Monday 23 December 2013

Christmas Office Hours

Please note our offices will be closed from 5.15 pm on Monday 23rd December. We will re-open on Thursday 2nd January 2014.

Wishing all our clients a very Happy Christmas and a prosperous New Year.

Christmas Parties for staff & Christmas Gifts to customers


Christmas Parties for staff & Christmas Gifts to customers.

Were you aware that an annual event (eg Christmas Party) for your staff at a value of £150 (including VAT) or less for each employee is tax free? However, if you spend more than £150 per head, based on the number of staff and their guest attending, then the excess is a taxable benefit.  The £150 must cover the whole event per person, ie food, drink and any transport or accommodation, and remember it MUST also include VAT.

If you hold two staff events during the year, eg Christmas Party at £120 per head and a Summer event at say £50 per head, only one of these can be treated as tax free and the whole of the other event, say the £50 per head, is a taxable benefit.

 
Gifts to Customers

A tax deduction can be claimed if:-

The gift bears a conspicuous advert for the business and

The gift is not tobacco, drink or food and

The total cost of gifts to any one individual per annum does not exceed £50

Wednesday 2 October 2013

Tax/Deadline dates for October/November 2013



October 1 (Tuesday): Due date for payment of corporation tax for accounting periods ended 31 December 2012.

Annual uprating of the National Minimum Wage comes into force. The adult rate rises from £6.19 to £6.31; the development rate from £4.98 to £5.03; the rate for apprentices from £2.65 to £2.68; and the rate for 16- and 17-year-olds from £3.68 to £3.72. The accommodation offset rises from £4.82 to £4.91 a day.

In England, the Agricultural Minimum Wage is abolished from today. However, the rates set last year remain in force in Wales. 

From today, charities and Community Amateur Sports Clubs will no longer be able to claim their Gift Aid repayments using Form R68(i): claims must be made online or using the new paper Form ChR1. For details, see www.hmrc.gov.uk/charities/online/transition.htm and /online/three-options.htm.

First self-assessment Return for the Annual Tax on Enveloped Dwellings (ATED) to be made by today. (Payment of the tax will be due on Thursday, 31 October 2013.) 

Newly built commercial property, completed on or after today and no later than 30 September 2016, will qualify for exemption from empty property rates for up to 18 months (applies in England only). 

October 5 (Saturday): An individual or trustee who has not yet been required to make a Self Assessment Tax Return for 2012/13 should by today notify HMRC of any liabilities for that year, not fully covered by deduction at source. One change from previous years is that an individual is required to notify liability to the child benefit clawback, which applies for the first time in 2012/13. This has been widely publicised by HMRC advertisements in the newspapers and other media. There is no set procedure for notification, although HMRC now provides an online form for ‘Registering for Self Assessment and getting a Tax Return’, accessible from the High Income Child Benefit Charge page (www.hmrc.gov.uk/childbenefitcharge/).

October 6 (Sunday): From today, the only employers not required to operate ‘Real Time Information’ for PAYE reporting will be employers of personal care and support workers, those with religious objections to using electronic communications, and the special schemes for examination fees and electoral payments. 

Plans to extend Universal Credit to all new claims for out-of-work benefit from today have now been abandoned. 

October 7 (Monday): VAT Returns for the quarter (or month) ended 31August 2013 should be filed online by today. The relevant tax should be paid electronically so as to reach HMRC by today. 

October 14 (Monday): If submitted on paper, EC Sales Lists for the month or quarter to 30 September 2013 should reach HMRC by today. 

Due date for Returns of payments by a company from which income tax is deductible for the quarter to 30 September 2013. Returns should be made on Forms CT61 – this form cannot be downloaded from HMRC’s website: the user has to submit an online request for a paper copy. There are also separate instructions for LLPs required to report payments from which income tax is deductible.

October 15 (Tuesday): Today is the single deadline for notification, submission of a Return and payment of tax under HMRC’s My Tax Return Catch-Up ‘disclosure opportunity’ . 

October 18 (Friday): Third 5% penalty charged if tax and Class 1B National Insurance contributions in respect of 2011/12 PAYE Settlement Agreements not paid by today (with an extension until Monday, 21 October if paid electronically). 

October 19 (Saturday): Tax and Class 1B National Insurance contributions in respect of PAYE Settlement Agreements for 2012/13 due today (with an extension until Tuesday, 22 October if paid electronically). A 5% penalty applies if payment is more than 30 days late, 10% if it is six months late and 15% if it is a year late.

Where an employer/contractor makes his PAYE/CIS remittance for the month or quarter ending 5 October 2013 by post, the cheque should reach HMRC’s Accounts Office by today. 

