Uncategorised

Please find below all the articles that have been categorised as 'Uncategorised'.

Statutory Paternity Leave and Pay Changes in 2024

Wednesday, November 1, 2023

These affect us personally and professionally and if you have policies and procedures regarding Statutory Paternity Leave (SPL) and Pay (SPP), be aware of changes coming from the start of the 2024/25 tax year. This information is provided to help you prepare.

The Government committed to making it easier for fathers to take leave (and pay) as follows:

– The 2 weeks can be taken in non-consecutive blocks of one week (compared to the fixed regime now)

– Instead of having to take the 2 weeks within…

HMRC are Communicating about Self-Assessment

Wednesday, November 1, 2023

In October, we wrote about the Self-Assessment registration deadline (the 5th).
Hot on the heels of this, you may receive communication in the following weeks or months from HMRC about the requirement to
complete a Self-Assessment tax return. The thing that stands out from the communication is HMRC’s use of the phrase
‘You don’t need to be an expert to do your tax return’. This massively simplifies an annual process that can be very complicated
and time-consuming. That is why there are experts and…

Register for Self-Assessment – The Deadline Approaches

Sunday, October 1, 2023

The deadline for registering for Self-Assessment is 05 October 2023 (for 2022/23 tax year with tax returns due by 31 January 2024). Individuals must complete and send a tax return if, in 2022/23:

– You had self-employed income above £1,000, or

– You are a partner in a business partnership, or

– You were liable to pay the High Income Child Benefit Charge, or

– You had taxable income over £100,000

There are also other situations where you may have to complete a tax return…

R&D Tax Relief – Additional Information Required

Sunday, October 1, 2023

Research and Development (R&D) is a Corporation Tax relief that is a Government support to some UK companies working on innovative projects in science and technology. There are currently two R&D schemes:

– For large companies, Research and Development Expenditure Credit (RDEC) and

– For small or medium enterprises (SMEs), SME R&D tax relief

There are strict terms and conditions of eligibility and the Government has introduced measures to tackle what it perceives as abuse of this support package and non-compliance. At the same time, though, they…

Advisory Fuel Rates – MUST Be Effective 01 October 2023

Sunday, October 1, 2023

The Advisory Fuel Rates (AFRs) have had their quarterly review and HMRC published revised rates from 01 September 2023. With rising fuel prices again, it’s not surprising there were changes – mainly for cars with a higher cc. The following rates are effective 01 September 2023 but HMRC say the old rates can be used for one month from this date. So, from 01 October 2023 you must be using the following rates (with the old rates in brackets and * indicating where there’s been a change):

Petrol…

Welcome IZENR (aka National Insurance Relief in Investment Zones)

Friday, September 1, 2023

An initialism that will soon fall smoothly from our tongues is IZENR, HMRC’s description of Investment Zone Employer NICs Relief. This applies in payroll systems from April 2024 and introduces 4 new category letters.

The now infamous 23 September 2023
Growth Plan
introduced us to Investment Zones in England, areas to provide ‘time-limited tax reliefs‘ and ‘planning liberalisation to support employment, investment, and home ownership‘.
The UK Government, via Kwasi Kwarteng as Chancellor of the Exchequer,said itwould work with the devolved nations on similar Zones to ensure they…

Employer Bulletin August 2023 – an Error Corrected

Friday, September 1, 2023

On 16 August 2023, the bi-monthly Employer Bulletin
was published by HMRC.Employers and agents recognise the importance of the information contained in this and frequently register to get notification of publication. This is admirable,
as the Bulletin contained some useful information including:

– The tax relief mechanisms for pension schemes
(Relief at Source and Net Pay Arrangement), frequently confused and this article stresses the importance of correctly identifying and applying which is relevant
– Advice on the Real Time Information (RTI) processes to…

Outstanding Post – HMRC Extends its Trial

Friday, September 1, 2023

Only last month we reported that HMRC had expanded its Agent Account Manager
(AAM) team and remit. From 10 July 2023, providing an agent is registered
, the expanded remit allows them to look at POSTAL queries outstanding for 12 months or more.This was set to last for a trial period only.

At a recent Representative Body Steering Group
meeting with professional bodies, HMRC confirmed this trial will be extended indefinitely.
Therefore, given this positive news from HMRC, it is worth repeating these important points before…

HMRC Close One Helpline – But Re-open Another

Friday, September 1, 2023

Closing

There have been many Covid-19 support schemes, administered by HMRC, for example:

– Eat Out to Help Out payments
– The Self-Employment Income Support Scheme (SEISS)
– Test and trace or self-isolation payments (in England, Scotland and Wales)
– Coronavirus Business Support Grants

– The Coronavirus Statutory Sick Pay Rebate scheme, not forgetting
– The Coronavirus Job Retention Scheme (CJRS)

Professionals rely on HMRC’s guidance and support, as these are also amongst the payments and grants that need to be
reported on the company tax return…

Introducing More HMRC Call Waiting Times

Tuesday, August 1, 2023

We have all had to call HMRC’s helplines at one time or another.
Although HMRC are moving to a ‘digital by default’ regime, sometimes there is the need to talk to a real person rather than trawl HMRC’s guidance or talk to an automated
chat facility or HMRC app.

It is useful to have an indication of the expected wait times, something that does exist on the PAYE Helpline (0300 200 3401) which can answer general queries about making payments.
The expected wait times are based on…