‘Don’t stick head in sand on RTI’, says tax chief

More than 70,000 employers have been warned that they face penalties unless they submit employees’ Pay As You Earn (PAYE) information in real time. Employers who have never used the new Real Time Information (RTI) system to file PAYE returns were sent an email in March telling them to do so by the end of the year. Failure to send HM Revenue & Customs (HMRC) Read more…

New deal to make bank account comparisons easier

Major current account providers have signed up to an agreement that will give customers their account data in a simple, standardised format that can be used in comparison sites for the first time. The agreement, brokered by HM Treasury and the Department for Business, Innovation and Skills, should enable consumers to carry out quick and easy comparisons of accounts, including fees, charges and benefits attached, Read more…

Taxpayers warned on NIC debts

People with unpaid national insurance contributions (NICs) have been warned that private debt collectors could be used to recover the money they owe HM Revenue & Customs (HMRC). People paying tax through Pay As You Earn (PAYE) as an employee or who receive a taxable, UK-based private pension may have received a P2 annual coding notice for the 2014-15 tax year, which sets out their Read more…

Time to act on auto-enrolment, says regulator

The Pensions Regulator has urged small and medium-sized employers to find out when their new workplace pension duties begin, following research showing that many have yet to check when auto-enrolment will affect them. Thousands of medium-sized employers will reach their staging date – the date at which they must start automatic enrolment of eligible workers into a qualifying workplace pension scheme – before August. The Read more…

Budget Summary 2014

19 March 2014 Summary of key proposals Setting the scene Duty Personal tax Business and enterprise Tax evasion and tax avoidance Pensions, savings and benefits Homes and infrastructure Energy and the environment Official documents from George Osborne’s 2014 Budget   Summary of key proposals Annual Investment Allowance (AIA) doubled to £500,000 and extended to the end of 2015. Anyone using tax avoidance schemes will have Read more…

New service aims to ease employment dispute burden

The head of the service that will provide free support to help employers and employees resolve employment disputes more quickly has been highlighting the benefits it offers. From 6 April 2014, anyone considering making an employment tribunal claim about a workplace issue – such as an unfair dismissal claim, redundancy payments or issues around equal pay or rights to flexible working – will first need Read more…

HMRC highlights benefits of cash basis accounting

Small businesses are being encouraged to consider using an HM Revenue & Customs’ (HMRC) scheme that allows them to be taxed on money flowing into and out of their business, rather than using full accounting rules. With a new tax year about to start on 6 April, HMRC has highlighted the benefits of the cash basis scheme, which can be used by sole traders and Read more…

£2,000 national insurance saving coming soon

Employers are reminded to make sure they do not miss out on a £2,000 cut in their employment costs from 6 April 2014. The new Employment Allowance will see up to 1.25 million employers – businesses, charities and Community Amateur Sports Clubs – benefit from the annual reduction in their Class 1 secondary national insurance contributions (NICs). More than 90 per cent of those benefiting Read more…

SSP: change on the way for employers

A significant change to statutory sick pay (SSP) is on the way for employers from April 2014. Under the percentage threshold scheme (PTS), employers can recover SSP if the total paid in a tax month is more than 13 per cent of their gross national insurance contributions in the same tax month. But the PTS will be scrapped from 6 April 2014, with funding from Read more…

Brits set to ‘pay taxman £4.7bn more than needed’

New research suggests that UK tax payers are set to waste almost £5 billion this year by paying more tax than necessary. The 2014 TaxAction research, released on 17 February by www.unbiased.co.uk, a website enabling consumers to find professional advisers, reveals that taxpayers are set to pay £100 million more in tax than they did in 2013 by not making the most of tax reliefs Read more…