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Employers PAYE Penalties 03/09/2014
New in-year penalties for late payment of PAYE and late filing of RTI returns were scheduled to be introduced from this April 2014. However, having listened to customer feedback, HMRC decided to stagger the start of these penalties to allow more time to adapt to reporting in real time.

Under the new extended timetable, employers who are late sending their submissions have until 5 October 2014 to bring themselves fully up to date with their RTI returns.  Employers who are late with their in year PAYE payments won’t be charged automatic late-payment penalties until April 2015.  Act now to avoid financial penalties!

Budget Update - 20/03/2014
George Osbourne presented his latest Budget statement on 19 March 2014 which included some important points for businesses and individuals.

The personal tax allowance which rises to £10,000 in April 2014 will rise again to £10,500 in April 2015. Corporation tax rates stay at 20% for companies with profits under £300,000.  Larger companies will have a drop in Corporation tax to 21% in April 2014 and another drop the following year to 20%.

Businesses investing in new equipment can benefit from greater tax savings with an increase in Annual Investment Allowances from £25,000 to £500,000 until 2015.

Businesses employing young workers will no longer be required to pay Class 1 National Insurance for staff under 21.  This is in addition to the Employment Allowance of £2,000 per year towards employer NI bills.

Tax free savings are given a boost with the announcement that from 1 July 2014 there will be a New ISA (NISA) product with a limit of £15,000 which can be saved in any combination of cash and shares.  From January 2015 there will also be new Bonds for people aged 65 or over with interest rates higher than those typically available in the market.

Take advice so you can make the most of these budget changes in the coming year.

Save Money On National Insurance – 06/03/2014
From the 6th April 2014 employers could benefit from the new Employment Allowance. This could help reduce employer’s Class 1 National Insurance Contributions by up to £2,000 each year. This allowance can be claimed as part of your 2014-2015 payroll service.

Late Filing Penalties 28/02/2014
HM Revenue & Customs have started to post out the initial fines to those people who have not submitted their self assessment tax return on time.  The returns had to be filed online by 31 January and submitting it after that will mean that you are now being charged a £100 penalty now.  There are a few instances in which it may still be worth appealing against this penalty but it is critical that your tax return is submitted now.  The fines continue to build up with up to £900 being charged for tax returns that are still not filed by the end of April!

Small Business Rates Relief – 27/02/2014
There is good news for businesses occupying one site with rateable value under £6,000 as the rates relief has been doubled to 100% until 31 March 2015.  You can even qualify for help if you do have a second site if the rateable value is low.  Speak to your local council to see if you qualify and start saving money now.

Tax Credits – 26/02/2014
Many small business owners do not realise that they can qualify for Working Tax Credits or Family Tax Credits depending on the profits of their business.  It is always a good idea to discuss the likelihood of a successful application with your accountant.  We offer help with applications and renewals which often mean extra income for small business owners.

PAYE RTI Penalties – 26/02/2014
Due to ongoing issues with the RTI system, HM Revenue & Customs has decided to delay imposing penalties for late filing.  As long as employers get themselves up to date with filing by 5 October 2014 they will not be charged late filing penalties.    

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