An employer must submit an Employer Payment Summary (EPS) for the month to 5 October 2013 by today, to be able to deduct recoverable amounts (Statutory Maternity Pay, etc paid that month, or CIS deductions suffered by a subcontractor company) from his remittance for that month. 

A contractor’s CIS Return for the month to 5 October 2013 must reach HMRC by today, whether filed online or on paper. 

October 21 (Monday): If submitted online, EC Sales Lists for the month or quarter to 30 September 2013 should be filed by today. Intrastat Supplementary Declarations for September should also be made by today. 

October 22 (Tuesday): Where an employer/contractor makes his PAYE/CIS remittance for the month or quarter ending 5 October 2013 by electronic transfer, the payment should reach HMRC’s account as cleared funds no later than today.

October 31 (Thursday): Filing deadline for paper Self Assessment Tax Returns for 2012/13. Note that the deadline for amending a 2011/12 Return remains 31 January 2014, even if the taxpayer originally filed a paper Return. 

Further penalty of up to 100% of the tax outstanding on 31 October 2012 if a paper Tax Return for 2011/12 is filed after today. The penalty can be reduced by filing online. 

Today may be the last day for claiming that an overpayment of Tax Credits for 2012/13 or an earlier year should be written off because it was caused by HMRC Error.

Last day for a taxpayer to request HMRC to issue a Self Assessment Tax Return (SATR) for 2009/10. The only way for a taxpayer formally to challenge his PAYE deductions is to request and complete a SATR. 

Due date for payment of the Annual Tax on Enveloped Dwellings (ATED). CTSA Returns for accounting periods ended 31 October 2012 should reach HMRC by today. 

Private companies with 31 January 2013 year-ends, and public companies with 30 April 2013 year-ends, should file their accounts at Companies House by today. 

November 1 (Friday): Due date for payment of corporation tax for accounting periods ended 31 January 2013. 

November 2 (Saturday): Forms P46 (Car) for the quarter to 5 October 2013 should reach HMRC by today. 

November 6 (Wednesday): Women born between 6 January and 5 February 1952 reach State Pension Age today. Generally speaking, Class 1 primary (employee’s) National Insurance contributions should not be deducted from earnings paid on or after today, but secondary (employer’s) contributions remain payable (and should be paid at the not-contracted-out rate, even if the contracted out rate has applied hitherto).

November 7 (Thursday): VAT Returns for the quarter (or month) ended 30 September 2013 should be filed online by today. The relevant tax should be paid electronically so as to reach HMRC by today. 

November 14 (Thursday): If submitted on paper, EC Sales Lists for October 2013 should reach HMRC by today. 

November 18 (Monday): 5% penalty charged if tax and Class 1B National Insurance contributions in respect of 2012/13 PAYE Settlement Agreements not paid by today (with an extension until Thursday, 21 November if paid electronically).

November 19 (Tuesday): Where an employer/contractor makes his PAYE/CIS remittance for the month ending 5 November 2013 by post, the cheque should reach HMRC’s Accounts Office by today. 

An employer must submit an Employer Payment Summary (EPS) for the month to 5 November 2013 by today, to be able to deduct recoverable amounts (Statutory Maternity Pay, etc paid that month, or CIS deductions suffered by a subcontractor company) from his remittance for that month.

A contractor’s CIS Return for the month to 5 November 2013 must reach HMRC by today, whether filed online or on paper. 

November 21 (Thursday): If submitted online, EC Sales Lists for October 2013 should be filed by today. Intrastat Supplementary Declarations for October should also be made by today.

November 22 (Friday): Where an employer/contractor makes his PAYE/CIS remittance for the month ending 5 November 2013 by electronic transfer, the payment should reach HMRC’s account as cleared funds no later than today.

Thursday 19 September 2013

Companies House Phishing Scam

Since last week, emails purporting to have been sent from Companies
House have been sent to a significant number of limited companies.
 
Companies House say that if the e-mail contains a zip file, it should not be
opened and should be forwarded to 'phishing@companieshouse.gov.uk'.

Those that we have seen refer to a complaint being made on the webfiling
service.

