It may be holiday season but we can’t take a break from our financial responsibilities. Halliday’s August newswire includes PAYE – late filing penalties; Job market statistics; Tax free childcare in 2017; and how you may be able to spread the cost of your tax liabilities.
PAYE late filing penalties
HMRC have now issued the first in-year penalties notices to employers with fewer than 50 employees who missed the deadline for sending PAYE information to HMRC.
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Latest job market statistics
The Office for National Statistics (ONS) has released figures showing that the UK employment rate has dropped by 67,000.
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Tax-Free Childcare to launch in 2017 following court ruling
The government has welcomed a judgment from the Supreme Court that found the proposals for delivering Tax-Free Childcare to be lawful.
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Time to Pay Arrangements – Mandatory Direct Debit
Where a taxpayer has difficulty paying their tax liabilities HMRC may agree ‘time to pay arrangements’ whereby the taxpayer agrees to pay off the amount owing by instalments after the due date.
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National minimum wage campaign targets hair and beauty sector
HMRC are targeting employers in the hairdressing and beauty sectors who pay their staff below the national minimum wage.
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Alcohol Wholesaler Registration Scheme
The Alcohol Wholesaler Registration Scheme (AWRS) is being introduced on 1 October 2015 by HMRC to tackle alcohol fraud.
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Farmers Averaging of Profits
It was announced in the March 2015 Budget that the government plans to extend the period over which self-employed farmers can average their profits for income tax purposes from two years to five years.
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Contact Hallidays for more information on these and any other financial issues