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.

Solar Power Update

On July 1^st 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.

 

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).

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

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.

Budget 2013

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

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 12^th 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.