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HMRC calculation errors

It has been confirmed that, in six specific scenarios, HM Revenue & Customs have made errors within the 2016/17 tax calculations for individuals. The problem occurs in the main with the interaction of the Personal Allowance and the new nil rate bands for savings income and dividends. Whilst we are aware of theses issues, and our own software (or Staffour staff) can in most cases calculate the correct amounts of tax due, we are unable to submit those Returns online as they will be rejected by the HMRC Revenue & Customs portal. Unti...

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Amendment to off payroll working in the public sector rules

From 6 April 2017, new tax rules were introduced which potentially affect individuals who provide their personal services via their own companies (PSCs) to an organisation which has been classified as a 'public authority'. Amendments have now been made to the definition of a public authority. Where these rules apply: · the The public authority (or an agency paying the PSC) calculates a 'deemed payment' based on the fees the PSC has charged for the services of the individual ..

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Automatic enrolment: Minimum contribution levels due to increase in April 2018 and April 2019

By law, on 6 April 2018, all employers are required to increase their contributions into their staff's automatic enrolment pension to at least of 2%. Staff contributions will also increase so that their contributions make up the shortfall needed to bring the total minimum contribution up to 5%. Contribution levels will rise again on 6 April 2019, with the employer paying a minimum of 3% towards the pension, and the total minimum contribution reaching 8% – with staff making up the 5% difference. The table below shows the minimum...

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Person with significant control

So what changed on 26th June? Companies House have has introduced new Persons of Significant Control forms. Prior to 26th June you would notify Companies House of any changes to PSC details via the Confirmation Statement. From the 26th June you must now notify Companies House via the appropriate PSC form and the Confirmation Statement will no longer be used for this purpose. The Confirmations Statement should now only be filed to notify Companies House that all the information on the public record is up-to-date, very much like...

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Minimum wage rises

Employers need to ensure they are paying their employees at least the appropriate National Minimum Wage (NMW) or National Living Wage (NLW) rate. The rates increased from 1 April 2017. From 1 October 2016 From 1 April 2017 NLW rate for workers aged 25 and over £7.20* £7.50 the main rate for workers aged 21-24 £6.95 £7.05 the 18-20 rate...

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Tax-free childcare and childcare options

Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, launched at the end of April and is being rolled out to parents, starting with those parents with the youngest children first. For every £8 a parent pays in, the government will pay in an extra £2. Parents can receive up to £2,000 per child, per year, towards their childcare costs making a total amount of £10,000. Higher limits of £4,000 and £20,000 apply for disabled children. To qualify for Tax-Free Child...

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