|
|
|
 |
|
| |
Business Alert 13 May 2008 |
|
|
| |
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.
ONLINE LEARNING LAUNCHED
HMRC is continuing to explore ways of helping taxpayers meet their tax obligations through the launch of an online learning module which explains the new penalty regime which applies to errors on tax returns (including VAT returns). This is a subject which is gaining much publicity at present, as the new rules started on 1 April 2008, and businesses and their advisors will need to start understanding the HMRC interpretation of reasonable care and what they will need to do to ensure that errors are not penalised. The online module is quite detailed and provides a useful summary of the new rules.
PAYE DEADLINE APPROACHES
Employers who still have returns outstanding should file as soon as possible, particularly those due to file online, as the system may be very busy as the deadline approaches. The penalties for late returns are £100 per 50 employees per month late. Employers with 50 or more staff are required to file their return online, but smaller employers can still benefit from a tax free incentive payment of £100 if they file by 19 May.
PAYROLL GIVING
The guidance on payroll giving has been updated to reflect the change in the basic rate of income tax from 22% to 20% from 6 April 2008. There are no changes that employers or donors need to make as a result of this change, but new guidance is available online and the Helpsheet on payroll giving has been updated.
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.
|
|
|
| |
SEARCH |
| |
|
|
|
|
|