I recently gave a presentation at the BNI Highland Chapter in Inverness. We have been members for over 10 years and get a lot of business from it, which is why we are still members. Anyway, I requested that my presentation be re-scheduled because I was busy, having been away on holiday or at conferences in September. However, it was suggested that as a “seasoned professional” I would surely manage, and anyway I could just use one I had done before. I did it and it was a new presentation!

Anyway, the first half was about us and what we do. The second half was current hot topics that are currently occupying our time. There seems to be an unprecedented amount of new stuff affecting so many of our clients and especially over the next few months. I thought that I would share this with you.

Companies House

From 18 November, every director will be applying for a personal code from Companies House signifying that they have satisfied Companies House that their identity is genuine.

The personal code is an 11-character code that is given to a person once they’ve verified their identity. The code is personal to you.

You will not be able to submit an annual Confirmation Statement unless you can enter the personal codes for every director. If the Confirmation Statement is late, there is a danger of your company being struck off by Companies House.

There are 3 ways to prove your identity:

• with the GOV.UK One Login app
• by answering security questions online
• by entering your details from your photo ID on GOV.UK One Login first, then going to a participating Post Office

PSCs must verify their identity and also provide their Companies House personal code. The period for doing this depends on your situation.

If you’re both a director and a PSC of the same company, you’ll need to provide your personal code separately for each role:

• As a director, you must provide the code in the company’s confirmation statement.
• As a PSC, you must provide it using a separate service within 14 days of your company’s confirmation statement date. This service will be available when the requirement comes into force on 18 November 2025.
• If you’re a PSC but not a director of the same company, you must provide your personal code within the first 14 days of the start of your birth month.

OSCR

All charities should now be submitting their charity trustee information through OSCR Online. Click on the ‘Manage your charity trustees’ section.

From early 2026, the first and last names of charity trustees will be published on the charity’s entry on the public Scottish Charity Register. They will also be publishing the charity’s annual accounts.

Information to input for trustees will be name, address, date of birth, email and telephone number.

Incorporated Charities

If your charity is incorporated, as for example a company limited by guarantee, then not only will you need to input your Trustees’ details but all of them must get their personal code from Companies House to prove their identities.

MTD – Making Tax Delightful aka Making Tax Digital

For those of you who are sole traders and/or renters, then MTD begins in April next year. If your combined turnover from all of your trades and rents exceeds £50000, then you will be part of the first cohort. Your 2024/25 tax return will determine your initial status.

If you are within MTD you will have to keep digital records and submit quarterly updates of your transactions. You will have to make one submission for each trade and then one other for all of your rentals.

Budget 2025

On 26 November, we will find out how and when we will be paying more tax. Well, they need money to achieve the objectives they were elected to fulfil. Remember “Taxes are essentially an annual subscription to the country you live in… Childhood is a free trial”. You can find a country with a lower subscription, but you may not want to live there!

And Finally …

There are the Inheritance Tax changes coming in next April and this is exercising minds not only amongst farmers, but businesses generally. Is it time for a review?

There is a lot going. I am not sure I remember a time when there was so much at one time. Sleep easy!

 

Alan E Long

The Long Partnership

07770 738770