HMRC suspended BRCs in February this year (introduced for the first time in 2011) mainly after criticism from accountants about differences in opinion over record keeping. Eight months later, BRCs are to be relaunched, and the HMRC claim these are improved and more focussed than before. Targeting The HMRC claim better targeting, with letters being…
Following on from the first article on the National Employment Savings Trust (NEST) Part 1 we look at some of the issues that employers and employees may face under the new regime. Some controversy surrounds plans to levy a two percent charge on contributions in the first year for each employee, to pay for the…
Workplace Pension Schemes have been around for many years but they are attracting more attention now because of the gradual introduction of NEST (The National Employment Savings Trust) over the next few years. The vast majority of schemes fall into two categories, ‘defined contribution’ where the benefits at retirement depend on how much is invested,…
Any adult aged between 18-70 qualifies and can be picked at random from the electoral roll –unless they have a very strong reason not to attend they will be required to do so. They can be absent from work anywhere up to 10 days – longer for serious cases so talk about this possibility before…
In early 2012 the government announced the news that from April 2013 unincorporated businesses with a turnover of less than £77,000 (potentially growing to £150,000) will have the option for using cash-basis accounting for income tax purposes. While this may not be suitable to all small businesses, it will undoubtedly enable financial statements and tax…
We would like to draw your attention to new guidelines issued by HMRC in relation to IR35. If you should be at all concerned that this may affect you it may be worth while to take a few moments to read the document which can be found on the following link:- http://www.hmrc.gov.uk/ir35/guidance.pdf
It has come to our attention that HMRC may be sending out self assessment requests to people who have been paid out compensation on the mis-selling of Payment Protection Insurance. Obviously the numbers involved are huge but if you should receive such a letter please contact us for advice. Burton Bandini Ltd, 30A High St,…
What is RTI? Real Time Information, or RTI, is a new system that’s being introduced by HMRC to improve the operation of Pay as You Earn (PAYE). PAYE information will be collected more regularly and more efficiently when employers submit their regular payroll submissions. We are shortly going to be writing out to payroll…