Monday 12 August 2013

Tax/Deadline dates for August/September 2013



·        26 August 2013 – Statutory bank holiday in England, Wales and Northern Ireland. Banks in Scotland and Companies House Edinburgh will also be closed today.
·        30 August 2013 – As 1 September 2013 is a Sunday, today is effectively the last day for paying corporation tax for accounting periods ended 30 November 2012.
·        31 August 2013 – CTSA returns for accounting periods ended 31 August 2012 should reach HMRC by today. Private companies with 30 November 2012 year-ends, and public companies with 28 February 2013 year-ends should file their accounts at Companies House by today.
·        6 September 2013 – Women born between 6 December 1951 and 5 January 1952 reach State Pension Age today.
·        7 September 2013 – VAT returns for the quarter (or month) ended 31 July 2013 should be filed online by today. The relevant tax should be paid electronically so as to reach HMRC by today.
·        13 September 2013 – If submitted on paper, EC Sales List for August 2013 should reach HMRC by today.
·        19 September 2013 – Where an employer/contractor makes his PAYE/CIS remittance for the month ending 5 September 2013 by post, the cheque should reach HMRC’s accounts office by today.
·        19 September 2013 – A contractor’s CIS300 monthly return must reach HMRC by today, whether filed online or on paper.
·        22 September 2013 – PAYE/CIS remittance for the month ending 5 September 2013 paid by electronic transfer should reach HMRC’s account as cleared funds no later than today.
·        30 September 2013 - CTSA returns for accounting periods ended 30 September 2012 should reach HMRC by today. Private companies with 31 December 2012 year-ends, and public companies with 31 March 2013 year-ends should file their accounts at Companies House by today.

Monday 22 July 2013

Tax/Deadline dates for July/August 2013



·         31 July 2013 – Second payment on account for 2012/13 due by today. All tax credit claims should be renewed by today.
·         31 July 2013 – CTSA returns for accounting periods ended 31 July 2012 should reach HMRC by today. Private companies with 31 October 2012 year-ends, and public companies with 31 January 2013 year-ends should file their accounts at Companies House by today.
·         1 August 2013 - Due date for corporation tax due for the year ended 31 October 2012 .
·         2 August 2013 – Second 5 per cent surcharge imposed on 2011/12 income tax, Class 4 National Insurance contributions and capital gains tax not paid by today.
·         2 August 2013 – Form P46 (car) for the quarter to 5 July 2013 should reach HMRC by today.
·         5 August 2013 – Statutory bank holiday in Scotland but in practice banks will be open for business as usual. Companies House Edinburgh office will be open.
·         7 August 2013 – VAT returns for the quarter (or month) ended 30 June 2013 should be filed online by today. The relevant tax should be paid electronically so as to reach HMRC by today.
·         14 August 2013 – If submitted on paper, EC Sales List for July 2013 should reach HMRC by today.
·         18 August 2013 -  5 per cent penalty charged if Class 1A National Insurance contributions for 2012/13 not paid by today.
·         19 August 2013 – Where an employer/contractor makes his PAYE/CIS remittance for the month ending 5 August 2013 by post, the cheque should reach HMRC’s accounts office by today.
·         19 August 2013 – A contractor’s CIS300 monthly return must reach HMRC by today, whether filed online or on paper.
·         22 August 2013 – PAYE/CIS remittance for the month ending 5 August 2013 paid by electronic transfer should reach HMRC’s account as cleared funds no later than today.

Wills and assets


Do you know what happens to your assets when you die?

 
Recent research indicates over half of the adult population in the UK are currently without a will.  Of those that have, more than a third of the wills’ fail to fulfill the intention of the testator (one who makes the will).  We are legally unable to offer wills or probate service through our firm.  However we can offer advice on your will, how to save inheritance tax and assist those responsible for dealing with the affairs of the deceased to obtain probate and prepare estate accounts.

For further help or information please contact Mr Ray Callingham on 01623 645705

Thursday 27 June 2013

Holiday Jobs for Students

With a bit of luck students will obtain some holiday employment. They may work in several jobs at once or move from one job to another. Each student can use their personal allowance of £9,440 for the current tax year to set against all their income throughout the year. With the withdrawal of form P38 and the introduction of Real Time Information it is likely tax may be deducted at source. Students should ensure they check their payslips and PAYE coding notices and contact should be made with HM Revenue & Customs to deal with any queries. A claim for overpaid PAYE to be paid back can be made.

Friday 31 May 2013

Solar Power Update


On July 1st the top up tariff, which changes quarterly, is due to fall to 14.9p per kWh of electricity generated.  When the scheme was first introduced several years ago it generated 43p per kWh.  If you are considering installing solar panels you need to consider the time needed to recoup the up front costs and the yearly maintenance costs you also need to consider if the value of your property will be adversely effected by the view of the panels on the roof? 
 
For further information please call Ray Callingham on 01623 645705.

