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News from InAccountancy

P11D forms don’t get them wrong

3rd June 2014 | Written by In Accountancy | Categories : Contractors

HMRC have published a list of common errors in the completion of forms P11D and guidance that medical benefits for lower paid employees are not reportable. The information is part of the lengthy Employer Bulletin so we have reproduced the
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More HMRC guidance on the Employment Allowance

2nd June 2014 | Written by In Accountancy | Categories : News

The Employment Allowance of up to £2,000 is available to most employers from 6 April 2014. Employers can reduce the amount of National Insurance contributions (NICs) they pay for their employees by up to £2,000. This is called the ‘Employment
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Today’s the Day! #TaxFreedomDay

28th May 2014 | Written by In Accountancy | Categories : Contractors, News

Tax Freedom Day – Stop paying the tax man and start paying yourself… What’s it all about? Tax Freedom Day is the day when average Britons stop working for the Chancellor and start working for themselves. Or put another way,
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P11D deadline approaching

26th May 2014 | Written by In Accountancy | Categories : News

The forms P11D, and where appropriate P9D, which report details of expenses and benefits provided to employees and directors for the year ended 5 April 2014, are due for submission to HMRC by 6 July 2014. The process of gathering
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Advisory fuel rates for company cars and fuel benefit charge

23rd May 2014 | Written by In Accountancy | Categories : News

Where private fuel is provided by the employer for a company car then a separate benefit is assessable on the employee. This benefit charge is calculated by applying the same percentage figure used to calculate the company car benefit to
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Increase in NMW rates

22nd May 2014 | Written by In Accountancy | Categories : News

The Government has approved a rise in the National Minimum Wage rates which will come into effect on 1 October 2014: a 19p (3%) increase in the adult rate (from £6.31 to £6.50 per hour) a 10p (2%) increase in
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Tax-Free Childcare

21st May 2014 | Written by In Accountancy | Categories : Contractors

Details of the new Tax-Free Childcare scheme which is to be launched in autumn 2015 have been announced. The scheme will be worth a maximum of £2,000 per child per year. The maximum amount due is calculated on 20% of
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More HMRC guidance on the Employment Allowance

20th May 2014 | Written by In Accountancy | Categories : Contractors

The Employment Allowance of up to £2,000 is available to most employers from 6 April 2014. Employers can reduce the amount of National Insurance contributions (NICs) they pay for their employees by up to £2,000. This is called the ‘Employment
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More guidance on Class 3A NIC

19th May 2014 | Written by In Accountancy | Categories : Contractors

Further guidance has been issued on Class 3A National insurance contributions (NIC). In the autumn of 2013 the Government announced plans to introduce a scheme to allow pensioners to top up their Additional State Pension by paying a new class
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Disclosure facility for those with undisclosed second incomes

16th May 2014 | Written by In Accountancy | Categories : Contractors

The Second Incomes Campaign is an opportunity open to individuals in employment who have an additional untaxed source of income. The new facility allows those with untaxed income to get up to date with their tax affairs in a simple,
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Employers no longer able to reclaim SSP

15th May 2014 | Written by In Accountancy | Categories : News

The Percentage Threshold Scheme (PTS), which allows employers to reclaim Statutory Sick Pay (SSP) in certain circumstances, is abolished from 6 April 2014. Under PTS employers have been able to reclaim SSP where the SSP paid is more than 13%
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HMRC guidance on new pension flexibility

14th May 2014 | Written by In Accountancy | Categories : Contractors

Following the Budget announcements regarding pension flexibility HMRC have now issued some guidance for those individuals who may wish to review their pension options. New rules are being introduced to ensure that people do not lose their right to a
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