Author Archives: alison

Website News – July 2014

  1. Improvements to CIS repayments

Finally HMRC are aiming to improve the time taken to repay CIS deductions for companies!  They will aim to process a company CIS repayment claim received within 25 working days. See http://www.hmrc.gov.uk/news/imp-to-CIS-repay.htm for more info.

  1. Tax Credit Renewals

If you need to renew your tax credits remember you must do so by 31st July.

  1. Auto-Enrolment, are you prepared?  9th July 2014

If you need more information regarding Auto-Enrolment please contact us.  However, it’s worth thinking about:

  1. Staging dates – need to know the Auto-Enrolment staging date for your business?  Please go to: http://www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx and enter your employer’s PAYE reference number to find out.
  2. Using the pension regulator’s online planning tool, as you get nearer to your staging date.
  3. Sign up for regular updates via the “News by Email” service at http://forms.thepensionsregulator.gov.uk/subscribe.aspx
  4. Finding a pension company to provide your company’s pension.
  1. Employer’s NI  allowance – 9Th July 2014

The Employment allowance is up to £2,000 off an employer’s National Insurance Contributions.  If you haven’t claimed it yet it’s not too late, do it now!  This can simply be done by ticking the yes/no indicator on your payroll.

To find out if you’re company or charity is eligible, or for more information see HMRC’s website at: https://www.gov.uk/employment-allowance-up-to-2000-off-your-class-1-nics

  1. Share your tax code! – 9th July 2014

From the tax year 2015/16 onwards, you will be able to transfer some your personal allowance with your spouse or civil partner.  It’s an amount of £1,050 for the 2015/16 tax year, and 10% of your PA from then on.  Neither party can be a higher or additional rate tax payer.  More info to follow from HMRC later in the year……

  1. European VAT for companies selling e-business – 9th July 2014

From January 2015 the place of supply for business selling e-services to retail customers in the EU will no longer be deemed to be the UK, but the country into which the service is sold!  This means the VAT you will charge on each sale will be the rate held by the European Country.  VAT reporting will also need to be produced separately to your UK Vat return.  A real headache for these types of businesses.  Please see VAT Notice 741A for more information.

  1. Did you know? – 9th July 2014
    1. Only 1% of tax payers pay the additional rate of tax (45% for earnings over £150,000), but they still contribute 29% of all income tax collected.
    2. Nearly 82% of tax payers pay no more than the basic rate of tax, but they contribute almost the same amount at 33.2% of income tax collected.