Advisory Fuel Rates & Mileage Rates from June 2015

New Rates: HMRC has updated its advisory fuel rates (AFRs). These apply from 1 June 2015. The table below shows the new AFRs with the previous figures in brackets.

Private journeys. AFRs can be used to avoid tax charges where your business pays for fuel used in a company car which you use for private journeys, or where you pay for fuel used in your company care or van and an allowance is paid to cover any business travel.

 

ENGINE SIZE	PETROL P/MILE	LPG P/MILE	DIESEL P/MILE
Up to 1,400 cc	12p (13p)	8p (9p)	10p (11p)
1,401 cc to 1,600 cc	14p	9p	10p
1,601 cc to 2,000 cc	14p	9p	12p
Over 2,000 cc	21p (23p)	14p (16p)	14p (16p)

 

Mileage rates

Changes to the HMRC business mileage rates are announced from time to time. The rates from 1 June 2015 are as follows:

Vehicle	First 10,000 miles	Thereafter
Car / Van	45p	25p
Motorcycle	24p	24p
Bicycle	20p	20p

CHRISTMAS OPENING HOURS

Please note our Mansfield office will close at 5.15pm on Tuesday 23^rd December for the Christmas holiday. The office will re-open on Friday 2^nd January 2015 at 8.45 am.

The Southwell office will close at 11am on Tuesday 23rd December and re-open on  Tuesday 6th January 2015 at 9am.

 

We would like to take this opportunity to wish all our clients a Very Merry Christmas and a Happy and Prosperous New Year.

Real Time PAYE Penalties

Employers with fewer than 50 employees will face automated in-year penalties for late real-time PAYE returns from 6 March 2015. Those who employ 50 or more people will face penalties from 6 October 2014. 

HM Revenue & Customs (HMRC) will email all employers to let them know when the penalties will apply to them, based on the number of employees shown in the department’s records.

Tax and Deadline Dates for November/December 2014

November 6 (Thursday): Women born between 6 July and 5 August 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).

The same group of women are not liable to pay Class 2 contributions for the

week beginning Sunday, 2 November 2014 and subsequent weeks. 

November 7 (Friday): VAT Returns for the quarter (or month) ended 30

September 2014 should be filed online by today. The relevant tax should be paid

electronically so as to reach HMRC by today. 

November 14 (Friday): If submitted on paper, EC Sales Lists for October 2014

should reach HMRC by today. 

November 18 (Tuesday): 5% penalty charged if tax and Class 1B National

Insurance in respect of 2013/14 PAYE Settlement Agreements not paid by

today (with an extension until Friday, 21 November if paid electronically). 

November 19 (Wednesday): Where an employer/contractor makes his PAYE/

CIS remittance for the month ending 5 November 2014 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 2014 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. 

Whether submitted online or by post, a contractor’s CIS Return for the month

to 5 November 2014 must reach HMRC by today. 

November 21 (Friday): If submitted online, EC Sales Lists for October 2014

should be filed by today. Intrastat Supplementary Declarations for October

should also be made by today. 

5% penalty charged if tax and Class 1B National Insurance contributions in

respect of 2013/14 PAYE Settlement Agreements paid by electronic transfer

after today. 

November 22 (Saturday): Where an employer/contractor makes his PAYE/

CIS remittance for the month ending 5 November 2014 by electronic transfer,

the payment should reach HMRC’s account as cleared funds no later than today. 

November 30 (Sunday): CTSA Returns for accounting periods ended 30

November 2013 should reach HMRC by today. 

Private companies with 28 February 2014 year-ends, and public companies

with 31 May 2014 year-ends, should file their accounts at Companies House by

today.

December 1 (Monday): Due date for payment of corporation tax for accounting

periods ended 28 February 2014. 

December 3 (Wednesday): The Chancellor of the Exchequer will make his

Autumn Statement to Parliament today and the Office for Budget Responsibility

will publish its updated Economic and Fiscal Outlook.  

December 7 (Sunday): VAT Returns for the quarter (or month) ended 31

October 2014 should be filed online by today. The relevant tax should be paid

electronically so as to reach HMRC by today. 

December 10 (Wednesday): The Financial Secretary has confirmed that

Draft Clauses for the Finance Bill 2015 will be published today.  

December 12 (Friday): If submitted on paper, EC Sales Lists for November

2014 should reach HMRC by today. 

December 19 (Friday): Where an employer/contractor makes his PAYE/CIS

remittance for the month ending 5 December 2014 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 December 2014 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. 

Whether submitted online or by post, a contractor’s CIS Return for the month

to 5 December 2014 must reach HMRC by today. 

December 21 (Sunday): If submitted online, EC Sales Lists for November

2014 should be filed by today. Intrastat Supplementary Declarations for November

should also be made by today.

August Bank Holiday Opening Hours

Please note the Mansfield office will be closed Monday 25th and Tuesday 26th August. The office will re-open Wednesday 27th August at 8.45 am.

The Southwell office will be closed Monday 25th, Tuesday 26th August and Wednesday 27th August. The office will re-open Thursday 28th August at 9.00 am.

