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Business Alert 12 March 2008 |
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Welcome to Moore Stephens’ Business Alert Service, designed to help you keep up-to-date with business and tax legislation. The service provides details of key changes, issues and opportunities, and includes suggested action and links to more information.
To receive these Business Alerts automatically, email businessalerts@moorestephens.com.
PAYE ONLINE SYSTEM OPEN
Employers who have completed their last payroll run of the year can now file their year end return as soon as it is ready. In earlier years, employers have not been able to file year end returns until after the end of the tax year, although last year the system allowed employers to file in the last week of March. This year, the system went live on Friday 7 March, to allow those employers who are ready to file early. The PAYE online system has frequently come under severe capacity pressure near to the filing deadline of 19 May, so any employers who can file early will benefit from this early availability. The system is expected to be unavailable for around 8 hours on 5 April for HMRC’s year end process to be run.
REMINDER – PAYMENTS DUE FOR MARCH 2008
Normally, payments of PAYE and NIC and subcontractor tax which are made electronically are due on 22 of each month, giving employers a slightly longer period to pay in recognition of their effort to pay by electronic means. Some employers are required to pay electronically – those with 250 or more employees. The funds must, however be cleared by the due date, and if this falls on the weekend, funds must be cleared by the Friday evening before. This year, 22 March falls on Easter Saturday, so employers and contractors will need to ensure that their payment is initiated sufficiently early to allow the payment to clear before the Easter break. Employers paying by cheque just need to ensure that the cheque reaches the Accounts Office by 19th of March.
EMPLOYEES TRAVELLING ABROAD?
HMRC has published a helpful list of standard allowance payments for accommodation and subsistence which employers can use to reimburse employees who are travelling abroad. The list consists of standard rates for accommodation and meals separately so that employers can choose how they wish to reimburse their staff. Employers may instead choose to reimburse the actual expenses incurred, and in some cases there are no standard rates available, so actual amounts will have to be used. Employees who stay in the homes of local staff or colleagues are subject to amended rules, and full instructions on the use of the standard reimbursements rates is in the Employment Income Manual.
BENEFICIAL LOANS
The rate applying to beneficial loans for the current tax year is 6.25%. HMRC has announced that it is likely that this rate will also apply for 2008-09.
We believe the information in this Business Alert to be correct at the time it was sent, but cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining from action as a result of any item herein.
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