 

Wednesday 22 May 2013

Tax/Deadline dates for June/July 2013


·         27 May 2013 – Spring bank holiday throughout the United Kingdom.
·         31 May 2013 – Employees to be given forms P60 for 2012/13 by today.
·         31 May 2013 - Private companies with a year end of 31
August 2012 and public companies with a year end of 30 November 2012, should file their accounts at Companies House by today.
·         1 June 2013 - Due date for corporation tax due for the year ended 31 July August 2012 (but the actual last day for payment was Friday 31 May, expect where payment is made by internet or telephone banking).
·         1 June 2013 – Quarterly review of ‘advisory fuel rates’ (used where an employer pays a mileage allowance for business journeys in a company car).
·         7 June 2013 – VAT returns for the quarter (or month) ended 31 April 2013 should be filed online by today. The relevant tax should be paid electronically so as to reach HMRC by today.
·         9 June 2013 – Absolute deadline for farmers to submit Single Payment claims for 2013.
·         19 June 2013 – Where an employer/contractor makes his PAYE/CIS remittance for the month ending 5 June 2013 by post, the cheque should reach HMRC’s accounts office by today.
·         19 June 2013 – A contractor’s CIS300 monthly return must reach HMRC by today, whether filed online or on paper.
·         21 June 2013 – Intrastat Supplementary Declarations for May to be made by today.
·         22 June 2013 – PAYE/CIS remittance for the month ending 5 June 2013 paid by electronic transfer should reach HMRC’s account as cleared funds no later than today.
·         30 June 2013 – CTSA Returns for accounting periods ended 30 June 2012 should reach HMRC by today.
·         30 June 2013 – Private companies with 30 September 2012 year ends and public companies with 31 December 2012 year ends should file their accounts at Companies House by today.
·         1 July 2013 – Croatia to become a member of the European Union (providing all existing Member States have ratified the Treaty of Accession by then).

Monday 22 April 2013

Tax/Deadline dates for April/May 2013

  • 30 April 2013 – An automatic penalty of £10 a day charged where a SA Tax Return for 2011/12 is filed online after today. 
  • 30 April 2013 – Private companies with a year end of 31 July 2012 and public companies with a year end of 31 October 2012, should file their accounts at Companies House by today.
  • 1 May 2013 - Due date for corporation tax due for the year ended 31 July 2012
  • 1 May 2013 – New scale charges on fuel used for private motoring come into force for accounting periods beginning on or after today.
  • 3 May 2013 – Forms P46(Car) for the quarter to 5 April 2013 should reach HMRC by today.
  • 5 May 2013 – Last day for making a ‘protective’ Tax Credits claim backdated to the beginning of 2013/14.
  • 6 May 2013 – May bank holiday throughout the United Kingdom.
  • 7 May 2013 – VAT returns for the quarter (or month) ended 31 March 2013 should be filed online by today. The relevant tax should be paid electronically so as to reach HMRC by today.
  • 19 May 2013 – PAYE end of year returns (Forms P35 etc) for 2012/13 should be filed by today.
  • 19 May 2013 – Although this is a Sunday this is the filing deadline for the CIS300 monthly return by post for the month ended 5 May 2013. We would recommend paper returns are posted in good time to reach HMRC by Friday 17 May.
  • 19 May 2013 - CIS tax deducted for the month ended 5 April 2013 is payable by today.
  • 27 May 2013 – Spring bank holiday throughout the United Kingdom. 
  • 31 May 2013 – Employees to be given forms P60 for 2012/13 by today.
  • 31 May 2013 - Private companies with a year end of 31 August 2012 and public companies with a year end of 30 November 2012, should file their accounts at Companies House by today

Friday 5 April 2013

Are you due a tax rebate? Nearly 12 months have passed since HMRC announced restrictions for capital allowance claims relating to commercial property. You have two years from the date of purchase to quantify the value of qualifying fixtures in which you can claim capital allowances and advise HMRC using a Section 198 claim. It is important to process the claim as it may affect the future sale value of the property. For more information contact Mr Ray Callingham on 01623 645705.

Monday 25 March 2013

Budget 2013

Please see our link at the bottom of the home page for full details of this years' budget.

Wednesday 20 March 2013

Payroll RTI Reporting – The Next Stage


Payroll RTI Reporting – The Next Stage

Following on from our December article you should now be giving thought to the next steps of RTI.

Submitting your Employer Alignment Submission (EAS)

The EAS is a one-off submission and the first submission that you will make under RTI.  It provides HMRC with a snapshot of your data and a benchmark of who is or has been employed by you in the current year.

When to Submit the EAS

You should submit your EAS any time after 6 April 2013 but before you process your first payroll of the year.  This is because the EAS must be the first submission you make under RTI.

What you need to do before submitting

  • Check and cleanse your data as described in our blog of 12th December 2012.
  • Enter any new starters
  • Include the details of any part time or casual workers who used to be covered by completion of forms P38A and P38S
If you have any questions please speak to Richard Shaw for more information on 01623 645705.

