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30-09-2014

From 6th October 2014 HMRC will levy late submission charge for all businesses with 10 employees or more and all new businesses set up in the 2014-15 tax year comes into force, charged on a sliding scale as a percentage of your expected FPS submission value. There will be no charge for one late submission in a tax year (including tax year end, due on 20th April 2015), but each subsequent late submission will be charged as follows:
 Number of employees
 Amount of the monthly filing penalty per PAYE scheme
 1 - 9*
 £100*
 10 - 49
 £200
 50 - 249
 £300
 250 +
 £400
*This charge will be waived until March 2015
The Following daily interest rate charges will be applied to the outstanding monies owed for all businesses:
  • 1 - 3 late submissions will be charged as 1% of the late estimated monetary value
  • 4 - 6 late submissions will be charged as 2% of the late estimated monetary value
  • 7 - 9 late submissions will be charged as 3% of the late estimated monetary value
  • 10 or more late submissions will be charged as 4% of the late estimated monetary value
If you have still not paid a monthly or quarterly amount in full, after six months you will have to pay a penalty of 5% of the amounts unpaid. A further penalty of 5% will be charged if you have not paid after 12 months. These penalties may be charged in addition to the penalties for monthly and quarterly payments described in the previous section and apply even where only one payment in the tax year is late.

17-09-2014

HMRC sends thousands of tax letters to landlords
HMRC is turning up the pressure on buy-to-let landlords who may have underpaid tax on their rental income by sending out 40,000 letters to landlords. The letters ask the recipient to contact HMRC to confirm details of their tax affairs or run the risk of a tax investigation.
 
Your client may well have received one of these letters already, as HMRC has already written to some 5,000 landlords. The letter provides the taxpayer just 30 days to respond before HMRC escalates its investigation into their tax affairs.
 
The letter warns that taxpayers who do not contact HMRC voluntarily to discuss their tax affairs are at risk of a “higher penalty or … criminal investigation.”
We have a client where the failure to disclose was picked up from information provided by the rent deposit scheme to HMRC.
 

17-09-2014

VAT registered businesses tell us that they find it really helpful to receive an email reminder to let them know when their return is due.
It’s easy to sign up for the email:
  1. Log in to HMRC Online Services or via www.hmrc.gov.uk
  2. Select ‘Your Account’ from the Main menu
  3. Select ‘Update personal details’ from the ‘Your contact details section’

17-09-2014

HMRC have issued updated guidance for barristers and advocates.  This notice has been updated to reflect the introduction of the new online deregistration system and changes to postal addresses.  To view a copy click here.

 


17-09-2014

HMRC have issued a revised notice 700/62 (July 2013).  The notice is written for customers who operate, or wish to operate, self-billing with their suppliers and for suppliers who accept, or wish to accept, self-billed invoices from their customers.  For more information click here.

17-09-2014

Do you have an Accident Record Book? If not one can be purchased from the Health & Safety Executive (HSE) web site.  You are also required to carry out period health & safety reviews.  More information can be found at the HSE site.

 


17-09-2014

Changes to the national minimum wage
The national minimum wage is the minimum pay per hour almost all employees are entitled to by law. From 1 October 2014, these minimum wage rates are increasing.
 

 
Age group
Current rate
Rate from 1 Oct 2014
 
21 and over
£6.31
£6.50
 
18 to 20
£5.03
£5.13
 
16 and 17
£3.72
£3.79
 
Apprentices
£2.65
£2.73

 

03-09-2014

HMRC has recently published guidance on late filing and late payment penalties which apply to employers filing under real time information (RTI). 
Penalties for employers who report their payroll information late or inaccurately are scheduled to begin in October 2014. 

03-09-2014

The rates which employers can use to reimburse employees who pay to put petrol in their company cars when they are using them for business have been updated. These rates apply to all journeys undertaken on or after 1 September 2014 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose.

 

 


09-07-2014

All employers know, it is now more important than ever to know what to ask at interview.  Even if the interviewee is not employed, an employer could find themselves in tribunal.  For 5 questions a prospective employer cannot ask click here.

The questions are:

1    Are you from the UK/Is English your first language?

2   Are you married?

3   How old are you?

4   How many sickness days did you take in your last period of employment?

5   Do you have any previous criminal convictions?

 



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