HMRC trials payroll changes to earlier year updates (EYU)

By Charcroft Baker Comment Closed
Photo by Anthony from Pexels In a bid to improve payroll reporting, HMRC is running a trial aimed at simplifying the process for reporting corrections by extending the use of the real time information (RTI) full payment submission (FPS) Employers can continue to report revised year to date payroll data after the current deadline of 19 April, following the end of the tax year, making sure HMRC systems with employer payroll records are aligned. Some payroll software already supports this. Read the full article at Accountancy Daily. ...
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HMRC sets out provisional rules on IR35 for private sector

By Charcroft Baker Comment Closed
HRMC has published preliminary guidance on how to prepare for changes to the off-payroll working rules from 6 April 2020, even though the consultation on the extension of the rules to the private sector has yet to close for comment. The consultation, which closes on 28 May, is looking at how HMRC can ensure the off-payroll working rules first introduced in the public sector are suitable for the large and diverse sectors in which the new rules will need to be operated. Read full article at Accountancy Daily. ...
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Lifetime allowance for pensions increases to £1.05m

By Charcroft Baker Comment Closed
The standard lifetime allowance for pensions has increased by £25,000 in line with CPI inflation to £1,055,000 for the new tax year from 6 April . The 2.4% rise, based on September 2018 CPI, brings the lifetime allowance to £1,055,000, up from £1,030,000 from 6 April 2019 for the 2019/20 tax year and is the lifetime limit for pension savings liable to standard tax rates before a higher tax charge is made. Read more on Accountancy Daily ...
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Payslips mandatory for all workers from 6 April 2019

By Charcroft Baker Comment Closed
Almost 300,000 workers who previously did not receive a payslip will now do so starting from this week, including those on casual and zero-hours contracts, as part of the government's Good Work Plan reforms. A further 120,000 agency workers will benefit from the scrapping of the Swedish Derogation, which meant certain agency workers were paid less than full time staff, although this will not come into force until 2020. Read the whole article at Accountacy Daily ...
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Understanding making tax digital

By Charcroft Baker Comment Closed
Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world. Making Tax Digital is making fundamental changes to the way the tax system works – transforming tax administration so that it is: more effectivemore efficienteasier for taxpayers to get their tax right If you are a small business struggling to get your head around Making Tax Digital, at Charcroft Baker we are here to help you make the transition. Get in touch using the form below - we look forward to speaking with you. Read more on gov.uk On a mobile device? Tap to call 01622 671 717 Reach out ...
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