HMRC Calculation errors

HMRC  have new powers to combat tax avoidance which includespower to  allow them  to withdraw funds directly from your bank account. However, HMRC have indicated that this act should only be taken against "hard core" defaulters if they have  ignored serious requests for payment. A recent case reported  in the press shows how a  Revenue error lead to a significant tax bill being raised against a tax payer who thought he was due a small refund. HMRC issued a £1.5 million tax bill together with £77,000 of late payment charges. Somehow the decimal point was moved  when the tax was calculated. HMRC describe the tax demand as being incorrect and it was an unforgiveable error on their part. They apologised for the mistake and any distress caused. This highlights the problem of HMRC making errors in internally generated tax computations. You should always check with us that we have received a copy of any tax calculation and that we agree its accuracy.

Tax and Deadline Dates for March/April 2014

March 14 : If submitted on paper, EC Sales Lists for February 2014

should reach HMRC by today. 

March 17 : Bank holiday in Northern Ireland (St Patrick’s Day).

Companies House Belfast office will also be closed. 

March 19 (Wednesday): Budget Day.  

Where an employer/contractor makes his PAYE/CIS remittance for the month

ending 5 March 2014 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 March 2014 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 March 2014 must reach HMRC

by today, whether filed online or on paper. 

March 21 : If submitted online, EC Sales Lists for February 2014

should be filed by today. Intrastat Supplementary Declarations for February

should also be made by today. 

March 22 : Where an employer/contractor makes his PAYE/CIS

remittance for the month ending 5 March 2014 by electronic transfer, the

payment should reach HMRC’s account as cleared funds no later than today. 

March 31 : Corporation Tax Returns for accounting periods ended 31 March

2013 should reach HMRC by today. Private companies with 30 June 2013

year-ends, and public companies with 30 September 2013 year-ends, should

file their accounts at Companies House by today. 

PAYE administration By today, an employer who uses paper payslips for his

PAYE remittances should have received his payslip booklet for 2014/15. 

Business Rates The 100% Small Business Rate Relief for premises in England

with a rateable value not exceeding £6,000, which was to have ended today, has

been extended to 31 March 2015. As before, tapering relief will be available for

premises with a rateable value between £6,001 and £11,999. The Welsh

Government has extended the parallel relief in Wales. 

Benefit claims Last day for older people to claim the winter fuel payment for

2013/14. This is not means-tested and may be claimed by almost anyone (man

or woman) who was born on or before 5 January 1952.  

April 1 : Due date for payment of corporation tax for accounting

periods ended 30 June 2013. 

April 5 : Last day of the 2013/14 tax year.  

April 6 : Last day to make full disclosure and payment under

HMRC’s ‘Health and Wellbeing Tax Plan’ for physiotherapists, osteopaths,

chiropodists and other healthcare professionals (other than doctors and dentists) 

New rates of Statutory Sick Pay (£87.55 a week) and Statutory Maternity,

Paternity and Adoption Pay (£138.18 a week) come into force today. 

April 7 : VAT Returns for the quarter (or month) ended 28 February

2014 should be filed online by today. The relevant tax should be paid electronically

so as to reach HMRC by today. 

April 14 : If submitted on paper, EC Sales Lists for the month or

quarter to 31 March 2014 should reach HMRC by today. 

April 18 (Good Friday): Second 5% penalty charged if tax and Class 1B

National Insurance contributions in respect of PAYE Settlement Agreements for

2012/13 not paid by today (with an extension until Monday, 21 April if paid

electronically). 

April 18 to 21 (Friday to Monday): Easter holiday. All Companies House

offices will be closed. Strictly speaking, Easter Monday is not a bank holiday in

Scotland, but in practice the banks will be closed. 

April 19 : After today, any corrections or additions to an employer’s

RTI submissions for 2013/14 must be made by way of an Earlier Year Update

(EYU) and not by way of a Full Payment Submission. 

Where an employer/contractor makes his PAYE/CIS remittance for the month

or quarter ending 5 April 2014 by post, the cheque should reach HMRC’s

Accounts Office by today. HMRC recommends that, because of the Easter holiday,

payments should be posted no later than Monday, 14 April. 

A contractor’s CIS Return for the month to 5 April 2014 must reach HMRC by

today, whether filed online or on paper. 

April 21 : If submitted online, EC Sales Lists for the month or

quarter to 31 March 2014 should be filed by today. Intrastat Supplementary

Declarations for March should also be made by today. 

April 22 : Where an employer/contractor makes his PAYE/CIS

remittance for the month or quarter ending 5 April 2014 by electronic transfer,

the payment should reach HMRC’s account as cleared funds no later than today. 

April 30 : An automatic penalty of £10 a day will be charged

where a Self Assessment Tax Return for 2012/13 is filed online after today.

Where a paper Return for that year is not filed by today, there will be a

further penalty of the greater of £300 and 5% of the tax outstanding on 31

October 2013. The penalty can be reduced by filing online instead. 

Corporation Tax Returns for accounting periods ended 30 April 2013 should reach

HMRC by today. Private companies with 31 July 2013 year-ends, and public

companies with 31 October 2013 year-ends, should file their accounts at

Companies House by today.

Apprenticeships

Did you know that Ashfield and Mansfield District Councils are currently offering 60 grants of up to £1,500 for eligible employers who recruit an Apprentice. This grant is offered alongside the National Apprenticeships Service AGE Grant of £1,500, meaning that you could receive up to £3,000 for your business. Contact us for further information.