The government’s Bank Referral Scheme was launched in November 2016. The scheme, created by the Small Business, Enterprise and Employment Act 2015, is designed to help improve SME access to finance and competition in the SME lending market.
The bank
HMRC has advised that it has changed its approach to charging financial penalties when enforcing the National Minimum Wage (NMW) where there has been a transfer of employees from one employer to another under the Transfer of Undertakings (Protection
There are late filing penalties in place for employers that don’t report payroll information on time. The size of the late filing penalties depends on the number of employees within the PAYE scheme.
Number of employees
Monthly filing
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of
The Office of Tax Simplification (OTS) has updated its papers on the possibility of launching a Sole Enterprise Protected Assets (SEPA) business model for sole traders.
SEPA status would allow sole traders to retain the simplicity of sole trader
There are special rules involving bicycles usually referred to as ‘Cycle to Work’ arrangements. The Cycle to Work scheme was introduced in 1999 to help promote the use of healthy ways to commute to work.
The scheme allows employers to provide
1 September 2018 – Due date for Corporation Tax due for the year ended 30 November 2017.
19 September 2018 – PAYE and NIC deductions due for month ended 5 September 2018. (If you pay your tax electronically the due date is 22 September 2018)
19
HMRC defines a director’s loan as money taken from your company (by you or other close family members) that isn’t:
a salary, dividend or expense repayment and
money you’ve previously paid into or loaned the company
An overdrawn director’s loan
Overpayment relief was introduced from 1 April 2010 and replaced error or mistake relief for Income Tax, Capital Gains Tax (CGT) and Corporation Tax. Overpayment relief allows taxpayers to recover overpaid Income Tax, CGT, Class 4 NIC, Corporation
The Lifetime ISA has been designed to help those aged between 18 and 40 to save for a new home or for their retirement. Under the scheme, the government provides a 25% bonus on yearly savings of up to £4,000, and once you start saving before you are
A new Revenue and Customs Brief 7/18 has been published by HMRC concerning their policy on the VAT accounting treatment of promotions, where payments are said to be made by motor dealers to finance companies on behalf of the end customer. These are
P9 tax code notices are used to notify employers of the tax codes to use when calculationg PAYE due from employees’ wages and salaries. In a service availability update published on 17 July 2018, HMRC has confirmed that they are aware of an issue
