RTI Penalties
RTI Penalties HMRC had threatened penalties for those employers that don’t comply with the new RTI rule, here’s an update to see what the latest is. What is RTI? (Real Time Information) Starting from April 2013, all employers must send details of salary, tax and national insurance to HMRC via the internet each time they make a payment to an employee. This means that the end of year returns P35 & P14 are no longer required and so there won’t be any late filing penalties for these documents. Instead penalties will be imposed for missing the RTI deadlines. Penalties HMRC have announced the late notification penalties won’t apply for the first year of RTI and instead they’re working on a fair and practical way to implement these from 2014. PAYE errors The RTI submissions (Full Payment Submissions) won’t be subject to fines for late submission in the first year however penalties will still be charged under the existing rules for employers who make PAYE errors. Late Payments Interest and penalties will continue to be charged on late payments however it is worth noting that under RTI it will be clearer to HMRC when a payment is late and to calculate the interest and penalty due. Watch this space for further information and if you have any questions please don’t hesitate to get in touch. Ben Courtley West Chartered Certified...
read moreKey Points from the Autumn Statement 2012
George Osbourne has delivered his 2012 Autumn Statement we’ve summarised the key points covering business, individuals & pensions. BUSINESS The small companies rate of tax is to be left at 20% but the main corporation tax rate will be cut by a further 1% to 21% by 2014. Small business rate relief is to be extended by another year to 2014. INDIVIDUALS The personal allowance to go up to £9,440 next year. The 40% tax threshold is to rise by 1% in 2014 and 2015 from £41,450 to £41,865 and then £42,285. The capital gains tax annual exemption amount is to increase by 1% to £11,000 in 2014/2015. Inheritance tax limits, which currently stand at £325,000, will increase by 1% in £329,000 in 2015/16. The overall ISA savings limit will increase from £11,280 in 2012/13 to £11,520 in 2013/14. PENSIONS The annual savings limit will reduce from £50,000 to £40,000 in April 2014. From 2014/15 there will be a further reduction in the lifetime pension relief allowance from £1.5 to £1.25m. If you have any queries on the above please don’t hesitate to get in...
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