Hi! If you're new here, you might want to register for free email updates. Just use the form at the top of the sidebar. Thanks for visiting The Payroll Blog!
Interest is charged by HMRC when income tax and NICs are paid late, and credited when they are overpaid. New interest rates have been announced and take effect from 6 November 2008.
Continue reading
Posted November 3rd, 2008 | No Comments »
The Finance Act 2008 and Regulations made under that Act introduce new requirements for promoters of tax avoidance schemes from 1 November 2008. HMRC has updated the booklet Disclosure of Tax Avoidance Schemes to include the changes. The legislation applies to any arrangement that will, or is expected to, provide the user with a tax advantage when compared with adopting a different course of action. It includes schemes that seek to take advantage of the law relating to PAYE income tax, the taxation of benefits-in-kind and expenses, and National Insurance contributions.
Continue reading
Posted November 3rd, 2008 | No Comments »
HMRC gives out information periodically about email scams that are reported by employers and individual taxpayers. Recent emails have been offering tax rebates. HMRC does not notify taxpayers of tax rebates via email or invite them to complete an online form to receive a rebate.
Continue reading
Posted September 21st, 2008 | No Comments »
Over eight years ago, in April 2000, the government introduced the “IR35” rules, provisions aimed at preventing tax avoidance by means of “intermediary” personal service companies, set up by individuals to minimise employment tax and NICs liabilities.
Continue reading
Posted August 11th, 2008 | No Comments »
In June 2008, HRMC announced that “the biggest change to PAYE for over 20 years” would take place in October 2008. This was not a reference to the introduction of online filing of in-year forms, nor to revolutionary new PAYE procedures. Rather, it described the start of the process of merging all employee records onto a single database, providing HMRC staff with access to all employees’ pay, tax, NICs and pension information in one place. The migration was to have created service restrictions during October 2008.
Continue reading
Posted July 28th, 2008 | No Comments »
During 2008, HMRC is merging all employee records onto a single database. This will provide HMRC staff with easier access to all employees’ pay, tax, NICs and pension information in one place. HMRC describes this as “the biggest change to PAYE for over 20 years”.
Continue reading
Posted July 7th, 2008 | No Comments »
HMRC has advised that there is an error in the instructions given for P46 filing using the PAYE Online Return and Forms service.
Continue reading
Posted July 7th, 2008 | No Comments »
There are a number of different structures governing the interest that HMRC charges on late payments of tax and pays out on overpayments, the framework and legislation for which were inherited from the Inland Revenue and HM Customs and Excise. As many taxpayers, particularly businesses, interact with HMRC across a range of taxes, HMRC is concerned that the differences are viewed as adding unnecessary complexity and burdens to the tax system.
Continue reading
Posted June 30th, 2008 | No Comments »
There are a number of different penalty structures across the taxes and duties administered by HMRC, the framework and legislation for which were inherited from the Inland Revenue and HM Customs and Excise. As many taxpayers, particularly businesses, interact with HMRC across a range of taxes, HMRC is concerned that the differences are viewed as adding unnecessary complexity and burdens to the tax system.
Continue reading
Posted June 30th, 2008 | No Comments »
