The Pensions Regulator (TPR) has updated its guidance on pensions auto enrolment including what businesses need to do when they have no workers.
If you would like help with auto enrolment please do get in touch.
Internet link: TPR guidance
The Pensions Regulator (TPR) has updated its guidance on pensions auto enrolment including what businesses need to do when they have no workers.
If you would like help with auto enrolment please do get in touch.
Internet link: TPR guidance
According to research 36% of the UK’s smallest businesses are unaware of the rules governing VAT thresholds.
A third of the UK’s smallest businesses are unaware of the rules governing VAT thresholds, recent research has revealed.
This lack of understanding could mean that approximately 780,000 businesses are at risk of being fined by HMRC.
Meanwhile, according to the research, 9% of small businesses intentionally limit their trading in order to avoid reaching the VAT threshold.
Under the current rules, where a taxable person (for example an individual, company or partnership) has VAT taxable turnover of more than the current registration threshold of £82,000 in a rolling 12 month period or where turnover is expected to exceed the registration threshold in the next 30 day period then they must register for VAT.
It is important to monitor turnover, as there is a penalty for late registration in addition to the tax payable.
Please contact us if you would like advice on VAT issues.
The government has announced the introduction of a new type of ISA, the Help to Buy ISA, which will provide a tax free savings account for first time buyers wishing to save for a home.
The scheme will provide a government bonus to each person who has saved into a Help to Buy ISA at the point they use their savings to purchase their first home. For every £200 a first time buyer saves, the government will provide a £50 bonus up to a maximum bonus of £3,000 on £12,000 of savings.
Help to Buy ISAs will be subject to eligibility rules and limits:
The government intends the Help to Buy ISA scheme to be available from autumn 2015 and investors will be able to open a Help to Buy ISA for a period of four years.
We will keep you informed of developments.
Internet link:GOV.UK factsheet
HMRC have published a list of common errors in the completion of forms P11D. The information is part of the latest Employer Bulletin and we have reproduced the guidance below.
If you would like help with the completion of the forms P11D please contact us.
Internet link: Employer Bulletin 53
HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2015.
VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business.
Please do get in touch for further advice on VAT matters.
Internet link: GOV.uk VAT fuel scale charges