Weybridge-based chartered accountants and tax advisers TWP are advising businesses that HM Revenue and Customs (HMRC) has announced that firms with 49 or fewer staff will be exempt from RTI late filing penalties until March 2015. HMRC’s Real Time Information (RTI) initiative originally required all employers to provide information about tax and National Insurance deductions […]
Do you know that from April next year radical plans are being introduced that will change the way you can access your pension? The new arrangements mean that from April 2015, anyone aged 55 or over with defined contribution pensions savings will have unfettered access to their pension pots, with no obligation to buy an […]
The older people become, the more likely they are to consider equity release, according to a new survey. A total of 16 per cent of over-65s questioned in a recent survey by Aviva said they would consider equity release compared with 12 per cent of people aged 55-64. The research also found that more than […]
New research has found that nearly two-thirds of people who have moved up the property ladder in the past five years, and have a bigger mortgage as a result, failed to review their life insurance. The findings, published on 1 September, found that 64 per cent of homeowners failed to look again at their life […]
Restrictions limiting the amount that millions of British workers can save towards their pensions are set to be scrapped. The move, which follows a year of negotiation between UK ministers and the European Commission, will benefit the staff of more than 8,900 employers who administer their pensions scheme through NEST – the National Employment Savings […]
The government has announced that the Autumn Statement 2014 will take place on 3 December. The government is seeking views of businesses, charities and members of the public, as to what they would like to see included in the Autumn Statement 2014. To have your say email autumnstatementrepresentations@hmtreasury.gsi.gov.uk We will keep you informed of announcements. […]
The National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are entitled to be paid. NMW rates increases come into effect on 1 October 2014: the main rate for workers aged 21 and over will increase to £6.50 (currently £6.31) the 18-20 rate will increase to £5.13 from […]
The one-stop VAT service starts from 1 January 2015 for businesses supplying what are collectively known as ‘digital services’ in the EU. The effect of the measures are that a business will not have to account and pay VAT separately in each country where they do business which would otherwise be the case following a […]
HMRC have confirmed that employers with fewer than 50 employees will face automated in-year penalties for late real-time PAYE returns from 6 March 2015 which is later than had originally been anticipated. Those who employ 50 or more people will face penalties from 6 October 2014. HMRC will send electronic messages to all employers shortly […]
Date What’s Due 1 Oct Corporation tax for year to 31/12/13 19 Oct PAYE & NIC deductions, and CIS return and tax, for month to 5/10/14 (due 22 October if you pay electronically) 1 Nov Corporation tax for year to 31/01/14 19 Nov PAYE & NIC deductions, and CIS return and tax, for month to […]
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