If you have not made arrangements to settle your outstanding self-assessment tax, which was due for payment on 31 January 2015, penalties could be levied by HMRC. In order to avoid a 5% surcharge being levied on your balancing payment for 2013/14, payment will need to be made no later than 2 March 2015. HMRC is taking a very stringent approach with taxpayers with little clemency for late payment. The easiest method to settle the outstanding tax is via…Read More
Please find below all the articles from February 2015.
There has been some panic whipped up in the media about employers having to pay vast amounts of back-dated holiday pay to employees who regularly get paid for overtime.
In general holiday pay is calculated according to an employee’s “normal pay”, which for years has been judged not to include overtime payments. However, in a recent Employment Tribunal (Fulton v Bear Scotland  UKEATS/0047/13), the judge decided that both guaranteed and non-guaranteed overtime should…Read More
HMRC are currently writing to around 7,500 furniture retailers and car repair businesses asking the owners to check the figures reported on their VAT returns. If you receive one of those letters, don’t panic. HMRC do not believe your VAT return is wrong, they are just asking you to double check your sales and purchase figures.
The HMRC letter asks you to work out your VAT mark-up ratio by comparing the difference between your sales and purchases (i.e. gross profit),…Read More
It is such a pain when a key employee is off sick. You are required to pay that person statutory sick pay (SSP) once he or she has been absent from work for four days. To add insult to injury you can’t reclaim any of the SSP paid since 6 April 2014. Payments of SSP made for periods before 6 April 2014 can be reclaimed from HMRC where the SSP exceeds 13% of the class 1 NI paid to HMRC for the month.
Real time information (RTI) was supposed to make the reporting of PAYE easier for employers, but it has introduced more filing deadlines, and new penalties for missing those deadlines.
Every employer must now send a full payment submission (FPS) report every time they pay employees, on or before the payment date. There is some relaxation for certain employers who have fewer than ten employees.
If no payment has been made to employees in the tax month…Read More