HMRC have issued new guidance in respect of electronic invoicing.
To view the new guidance contained in leaflet 700/63, click here
Dear All. We are pleased to announce that Kenneth's son, William, is running the London Marathon on 13 April 2014. His nominated charity is Emunah, which supports underpriviledged children. If you are interested in sponsoring William, our star employee, please go to:
We hope you are able to support William's magnificent effort.
Employers are reminded of the following significant dates/deadlines for payroll purposes:
5 The tax year ends.
6 Start of the new tax year.
19 This is the new year end deadline. Your end of year declarations must be submitted by this date.
Manual payments of tax and national insurance (NI) deductions for the final tax month or quarter must be received by HM Revenue & Customs (HMRC). Electronic payments must be received by 22 April.
31 P60s must be given to employees still working for your company on 5 April by this date.
6 P11D returns must be submitted to HMRC.
19 Manual payments of class 1A payments must be received by HMRC. Electronic payments must be received by 22 July.
The "Annual Tax on Enveloped Dwellings" came into force on 1 April 2013 in respect of UK residential properties worth over £2million and owned by companies or by corporate partnerships.
The tax and the return for the year to 31 March 2015 must both be dealt with by 30 April 2014. The amount of the tax charge depends on the value of the property and currently ranges from £15,000 up to a maximum of £140,000: so valuations may in some cases need to be obtained before making the return.
Although there are a number of exemptions from the regime covering property developers, investors and dealers, an annual "nil return" is nonetheless required in these cases, on which any exemption from the tax must be claimed.
HMRC have issued a revised booklet in respect of Motoring Expenses. To view the new leaflet 700/64 Issued Feb 2014 click here.
HMRC has announced the official rate of interest for 2014/15. It will be 3.25%, a fall from the current rate of 4%.
The official rate of interest is used in calculating the benefit-in-kind charge on beneficial loans to employees and on living accommodation provided for an employee or director. It is also use in calculating the pre-owned asset charge on assets other than land.
The current (2013/14) rate is 4%, and has been unchanged since 6 April 2010. The 3.25% rate takes effect from 6 April 2014.
The rate is subject to review in the event of significant rate changes during the year.
A list of the current and previous rates is on the HMRC website.
HMRC has published guidance for businesses and charities on how to claim the new employment allowance.
This allowance will reduce employers' Class 1 National Insurance contributions (NICs) by up to £2,000 every tax year from 2014/15. The allowance is set against the employer’s entire NIC liability each week or month until the maximum £2,000 entitlement is used up. It cannot be set against Class 1A or Class 1B employer NIC.
HMRC has published draft regulations which set out the National Insurance contributions rates, thresholds and limits for the 2014/15 tax year - click here for more information
The values of van benefit, car fuel benefit and van fuel benefit have been set for 2014/15:
- Van benefit: £3,090
- Van fuel benefit: £581
- Car fuel benefit: £21,700
The van benefit is the cash equivalent of a van made available to an employee for private use.
The van fuel benefit is the cash equivalent of fuel for private use in a van to which the van benefit applies.