Functionality to allow employers to set up a recurring direct debit to pay PAYE and national insurance liabilities will launch early in October. HMRC have announced that a variable payment plan for PAYE and NIC liabilities will be available. The existing system allows only a single payment to be made by direct debit.
Continue readingTag Archives: HMRC
MTD VAT Final Call
From 1 November 2022 businesses and agents will only be able to file VAT returns using MTD compatible software – HMRC’s online VAT return will close. The online VAT return will only remain available to those with a digital exclusion exemption. MTD VAT is just around the corner, this is the final call
Continue readingHMRC’s new creditor status – how will it affect you?
From 1st December, under the Finance Act 2020, HMRC will regain its status as a ‘preferential creditor’ meaning it will be repaid certain outstanding taxes, including Employees’ PAYE and National Insurance Contributions, VAT and CIS, ahead of lenders’ floating charges and suppliers if a business becomes insolvent.
Continue readingYear End Tax Tips for Businesses 2019/2020
As the end of the tax year approaches, it’s a great time to consider if there are any opportunities to benefit from tax relief. Here are HB’s top tax tips for businesses for the year end – if you want to know more, give the tax team at HB Accountant a call.
Continue readingDisguised remuneration – loan charge review
The Chancellor, Sajid Javid has commissioned a review of the Disguised Remuneration Loan Charge. Led by Sir Amyas Morse, who is the former Chief Executive and Comptroller and Auditor General of the National Audit Office the review will report back to the Government by mid-November with recommendations, focusing on the impact of the new charge on those affected.
Tax compliance as HMRC systems get smarter
The Government recognises that the majority of UK taxpayers, individuals and businesses, pay their fair share towards the provision of public services. Where taxpayers try to hide their obligations, HMRC now has a more comprehensive view of finances and is committed to dealing with any non-compliance. So, what information does HMRC know about you and your business?
Tackle Cybersecurity for Payroll Records
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It’s safe to say that payday is the time of the month that employees look forward to. But there are hidden processes and vital security measures that are necessary to make this coveted day run smoothly. Using an outsourced partner like HB Accountants for your payroll can help you to streamline your payroll and cut the risk of a cyber breach. So, what’s at stake?
How to Find Help with Payroll
There’s a good deal to think about when running payroll. But the overriding concern is that your payroll must be right, as employees need to be paid correctly and on time. As an employer you are responsible for managing payments, reporting on pay, and paying HMRC, not to mention handling workplace pension contributions, administering childcare vouchers and managing salary sacrifice schemes too. Many companies seek outside help in order to handle their payroll effectively.
