HMRC Dashboard

HMRC have improved their Business Tax Dashboard following feedback from their customers and have attempted to make it more user friendly.

There have been improvements made to the “Current Position” and the help icons.

Employers will be able to check how the amount they owe is calculated and when the HMRC updates the “Amount Due” on the screen.

It will show the payment date and how the payments are allocated.

Information is also given on the Employment Allowance.

Posted byGerri McGinleyinHMRCPayroll Software

BrightPay at the Business Show 2014

We recently attended the Business Show 2014 at the Excel in London's docklands.

The show is aimed at start up businesses and those interested in becoming self employed.

BrightPay's lead programmer, Ross Webster, was asked by a passing cameraman to give a spontaneous interview.

Ross performed well as there was literally no time to prepare!

The cameraman then turned his attention to Paul Byrne ...

Posted byPaul ByrneinPayroll Software

How to avoid late payment interest

HMRC have published important information on how to avoid late payment interest and what to expect if a 2014 to 2015 PAYE or CIS payment is late.

As previously announced, HMRC will now charge interest on any late PAYE and Construction Industry Scheme (CIS) payments. For employers that pay monthly, the first payment of 2014 to 2015 was due by 19th May (or by the 22nd May for employers who pay electronically).

To avoid an interest charge, employers should pay by the due date the difference between the following:

· what they report on their Full Payment Submission(s) (FPS), received by the 19th of the month following the end of the tax month it relates to, together with any CIS charges for that tax month.

· any deductions reported on an Employer Payment Submission (EPS), again received by the 19th of the month following the end of the tax month it relates to.

Making Corrections

If employers make a correction on an FPS that HMRC receives after the 19th of the month following the end of the tax month it relates to, the correction will be included in the following month’s charge. In these circumstances, the amount payable for the tax month is the amount actually reported by the 19th (rather than the corrected amount).

Interest Charges

HMRC will charge interest on all unpaid:

· PAYE tax, Class 1 National Insurance and Student Loan deductions, including specified charges (estimates HMRC makes in the absence of a PAYE submission)

· Construction Industry Scheme charges

· In-year late filing penalties, which start from October 2014

· In-year late payment penalties, which will be charged automatically from April 2015

HMRC will charge interest daily, from the date a payment is due and payable to the date it is paid in full. Employers will be able to see an estimate of the interest building up on their Business Tax Dashboard. HMRC’s At a glance: interest from 2014 to 2015 helpsheet provides further information on:

· The due dates of payment

· How in-year interest is calculated

· Interest on overpayments

· How HMRC will calculate interest on a charge that employers didn't agree with

· What an employer should do if they cannot pay

Auto enrolment - staging forecast

The Pension regulator has published an updated forecast report for the number of employers due to become subject to automatic enrolment duties over the next four years. The update shows around 30,000 medium sized employers reach their “Staging Dates” between April 2014 and the end of this tax year. The forecast sets out their expectations of when medium, small and micro employers are likely to become subject to the new automatic enrolment duties (their staging date).

It is being provided to assist pension providers, advisers and other intermediaries with capacity planning but should only be used as a broad indicator. The forecast is based on PAYE information as at 1st April 2012. The forecast is only an estimate of the number of employers PAYE schemes expected to become subject to the automatic enrolment duties. It is based on a number of assumptions and the number of employers actually falling within the duties will vary depending on a number of factors.

Posted byDenise CowleyinAuto Enrolment