Pension savers continue to be targeted by unscrupulous companies encouraging them to access their pension savings early. Promoters of these schemes offer personal loans, cash incentives and one-off pension investments to entice people to invest in these pension scams. Pension savers involved in these pension liberation scams face significant tax consequences. HM Revenue & Customs […]
Employers who no longer need their PAYE scheme can avoid non-filing Generic Notification Service (GNS) messages and penalties by ensuring that they make their final submission correctly. The actions for employers to take will depend on what type of final submission they are sending, and for what tax year: 2014 to 2015 Full Payment Submission (FPS) - when […]
Workplace Law report that a joint research survey carried out by My Family Care and Hogan Lovells discovered that only 15% of employers have a clear idea of how they will implement the new provision for staff who are parents. Some noted a lack of certainty around pay under shared parental leave. The research also […]
If you’re an employer and provide expenses or benefits to employees or directors, you might need to tell HMRC and pay tax and National Insurance on them.
Employers can make corrections to an Employer EPS by sending another EPS to report the correct total year-to-date figures for all recovered payments within that tax year. Employers have up to six years from when they sent in their original EPS to do this. HMRC have created a step-by-step flowchart for employers and their representatives […]
Section 344 ITEPA 2003 (formerly Section 201 ICTA 1988) The list shows: professional bodies and learned societies, approved by HM Revenue & Customs (HMRC) for the purposes of Section 344 ITEPA 2003 (formerly S201 ICTA 1988) details of statutory fees or contributions allowable for earlier years 2003-04 onwards are within S343 ITEPA 2003 (for earlier […]
This year HM Revenue & Customs (HMRC) has not issued P2 coding notices to certain customers where there is no effect on their tax. P2s have not been issued to those who: are not in employment and/or not receiving Jobseekers or Employment Support Allowance, or have no liability to tax, or have a 2014-15 tax […]
There may be occasions when employers can't reconcile a charge shown on HM Revenue & Customs (HMRC) records to theirs. Here are a few steps employers can take to eliminate some of the most common errors and resolve the issue without having to contact HMRC. Business Tax Dashboard Ensure that you have left enough time for HMRC's […]
If you’re an employer, chances are you’re already feeling the squeeze from rising staff costs. With increases in the National Living Wage, pension contributions, and employer NICs, every bit of support matters and that's where the employment allowance comes in. The Employment Allowance has long been one of the most valuable reliefs available to small […]
If you pay tax through Pay As You Earn (PAYE) as an employee or are paid a taxable UK based private pension, you may have received an Annual Coding Notice (called a P2) between January and March this year for the 2014 to 15 tax year. Your Annual Coding Notice tells you what your tax code will be […]
An HMRC guide to help you understand your tax & National Insurance obligations working for yourself as a childminder.
The government has introduced an online calculator for employers to see the effect the new Employment Allowance could have on their National Insurance Contributions bill. The Employment Allowance allows businesses and charities to reduce their Class 1 Employer National Insurance Contributions bill by up to £2000 each year. This calculator allows you to see the […]
