In addition to filing their accounts, all limited companies have had to file an annual return with Companies House. This is being abolished and replaced by a “confirmation statement” confirming the registered office, directors, company secretary, shareholders, share capital, details of where records are kept and a new list of people with significant control (PSC).

Companies may make a confirmation statement at any time but must do so at least once every 12 months. The charge for online filing has yet to be announced.

In practice there will be little difference between the information which a company will have to provide under the confirmation statement and the information already provided in the annual return. The major change is the PSC report. In most cases this will be anyone holding more than 25% of the shares or the voting rights but consideration needs to be given to whether there is anyone else who has the right or actually exercises control over the decisions of the company.

From April 2016 there is a new personal savings allowance which means that basic rate taxpayers can receive of £1,000 of savings income free of any tax. This is reduced to £500 for higher rate taxpayers and nothing for additional rate taxpayers.

Some people wrongly believe that savings interest is now outside tax but this is incorrect. It needs to be included in total income as this could affect whether the taxpayer is liable to basic, higher or additional tax rates.

Banks will no longer have to deduct tax at source so some clients used to getting a refund of tax deducted at source may find that they now have tax to pay instead.

If you have any queries, please contact us.

The Chancellor announced in the budget that from April 2018 the right to shared parental leave is to be extended to grandparents. This may be too late for my wife and I to help with our new grandson, Evan who joined us on 1 April, but his parents do have the option of splitting parental leave between them.

There has been recent publicity about how few fathers are taking up their option to take more than their two weeks paternity leave but this is bound to increase. Employers need to be aware of employees rights and what to do if they receive a request for shared parental leave. It is important to have an agreed policy so that all employees are treated equally and fairly.