employees – trivial benefits
Fri 15 Sep at 11:45am
Expenses and benefits for your employees – social functions and parties
Wed 20 Sep at 1:45pm
Statutory Maternity and Paternity Pay
Thu 21 Sep at 9:45am
Statutory Sick Pay
Fri 22 Sep at 11:45am
Expenses and benefits for your employees – if your employees have more than one workplace
Mon 9 Oct at 9:45am
Taxing employees’ benefits and expenses through your payroll
Mon 16 Oct at 11:45am
Employer filing obligations
Tue 17 Oct at 9:45am
National Work Life Week 2023
National Work Life Week 2023 is taking place from 2 October to 6 October.
The week is an opportunity for both employers and employees to focus on well-being at work and work-life balance. Employers can use the week to provide activities for staff, and to showcase their flexible working policies and practices.