Author: sdlkjf9887

HMRC issue incorrect penalities for 2009/10 PAYE

We have learnt the HMRC are once again issuing incorrect penalties for the late or non-filling of 2009/10 employer annual returns. Known errors include: penalties for PAYE schemes not setup by the client penalites for PAYE schemes closed down many years ago penalties for nil P35's filed using the HMRC online system If you have received a notice of penalty
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Family companies still under scrutiny by HM Revenue & Customs

Despite several high profile cases going against HM Revenue & Customs, the tax authority is continuing to pursue shareholders in family companies where there is perceived tax avoidance by income shifting.  Income shifting is the process of diverting income from one tax payer to another where the second taxpayer is subject to a lower rate
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National Insurance Holiday for new businesses

This three-year scheme will be available to a qualifying new business which is set up on or after 22 June 2010.  Unfortunately, the scheme only applies to businesses outside London, the South East and the East of England. The scheme will provide exemption from Class 1 employers national insurance contributions up to a maximum of £5,000 for each
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New guidance on domicile and IHT issued

HM Revenue & Customs have issued a Brief to agents in which they announce a change to a wider risk-based approach when deciding whether to investigate an individual's domicile and whether to make a determination of inheritance tax (IHT) based on that. In future, HMRC will consider opening an enquiry where domicile could be
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Is your SSAS up to date?

From April 2011 all SSAS are required to have adopted A-Day rules.  If you have small private schemes it might be worth speaking with the schemes administrators to ensure these changes have been made the scheme
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National Employement Savings Trusts (Nests)

The Government is implementing a compulsory pension scheme from 2012. From 2017 employers will need to contribute at least 3% of earnings.  Employees will contribute 4% and HM Revenue & Customs 1% as tax relief. Compliance will be regulated by the Pensions Regulator. More details of the NESTS will be posted
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Time to check that PAYE code!

The vast majority of the taxpaying public are employees who pay tax through the 'Pay as you earn' system administered by the employer. Because of this most employees have very little involvement with HM Revenue & Customs - trusting both HMRC and their employer to 'get it right'. But, this system is not perfect.
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Is a company car still a perk worth having?

Changes made to the taxation of company cars to fall in inline with the Government's green agenda mean that the once great perk of motoring at the cost of the employer is no longer the benefit it once was. To be given a company car is now the exception not the norm. If we
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When did you last check your state pension entitlement?

Most people are happy to assume that each year the deduction of tax and national insurance from earnings is helping to build up their entitlement to a state pension. However, it has been revealed that of the 50 million payroll returns received by the HM Revenue & Customs each year around 4% contain incomplete
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