Source – Accountancy Today The Bank of England has cut UK interest rates back down to the lowest level in history to help mitigate the impact of the coronavirus outbreak on the economy. The governor of the Bank of England, Mark Carney, announced the 50 basis point (0.5 percentage point) reduction, from 0.75% to 0.25%, in a
If you have responsibility for reporting employee expenses and benefits in kind, you’ll find all the help you need with HMRC’s online support – including this selection: Expenses and benefits – social functions and parties: Do you provide social events for your employees, such as summer balls, barbecues or Christmas parties? Find out if the
National Minimum Wage and National Living Wage rates Source: https://www.gov.uk/national-minimum-wage-rates The hourly rate for the minimum wage depends on your age and whether you’re an apprentice. You must be at least: school leaving age to get the National Minimum Wage aged 25 to get the National Living Wage – the minimum wage will still apply
IR35: Last minute tweaks to off-payroll working Source – Accounting Web A soft-landing has been confirmed for engagers, alongside changes to the law to make it easier for contractors to understand whether their engagers are within the new rules or not. The report into the limited review into the implementation of the off-payroll working rules
Source – Tax Calc As per VAT Notice 700/22 the soft landing period for digital links is coming to an end. For VAT return periods beginning on or after 1 April 2020 (1 October 2020 for deferred businesses), digital links between the VAT return figures submitted and the VAT transactions supporting those figures will be required. This
The Chancellor has confirmed HMRC will not be ‘heavy-handed’ in the first year of the new off-payroll rules in the private sector. However, IR35 critics fear this announcement means the soon to be released IR35 review is going to result in no changes at all. 25th Feb 2020 Chancellor Rishi Sunak spoke at an event in
If you provide company cars, vans or pay employees expenses for working at home, make sure you’re treating the payments and benefits correctly for tax and National Insurance. You can use the on-screen text box to ask questions throughout the following live webinars: Expenses and benefits – phones, internet and homeworking: An overview of the
A new post, “Collective Offshore Investments ISA Issue – Tax agent blog” has just been published on the HMRC working with tax agents blog. In November last year, we sent letters and an accompanying factsheet to around 6,000 customers and their agents advising them how to declare income received from Offshore Investment Funds. We’ve now
Sending accurate employee information and reporting expenses and benefits correctly can make life much simpler. Whether you’re new to payroll or more experienced and fancy a refresher, our online support will keep you updated. This short video on payroll software and sending reports to HMRC is one of several available on HMRC’s YouTube channel. Or join
1. The tax return deadline Taxpayers can file their 2018/19 tax return and pay the loan charge and any other tax due (or arrange a payment plan) by 30 September 2020 (rather than by 31 January 2020), without penalty. This also applies to those settling or not paying the charge but with ‘loan charge’ issues,
Payrolling employees’ expenses and benefits and sending timely reports can make life simpler. Our online support will keep you updated and includes the following live webinar and videos. Ask your questions throughout this live webinar using the on-screen text box. Payrolling – tax employees’ benefits through your payroll: The deadline to register for payrolling in
It’s almost time to submit your clients P11Ds and P11D(b) if they have paid any benefits in kind during the 2019-20 tax year. HMRC must receive these forms no later than 6 July 2020 or your client may get a penalty. We recommend your clients’ submissions are made online or by payrolling any expenses and
Nearly three million workers are set to see an increase in their pay when the new National Minimum and National Living Wage rates come into effect this April. Employers across the country should ensure they are ready by taking the appropriate payroll action for anybody who is eligible and continue to pay their workers on
HMRC raises £16 for every £1 it spends on staff carrying out investigations into the tax affairs of individuals and small businesses. Figures show HMRC collected £4.9bn in extra tax from investigations into individuals and small businesses in 2018-19, but only had to spend £309m on staff to achieve that. This extra tax included £1.2bn
Changes to the coding-out of debt via Self-Assessment HMRC currently code-out outstanding debts relating to Self Assessment where customers have not settled their debt and failed to engage with us. Currently, HMRC begin to collect the outstanding debt via a restriction in a customers tax code from the 6 April following the notification letter. From
Student and Postgraduate Loans Student Loan and Postgraduate Loan Thresholds The thresholds for Plan 1 and Plan 2 Student Loans are increasing from 6 April 2020. The Department for Education has confirmed that the thresholds will increase to: • Plan 1 – £19,390 • Plan 2 – £26,575. Student Loan deductions are calculated at 9%
Diesel Supplement Company Car Tax Exemption changes In Agent update 71 we informed you of the Diesel Supplement Company Car Tax changes and how cars that meet the Euro 6D standard will now be exempt from the entire Diesel Supplement charge. How to report a diesel company car on your P11d submission When completing Section
From April 2020 HMRC is changing the rules related to the submissions of information and payment of Capital Gains Tax (CGT) due on the disposals of a UK residential property (other than a principle private residence). The tax due must be reported and paid to HMRC within 30 days of completion of the disposal. Non-UK
Are you a new director or running a payroll that includes directors? Do you pay expenses and provide benefits to employees? Get the answers you need with HMRC’s online support, including live webinars and short videos. You can ask questions throughout our live webinars using the on-screen text box. Company directors – payroll and you:
Future relationship with the EU Now that we have left the EU we have entered a transition period that lasts until 31 December 2020. There will be no changes to the terms of trade with the EU or the rest of the world during this time. From 1 January 2021, the way businesses trade with
HMRC made this sensible announcement on 7 February 2020. Now engagers and contractors can make a clean break from Monday 6 April 2020, such that the work performed by contractors from that day onwards is reviewed by the engager for compatibility with the IR35 rules. Where that contract is determined by the engager (end-client) to
Do you need to report payments made for staff social functions? Do you know when a benefit can be treated as trivial and therefore exempt from tax and National Insurance? How do I work out company car benefit? HMRC have live webinars and an online toolkit to help you get the answers. You can ask
If an employee falls sick or becomes a parent, do you know what payments they’re entitled to, how to calculate them and whether they’re reclaimable? You can find the answers with HMRC’s live webinars, online guide and toolkit. Statutory Sick Pay: In this webinar we’ll show you how to calculate Statutory Sick Pay and when
With only two days before the deadline of 31 January, now is the time to get help and support if you still need to send us your 2018-19 tax return and pay any amounts due. If you don’t need to send a tax return or have already sent it and made any outstanding payments, thank you.
We are contacting businesses in the UK who may import and export between the UK and the EU to explain what they can do next to prepare for changes to customs arrangements after the UK has left the EU. Between 1 February and 31 December 2020, there will be an implementation period. There will be