Archive for 2015

Thinking of Paying a Christmas Bonus?

Employees will pay tax and nic’s on bonuses, employers Nic will also be due. Why not give a seasonal gift such as a turkey, a bottle of wine, a box of chocolates?  HMRC regard these as a Trivial Benefit, which is not tax or nic’able. If the gift extends beyond one item, for example from a bottle or two to a case of wine, or from a turkey to a Christmas hamper, you will need to consider the contents and cost before being able to determine whether the benefit is trivial.

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New Class of Voluntary National Insurance, Class 3A

Class 3A gives pensioners the opportunity to top-up their pension it a way that protects it from inflation, and protects surviving partners. This will mostly benefit women and self-employed people who tend to have low Additional Pension entitlement. The opportunity to pay for extra additional state pension is only open for 18 months.  The maximum amount available will be £25 per week.

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HMRC Employer Email Alerts

If you run your own payroll, register to receive employer emails to prompt and direct your about Basic Paye Tools Updates, the Employer bulleting and other important information.  To register, go to www.hmrc.gov.uk/payerti/forms-updates/forms-publications/register.htm Obviously if we process your payroll you don’t need to worry about all these extra alerts, as we receive them, read them and action them automatically.

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New Advisory Fuel Rates from 1st June 2015

New Advisory fuel Rates from 1st June 2015 can be found here; https://www.gov.uk/government/publications/advisory-fuel-rates/advisory-fuel-rates-from-1-june-2015 Used to reimburse employees for business travel in their company cars, or when you require employees to repay the cost of fuel used for private travel.  If you do not exceed the AFR there is no taxable benefit and you do not have to report to HMRC.  Employers can reclaim vat on the ‘fuel element’ of the AFR.

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Why does the UK Tax Year start on 6th April?

New Years Day and the start of the Tax Year used to be on the 25th March.  But in 1582 Pope Gregory XIII ordered a change from the Julian 11-Month Calendar (named after Julius Caesar), to the Gregorian 12-Month Calendar (named after Pope Gregory), to align with the Solar Calendar (time taken for the earth to travel around the sun). Except the UK decided to ignore the Pope’s decree for some 170 years.  When they finally realised they would have to do it, they had to drop 11 days from the calendar.  So Sept 2nd 1972 was immediately followed by…

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