A few weeks ago we alerted you to the fact that penalties for late filing of RTI submissions were due to start for the smallest employers from 6th October 2014… well, no sooner had the ink dried on my proverbial keyboard, then HMRC did an about-face. Yet another extension until the penalty regime starts – this time 6th March 2015!
We are almost 18 months into the RTI filing regime for payroll schemes and it now seems certain that HMRC are going to press ahead with the introduction of their late filing penalty regime from 6th October 2014.
A NISA? What’s that, do I hear you ask? It was one of the main headlines in March’s Budget and it comes into effect on 1st July, but I’m not sure there is much awareness of it out there. I certainly haven’t seen the wave of promotion that I was expecting in the Media. So let me explain…
Where an employer provides a loan to an employee or director, and that employee / director does not pay the official HMRC rate of interest on the loan (4% for 13/14, reducing to 3.25% for 14/15), the loan is considered a beneficial loan.
The final period exemption used to allow people 3 years to sell a previous only or main residence after moving out without losing the private residence relief. This has just changed.
A really significant change to Statutory Sick Pay (SSP) from this month seems to have largely slipped under the radar of both accounting professionals and employers likewise. And it’s going to potentially have a massive impact on small employers, so why was this not properly communicated by HMRC in the way that the Employment Allowance has been? A classic case of burying bad news perhaps??
As usual, the annual Budget was as much about theatre as about the serious economics of the nation. And as usual, we sat down with our lunch and our notepads and scribbled down everything that might be of interest to the small business community we serve.
We have compiled our usual digest of the budget highlights, distributed free to all our active clients. If you would like to receive a copy, please email us with your details at email@example.com and we’ll gladly send you a copy!
The new tax year always brings a host of changes to tax rates and allowances, and one of the questions we get most is about the changes to the company car and van benefits, so here’s a quick update for the tax year about to start 2014-2015… By the way, this car is my son’s dream car (Probably everything to do with Top Gear but perhaps not a great choice for practicality or tax!)
I hate to leave things to the last minute, so was very pleased when I was able to file the final tax returns of this season 3 days before the deadline! It’s so important to file those returns on time as there are severe penalties for filing late, even if you have no tax to pay.
However, to lighten the mood, I came across the following list of most unlikely excuses for filing late, provided by our dear friends at HMRC. They do have a sense of humour after all! So, to show that tax is not all dull and boring, I thought I’d share this with you! (And I particularly like #10!)