Louise Rayner FCCA, MBA’s Post

💼 Claiming employment expenses? HMRC has updated guidance on the evidence needed for PAYE and P87 claims. ✅ Keep receipts, invoices, and proof of payments ❌ Claims without evidence may be delayed or rejected. 🔗 Read the full guidance here https://ow.ly/VnK550Uwuig #TaxTips #HMRC #EmploymentExpenses

‼️ Reminder Alert ‼️ What does this deadline involve? It involves an employer submitting an accurate Employer Reconciliation Declaration (EMP501), Employee Tax Certificates [IRP5/IT3(a)s] to be issued and if applicable, a Tax Certificate Cancellation Declaration (EMP601). The three elements that must reconcile in order for your submission to be successful are the: 1. Monthly Employer Declarations (EMP201s) submitted [Pay-As-You-Earn (PAYE) and/or Skills Development Levy (SDL), Unemployment Insurance Contributions (UIC) amounts due and Employment Tax Incentive (ETI), if applicable] 2. Payments made (excluding penalty and interest payments) 3. IRP5/IT3(a)s generated – PAYE, SDL and UIC values.

This might sound like obvious advice, but... 𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝘁𝗮𝘅 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗶𝘀 𝗰𝗿𝘂𝗰𝗶𝗮𝗹 𝘁𝗼 𝗮𝘃𝗼𝗶𝗱 𝗽***𝗶𝗻𝗴 𝗼𝗳𝗳 𝗛𝗠𝗥𝗖. Here's what every employer needs to know: 🧮 𝗖𝗼𝗿𝗿𝗲𝗰𝘁 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝗔𝗿𝗲 𝗞𝗲𝘆: Failing to accurately deduct Income Tax and National Insurance from employee wages? That's a direct route to an HMRC investigation. Adhering to the PAYE system is not just recommended; it's essential. ⌚ 𝗧𝗶𝗺𝗶𝗻𝗴 𝗜𝘀 𝗘𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴: Missed the deadline for PAYE payments? Remember, the clock ticks till the 22nd for electronic payments and the 19th for cheques. Late payments could mean penalties knocking at your door. 📒 𝗔𝗰𝗰𝘂𝗿𝗮𝗰𝘆 𝗶𝗻 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴: The Real Time Information (RTI) system requires precise information on payments and deductions. Any errors? You're looking at fines. Ensuring accuracy in every submission is paramount. 👷 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗿 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻𝘀 𝗠𝗮𝘁𝘁𝗲𝗿 𝗧𝗼𝗼: It's not all about employee deductions. Employers have their share of National Insurance to contend with. Delay or forget these payments, and penalties plus interest charges become an unwelcome reality. Navigating these aspects of tax compliance helps maintain a smooth operation and keeps those dreaded penalties at bay. #HMRC #PAYE #DidYouKnow #BusinessTips

Managing PAYE reporting for oversees employees' business trips to UK insurance companies can be challenging, especially when pay data and UK day counts aren’t available until month-end 🛫 This places a significant administrative burden on employers ⚠ In our latest article, we explore HM Revenue & Customs' special arrangement, known as Appendix 8, which offers crucial PAYE relaxations to help ease this process. Find out more ➡ https://lnkd.in/eU56NnaN #PAYE #FinancialServices #Insurance #Tax

Ensure your financial records are flawless and compliant with the ATO. Keep your payroll and accounting system updated and maintain accurate financial records to meet all your employer obligations and ensure you remain compliant with the ATO by visiting https://lnkd.in/gccebikG Whether you have closely held employees or arm's length employees, or both, you have several financial obligations to them that you must meet to satisfy tax and labour laws. This includes salaries and wages, withheld tax from payments, super contributions, and fringe benefits tax. Moreover, employers who miss their reporting, lodging and payment due dates will incur hefty fines and penalties #DBAAdvisory #tax #taxcompliance #taxagent #accounting #returns #activitystatements

Changes in the Claiming Process for PAYE Employment Expenses💡 HMRC is altering the process for employees to claim PAYE employment expenses. Beginning from the 14th of October 2024, claims will need to be made via paper submissions through the post. The move is part of a broader initiative to mitigate fraudulent claims. Find out how to use the new process here https://lnkd.in/eDDSMuAq #Tax #accounting #finance #smallbusiness #business #accounts #accountingandaccountants #financialservices

Is your business facing an HMRC employer compliance review? Find out what to expect when HMRC checks if you're meeting your PAYE and NI obligations. Don't get caught off guard—read our latest blog to prepare! https://buff.ly/3Ne5LYT #BusinessTips #HMRC #EmployerCompliance #PAYE #NI #TaxTips

This week on our desk 👇 The question is answered by our consultant Mislav Magaš The Payment of Wages (Amendment) (Tips and Gratuities) Act 2022 provides a legal entitlement for workers to receive tips and gratuities paid electronically (i.e., debit or credit card). These tips must be distributed to workers fairly. To maintain transparency, employers must provide workers with a statement showing the total tips collected and the amount each employee receives for a given period of time. Employers cannot retain any portion of electronic tips unless such retention is: ➡required by law (such as deductions for income tax, PRSI, USC), or ➡to cover the direct costs of distribution (such as bank charges or credit card percentages). Employers can also retain a share of the tips and gratuities if they regularly perform the same work to a substantial degree as their employees, but only in a fair manner taking into account the amount of work performed by the employer. Consequently, no other deductions can be made to cover business needs or for any other reason. For more info on this and other employee-related topics reach out to us at https://lnkd.in/dGDDsFmv #TipsAndGratutities #HRConsultancy #HRBestPractice #TeamAction

Managing PAYE reporting for oversees employees' business trips to UK insurance companies can be challenging, especially when pay data and UK day counts aren’t available until month-end 🛫 This places a significant administrative burden on employers ⚠ In their latest article, Forvis Mazars in the UK explore HMRC’s special arrangement, known as Appendix 8, which offers crucial PAYE relaxations to help ease this process. Find out more ➡ https://lnkd.in/ej5JKKet #PAYE #FinancialServices #Insurance #Tax

Managing PAYE reporting for oversees employees' business trips to UK insurance companies can be challenging, especially when pay data and UK day counts aren’t available until month-end 🛫 This places a significant administrative burden on employers ⚠ In their latest article, Forvis Mazars in the UK explore HMRC’s special arrangement, known as Appendix 8, which offers crucial PAYE relaxations to help ease this process. Find out more ➡ https://lnkd.in/e79dNzQn #PAYE #FinancialServices #Insurance #Tax