Author: Lotus Accountancy

Company Directors – Mandatory Identity Verification from 18th November 2025Big changes are coming for UK company directors. From 18 November 2025, verifying your identity with Companies House becomes mandatory under the Economic Crime and Corporate Transparency Act 2023. New directors must verify before appointment/incorporation, and existing directors must confirm they’re verified with their next confirmation statement during a 12-month rollout.No verification = no compliance (and potential penalties).Quick recap: who needs to verify?New directors / new PSCs: verification required at incorporation/appointment (or within 14 days for PSCs).Existing directors / existing…

Make time to pay arrangements online and avoid calling HMRCTaxpayers that cannot pay their tax bill on time can set up a time to pay arrangement with HMRC. ICAEW’s Tax Faculty highlights the circumstances when this can be done online for self-assessment and employers' PAYE.Setting up a time to pay arrangement online for self assessment (SA) has been possible for several years. The limit increased from £10,000 to £30,000 in October 2020. The ability to create an online time to pay arrangement was extended to employers' PAYE in December…

How to avoid losing access to your agent account'Failing to respond to an innocuous looking letter from HMRC can end up with your agent account being blocked.'HMRC periodically writes to agents to ask them to confirm who supervises them for anti-money laundering (AML) regulation purposes. It is not clear what triggers this check but it might be an instance such as a change of agent address.The letter includes a questionnaire to be completed and returned to HMRC. The completed questionnaire must be accompanied by a letter of confirmation from…