Friday 15 March 2013


Tax/Deadline dates for March/April 2013

  • 19 March 2013 - PAYE and NIC deductions due for month ended 5 March 2013. (If you pay your tax electronically the due date is 22 March 2013)
  • 19 March 2013 - Filing deadline for the CIS300 monthly return for the month ended 5 March 2013.
  • 19 March 2013 - CIS tax deducted for the month ended 5 March 2013 is payable by today.
  • 20 March 2013 – BUDGET DAY.
  • 29 March to 1 April 2013 – Easter Holiday.
  • 31 March 2013 – 100% first year allowances for ‘Qualifying Low Emission Cars (QUALECS) which were to have expired on 31 March 2013 will now be extended to 31 March 2015. However, the qualifying emission level will, from 1 April 2013, be reduced from 110 g/km to 95 g/km and leased cars will no longer be eligible for first-year allowances
  • 1 April 2013 - Due date for corporation tax due for the year ended 30 June 2012.  But the effective last day for payment was the last prior business day, Thursday 28 March, except where payment is made by internet or telephone banking.
  • 7 April 2013 – VAT returns for the quarter (or month) ended 28 February 2013 should be filed online by today. The relevant tax should be paid electronically so as to reach HMRC by today.
  • 19 April 2013 - PAYE and NIC deductions due for month ended 5 April 2013. (If you pay your tax electronically the due date is 22 April 2013)
  • 19 April 2013 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2013.
  • 19 April 2013 - CIS tax deducted for the month ended 5 April 2013 is payable by today.

Wednesday 6 March 2013

Employment rights – redundancy/unfair dismissal payments

From February 2013:-

The limit on the amount of the compensatory award for unfair dismissal has increased. The current maximum of £72,300 is to increase to £74,200 due to inflation.

The limit of a week’s pay which is used in calculating statutory redundancy pay (SRP) or compensation for unfair dismissal has risen from £430 to £450. We can advise on the number of weeks of SRP an employee is entitled to, depending on their length of service. Please contact us for more details.

Friday 22 February 2013

Business Records Check


HMRC have relaunched their business records check programme. The purpose of this is for HMRC to check the adequacy of the business records being kept by small and medium sized enterprises (SMEs).

It is now HMRC’s intention to write to selected SME's to conduct an interview style call to assess whether they feel a face-to-face visit is required. The call will take approximately 10-15 minutes to enable the officer to assess the SMEs record keeping. If the officer making the call deems the records to be adequate, he will confirm his decision in writing and no further action will be taken.

If, however, he feels the records can be improved he will arrange for a colleague to call and make arrangements to visit the premises.

If on visiting the records do appear to fall short of what is required, recommendations will be given for improvements. If these recommendations are not adopted and have not improved at the time when a follow up visit is made, a first offence penalty of £500 will be considered (this will be reduced to £250 if it is in the first year of trading).

If on visiting the SME the officer finds the records to have been deliberately destroyed, a penalty of up to £3,000 may be charged.

It is important that you advise us immediately if any such telephone call is received. Please contact Ray Callingham for further advice on this matter.

Friday 8 February 2013

Employer's National Insurance Holiday

New employers can still benefit from the Employer's National Insurance holiday introduced in 2010. This exemption applies to Employer's National Insurance chargeable for the first twelve months of the business or up to 5 September 2013, whichever comes first. At up to £5,000 National Insurance for the first ten employees, this relief is worth looking at closely for those who qualify. In order to qualify, there needs to be a new business starting and paying a wage before 5 September 2013. This does not have to be a new company or individual starting in business, it applies equally to an existing business provided that it is performing wholly or mainly new activities. The key point is whether these business activities were carried on in the proceeding six months.  HMRC give the example of a traditional being closed down by a new owner, refurbished and reopened as a gastro pub as one that would qualify. A business that has simply changed ownership may well not qualify, therefore the incorporation of a sole trader or partnership into a limited company will not receive the exemption unless the business activities wholly or mainly change.

The business must have its principal place of business in one of the following regions:-

·                    Northern Ireland
·                    Scotland
·                    Wales
·                    East Midlands
·                    North East
·                    North West
·                    South West
·                    West Midlands
·                    Yorkshire and Humber


Certain sectors such as road freight and agriculture have restrictions based on EU state aid rules. Managed service companies do not qualify.

If a business has paid National Insurance when it feels that it should have qualified for this relief, an application form can be submitted to claim a repayment. The business must have commenced after 22 June 2010 and contributions after 6 September 2019 may qualify.


G M Beeley