Share     Fri 18 May 2012

HMRC Alert

RTI moves a step closer

  The first 10 employers have marked the start of the Real-Time Information (RTI) pilot by submitting their data to HM Revenue & Customs (HMRC).   David Gauke, Exchequer Secretary, has reiterated that the launch proves RTI is on track and that HMRC is “committed to a...

P35 penalty process

The delay in sending out P35 penalty notices has been addressed by HM Revenue & Customs (HMRC).   The process of informing employers that their returns are late has been revised. It had emerged that some employers were not being alerted to the penalties until September – four...

RTI laid in Parliament

Regulations implementing Real-Time Information (RTI) have been laid before Parliament.   HM Revenue & Customs (HMRC) has announced that rules relating to Income Tax (Pay As You Earn) Regulations, Social Security (Contributions) Regulations and Income Tax (Construction Industry Scheme...

Review of PAYE penalties for RTI

A consultation on late payment of Pay As You Earn (PAYE) and late filing penalties is to take place ahead of the main roll-out of Real-Time Information (RTI).   As part of the Budget 2012, it has been announced that the Government intends to investigate a new model for facilitating...

Robin Hood Budget from Chancellor

  Tax reforms, support for growth and reward for work formed the centre of George Osborne’s 2012 Budget.   The Chancellor of the Exchequer has announced a continuation of his deficit reduction programme, by taking from the rich and giving to the poor in what has been dubbed...

RTI planning is dangerously late, says KPMG

  Employers are leaving the planning for Real-Time Information (RTI) “dangerously late”, according to KPMG.   Research by the firm has highlighted that two-thirds of companies have not started to prepare for the implementation of RTI, while 18 per cent said that they...

Securities for HMRC

Businesses that are at serious risk of defaulting on Pay As You Earn and National Insurance payments will have to provide a security.   From April, HM Revenue & Customs (HMRC) will be tackling employers that dodge paying monies owed after deducting them from workers’ wages....

Leavers statements are axed in favour of P45

Plans to abolish the P45 have been shelved after an HM Revenue & Customs (HMRC) consultation.   As part of Real-Time Information it had been proposed that the P45 be replaced with a “leavers statement”, which would essentially be the last payslip. However, employers...

Governance changes for tax settlements

  Large-scale tax disputes will face new governance rules from HM Revenue & Customs (HMRC) as it seeks greater transparency over tax deals.   Following a damning report from the Public Accounts Committee (PAC), which accused HMRC of being “too cosy” with corporates...

HMRC to demand securities

  HM Revenue & Customs (HMRC) has been given powers to tackle employers that try to avoid paying Pay As You Earn (PAYE) or National Insurance contributions (NICs).   From April 2012 HMRC will be able to insist on a security where there is a serious risk of default. This can be...

HMRC U-turn over P45

  HM Revenue & Customs (HMRC) has decided that instead of introducing a “leaver’s statement” the P45 will remain in place.   As part of Real-Time Information (RTI) HMRC had proposed that a leaver’s statement should replace the P45. However, the plan was...

Calls for tax deductions “at the source”

  The boss of the Student Loans Company (SLC) will have his Tax and National Insurance deducted "at the source” said Danny Alexander, Chief Secretary to the Treasury, after to emerged that he was being paid via a private service company.   A case involving the Chief...

HMRC “lacks judgment”

HM Revenue & Customs (HMRC) has shown “an incredible lack of judgment” after deciding to appeal a First-tier tax Tribunal decision over the issuing of penalties.   In HOK v Revenue & Customs a £500 penalty was issued for a late end-of-year P35 return. The...

Plans to scrap 50p rate are abandoned

  Plans to abolish the 50p Income Tax rate have been ditched as the result of mounting political pressure, reports have revealed.   The Prime Minister and Chancellor have decided that the additional rate will not be scrapped until at least 2015. They concluded that it would be...

Hartnett to retire after Goldman Sachs turmoil

  Dave Hartnett, Permanent Secretary at HM Revenue & Customs (HMRC), has announced he is to retire by the end of the summer after his infamous deal with Goldman Sachs. The 60-year-old made the headlines in October 2011 after it emerged that he made a deal with the bank which saved...
 

 

 

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