National Living Wage April 2016

From 1 April 2016 workers aged 25 and over will be legally entitled to a new minimum pay rate of £7.20 per hour, called the National Living Wage (NLW). As an employer you’ll need to check which staff are eligible for the new rates and update your payroll in time. Do you need help with this process or with running payroll for your staff? HMRC are running a number of free webinars to give you more information about the Living Wage (NLW). For more information see the HMRC living wage website here Bruton Young Bookkeeping can advice you on how to implement this and its impact on your bottom line profits, also how to minimise this impact. Contact us for more information. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to share on Skype (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

HMRC SA100 Self Assessment Payments on Account

I have been asked many times recently to explain to clients and friends how HMRC’s payments on account system works when submitting an SA100 Self Assessment Tax Return. It is probably best explained by way of an example – see below SA PoA If you would like an editable version of this file for your own use please use the contact us link and send us a message requesting the editable file. There is also more guidance from HMRC here   The assumption is that as time moves on your business will increase its profits. Once you have payable tax of more than £1,000 then you become liable to make payments on account. These equate to half of the previous years tax liability. So for example, if you have a tax liability for 2014-2015 of £2,000 you will need to make payments on account towards 2015-2016 of £2,000. These payments are made in two parts, half in January and half in July. Obviously these are then deducted from the bill next year and new payments on account are calculated. We are happy to explain these figures in more detail and personalise them to your own liabilities if necessary. Just contact us!   Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to share on Skype (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new...

Self Assessment Tax Return – what do I do?

Published by HMRC At HM Revenue and Customs (HMRC) we strive to make it as easy as possible for you to submit your Self Assessment tax return but we know that sometimes you’ll need our help. More than 85% of customers chose to submit their return online last year, with even more expected in 2016. You can do it at a time convenient to you – day or night – and there’s online support available too, including web chat and general queries answered on Twitter @HMRCcustomers. Here, we answer some of our customers more common queries: Do I need to fill in a tax return? Over ten million people in the UK need to complete a tax return. Find out if you’re one of them by taking our handy online test. HMRC will always notify you if we are expecting you to complete a tax return. Can you help me register for the Online Self Assessment Service? If you are a new online user, you will need to register first. Go to online.hmrc.gov.uk/registration and follow the instructions to enrol for online services. Please remember to make a note of the User ID that we allocate to you, as you will need that later in the process. You will then receive your activation code through the post. Please follow the instructions provided to activate your online account as soon as possible. Can you help me obtain a new user ID and/or password? If you’ve already registered but lost your log in details here are a few handy links to request new ones, without having to phone the helpline: User ID...

From broken kitchen appliances, hungry pets and arguments that last five years – some people will stop at nothing to pass the blame for their tardy timekeeping. 1. My tax papers were left in the shed and the rat ate them 2. I’m not a paperwork-orientated person – I always relied on my sister to complete my returns but we have now fallen out 3. My accountant has been ill 4. My dog ate my tax return 5. I will be abroad on deadline day with no internet access so will be unable to file 6. My laptop broke, so did my washing machine 7. My niece had moved in – she made the house so untidy I could not find my log-in details to complete my return online 8. My husband ran over my laptop 9. I had an argument with my wife and went to Italy for 5 years 10. I had a cold which took a long time to go The excuses were all used in unsuccessful appeals against HMRC penalties for late returns. While HMRC will not accept spurious excuses when the vast majority hit the deadline and pay up what they owe, we recognise that a number of taxpayers may have difficulties completing their tax return on time. For instance, those affected by flooding at their premises, or their agents’ premises, will not be asked to pay a penalty if their return is submitted without unreasonable delay. The department has also opened a Tax Helpline to give practical help and advice to people affected by severe weather and flooding – 0800 904 7900. Ruth...

HMRC Self Assessment deadline is fast approaching

If you’re self employed then you’ll know (or should know!) that 31st January is a significant date. It’s the day by which your self assessment return needs to be submitted and also your tax liability paid. If you haven’t tackled yours yet there are plenty of bookkeepers out there who can help you. Make contact now if you need your return done. Share this:Click to share on Twitter (Opens in new window)Click to share on Google+ (Opens in new window)Click to share on Skype (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to email this to a friend (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to print (Opens in new...

Tobacco crime gang sentenced

Five men have been sentenced for their role in trying to flood the UK with illicit cigarettes, tobacco and alcohol, worth hundreds of thousands of pounds in lost duty and taxes, and attempting to launder their criminal profits. Irvin Dunn, 56, who orchestrated the fraud from behind bars, and his brother Wayne Dunn, 57, from South Yorkshire, were today jailed for their involvement in the distribution and sale of the illicit goods between January 2013 and October 2013. Lee Pearson, 33, of South Yorkshire, was also sentenced for his part in the conspiracy while Vincent McGeough, 68, from County Armagh, Northern Ireland, and James Woods, 58, from Dundalk, in the Republic of Ireland, were sentenced for money laundering after the HM Revenue and Customs (HMRC) investigation. Stuart Taylor, Assistant Director, Fraud Investigation Service, HMRC, said: “These men all played a part in flooding the UK with illegal cigarettes, tobacco and alcohol solely to line their own pockets with money that should have been funding vital public services. “Irvin Dunn even pulled the strings while he was in prison using coded messages. But their fraud has been broken down and picked apart and now they are all paying the price. “The evasion of excise duty is a criminal offence. If you are caught you will not only have your goods seized but you may also face prosecution and, if convicted, a criminal record and potentially a prison sentence. Anyone with information about the illegal trade in smuggled cigarettes and tobacco should contact the Customs hotline on 0800 59 5000.” The full extent of the fraud began to unravel after HMRC...