http://beaumont-seymour.co.uk/news_room Clients at Beaumont Seymour can relax in the knowledge that we are always anticipating and reacting to change. en Mark@thekaboomstudios.com Copyright 2012 2012-05-08T07:38:12+00:00 http://beaumont-seymour.co.uk/news_room/article/employer_end_of_year_forms/ http://beaumont-seymour.co.uk/news_room/article/employer_end_of_year_forms/#When:07:38:12Z HMRC are reminding employers that in order to avoid penalties they must file the Employer Annual Return (P35 and P14s) online and on time. The vast majority of employers must file electronically and the deadline for submission of the forms is 19 May 2012, which this year falls on a Saturday.  Where employers do not file their annual return by 19 May they incur a penalty of £100 per 50 (or fewer) employees for every month (or part month) that their return is late. HMRC have been criticised for failing to make employers aware that they were incurring penalties on a timely basis. In a change to procedure HMRC will now issue employers, who they believe have yet to make a return, with an ‘Employer Annual Return Reminder’ from the end of April. From the end of May HMRC will issue ‘P35 Interim Penalty Letters’ to relevant employers. If you are unsure whether you need to complete a return this year please do get in touch. default 2012-05-08T07:38:12+00:00 http://beaumont-seymour.co.uk/news_room/article/p11d_deadline_looming2/ http://beaumont-seymour.co.uk/news_room/article/p11d_deadline_looming2/#When:07:35:25Z The forms P11D, and where appropriate P9D, which report employees and directors benefits and expenses for the year ended 5 April 2012, are due for submission to HMRC by 6 July 2012. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute. Employees pay tax on benefits provided as shown on the P11D, either via a PAYE coding notice adjustment or through the self assessment system. In addition, the employer has to pay Class 1A National Insurance Contributions at 13.8% on the provision of most benefits. The calculation of this liability is detailed on the P11D(b) form. HMRC have issued some guidance as to common errors on the forms in the latest Employer Bulletin. These include the following:   -  Not ticking the director box if the employee is a director   -  Not including a description or abbreviation where amounts are included in box A, B, L, M or N of the form   -  Leaving the cash equivalent box empty   -  Failing to report the full gross value of the benefit where it is provided for mixed business and private use   -  Not reporting a fuel benefit where one is due. Correct completion of forms P11D can be a complex issue. If you would like any help with the forms P11D or the calculation of the associated Class 1A National Insurance liability please get in touch. default 2012-05-04T07:35:25+00:00 http://beaumont-seymour.co.uk/news_room/article/charitable_giving_-_cap_on_tax_relief/ http://beaumont-seymour.co.uk/news_room/article/charitable_giving_-_cap_on_tax_relief/#When:07:40:40Z The government is proposing to restrict tax reliefs available to individuals such as charitable giving.Currently individuals can offset their entire income against income tax reliefs, and as a result may pay no income tax at all. It was announced in the Budget 2012 that from 6 April 2013 there will be limits to the amount of income tax relief individuals can claim. This cap will apply only to reliefs which are currently unlimited. This cap will be set at 25% of income (or £50,000, whichever is greater). HMRC propose to issue a consultation document on the detail of the policy, including the implications for philanthropic giving, in the summer. We will keep you informed of developments. default 2012-04-27T07:40:40+00:00 http://beaumont-seymour.co.uk/news_room/article/self_assessment_deadline_fast_approaching/ http://beaumont-seymour.co.uk/news_room/article/self_assessment_deadline_fast_approaching/#When:09:48:56Z HMRC are reminding taxpayers that the deadline for filing self assessment tax returns is fast approaching. According to their website: ‘You must send your online tax return by midnight on Tuesday 31 January 2012. The deadline is only later than this if you received your tax return, or the letter telling you to complete a tax return, after 31 October 2011. In this case you’ll have three months from the date you received that letter. If your online tax return is late, you’ll have to pay a penalty. This applies even if you have no tax to pay or if you pay all the tax you owe on time.’ The following illustrates that missing the deadline and failing to submit the return online may result in significant penalties. ‘What happens if you miss the deadline? If you miss the 31 January deadline for online tax returns, you will have to pay a penalty. The penalty is £100. You’ll still have to pay this even if   -  your return is just a day late   -  you have no tax to pay   -  you pay all the tax you owe before 31 January 2012. The longer you delay, the more you’ll have to pay. If your tax return is three months late, you’ll have to pay a penalty for each additional day it is late. If it’s six months late, you’ll have to pay a further penalty and another final penalty if it’s 12 months late. Together these could add up to a penalty of £1,600 or more. Don’t send a paper tax return now - the deadline was 31 October 2011. You’ll have to pay a £100 penalty straight away if you do and the daily penalties above will start even earlier. Send it online instead.’ If you require any help with your tax return please do get in touch. default 2012-01-04T09:48:56+00:00 http://beaumont-seymour.co.uk/news_room/article/hmrc_to_accept_faster_payments/ http://beaumont-seymour.co.uk/news_room/article/hmrc_to_accept_faster_payments/#When:09:51:39Z HMRC have announced that they will now accept payments made using the Faster Payments Service. This will allow taxpayers to make faster electronic payments, typically via internet or telephone banking, enabling them to be processed on the same or next day. HMRC advise that if you want make payments using this method you should contact your bank or building society to confirm the following:   -  the services available to you   -  whether there are any single transaction or daily limits on the amount you can pay   -  their latest cut off times for making a payment. They are also stressing that when making a payment to HMRC it is important to ensure that you are using the correct bank account details and reference number. default 2011-12-30T09:51:39+00:00 http://beaumont-seymour.co.uk/news_room/article/pensions_auto_enrolment/ http://beaumont-seymour.co.uk/news_room/article/pensions_auto_enrolment/#When:09:37:25Z The Government has confirmed that pensions auto enrolment will commence in Autumn 2012 and all employers will remain within the scope of the rules.However small businesses, those with less than 50 employees, will be given additional time to prepare for the implementation. The government have confirmed that no small employers are affected by the reforms before the end of this Parliament. Minister for Pensions Steve Webb said: ‘Our society and economy needs to be based on a foundation of saving, not debt. Automatic enrolment will help millions save, and to not act will leave people poorer in retirement. That is why I am confirming today that automatic enrolment will start on time and all employers will be part of it. We recognise that small businesses are operating in tough economic times so we are softening the timetable for implementation to give them some additional breathing space. This is a sensible step that ensures long term pension issues are addressed while meeting the short and medium term needs of small business. We are committed to ensuring the employees of these small businesses get the chance to save and that is why no one will miss out. Under the revised timeline, small business would begin automatically enrolling their staff in May 2015, instead of the current timing of April 2014. Half of all workers will still be automatically enrolled before the end of this Parliament.’ It is expected that further details will be announced in January 2012 and we will keep you informed of developments. default 2011-12-30T09:37:25+00:00 http://beaumont-seymour.co.uk/news_room/article/capital_allowances_in_enterprise_zones/ http://beaumont-seymour.co.uk/news_room/article/capital_allowances_in_enterprise_zones/#When:09:43:42Z Following the Autumn Statement at the end of November 2011, more information is now available in respect of the proposal to give 100% first year allowances on plant and machinery expenditure for use in some Enterprise Zone areas.  -  The relief will only be available to trading companies.   -  The plant must be new and represent an investment not a replacement of existing plant.   -  The plant must be used primarily in designated assisted areas within Enterprise Zones.   -  The allowance will apply for purchases made from 1 April 2012 up to 31 March 2017.   -  Some businesses and some types of expenditure are specifically excluded from the provisions. default 2011-12-08T09:43:42+00:00 http://beaumont-seymour.co.uk/news_room/article/hmrc_update_advice_on_delayed_statements/ http://beaumont-seymour.co.uk/news_room/article/hmrc_update_advice_on_delayed_statements/#When:14:50:58Z HMRC have updated their guidance to those taxpayers who did not receive their Self Assessment statements on time. HMRC have had more Self Assessment statements than usual to issue this year. Normally these are all issued in July, but this year some are being issued in August. However, many taxpayers wait for the statement to confirm what they need to pay. More importantly, if HMRC have asked taxpayers to make a second payment on account in July, they normally have to pay this by 31 July. However, due to the delays in issuing some statements HMRC have advised: ‘You don’t need to worry about this. If HMRC have asked you to make a second payment on account, you normally should have paid this by 31 July.’ ‘You usually have to pay interest if you don’t pay on time. If you receive your statement in August, you should still pay the tax due as soon as you can. However you’ll only be asked to pay interest on the tax due on the second payment on account if you still haven’t paid it by 27 September.’ HMRC are also reminding taxpayers that if they use their online service, they can check their statement online. If you have any concerns regarding payment please do get in touch. default 2011-08-30T14:50:58+00:00 http://beaumont-seymour.co.uk/news_room/article/pension_online_interactive_tools/ http://beaumont-seymour.co.uk/news_room/article/pension_online_interactive_tools/#When:14:45:44Z The Pensions Regulator has launched an online tool designed to help smaller businesses get to grips with their employer duties under the new laws, which start in 2012. The tools cover issues such as:   -  Find out your staging date (this is the date from which these rules will apply to your business)   -  Your employer duties   -  How to automatically enrol your staff   -  Your minimum employer contributions default 2011-08-30T14:45:44+00:00 http://beaumont-seymour.co.uk/news_room/article/closure_of_hmrcs_old_bank_accounts/ http://beaumont-seymour.co.uk/news_room/article/closure_of_hmrcs_old_bank_accounts/#When:14:47:11Z Business Link is reminding businesses that HMRC Bank of England accounts closed with effect from 9 August 2011. They are also warning that where businesses use these account details the payments will no longer be accepted. This may result in interest charges if the payment is not received by HMRC by the agreed payment date. Businesses should use the correct HMRC bank account details, to make electronic payments by BACS Direct Credit, internet/telephone banking or CHAPS. Where paying HMRC by Bank Giro please ensure that the payslip shows the correct NatWest account details. Payslips containing HMRC’s old Bank of England account details should no longer be used as the payment will be rejected. default 2011-08-08T14:47:11+00:00