Mercia Group’s Post

Catch up on the latest from HMRC. Every two months, HMRC publishes their Employer Bulletin. In such a rapidly changing environment of new government and legislation, it makes sense to stay on top of things. As we approach the latest release, catch up with all the essential business information, including: - PAYE Settlement Agreement calculations 2023 to 2024 - paying Class 1A National Insurance contributions - improving the Self-Serve Time to Pay service for PAYE and VAT customers - Self Assessment threshold change - Spotlight 64 - warning for employment agencies using umbrella companies - employment-related securities - end of year return deadline for employee share schemes. If you are confused or don’t have time to read this, talk to us to see how we can help you with tax matters. The link is in the comments #hmrc #employment #tax

Are you aware of the new rules around claiming employment expenses? 💰💼 HMRC has introduced stricter evidence requirements for PAYE employment expenses claims, which was effective from 14th October 2024. Taxpayers will now need to submit claims via the P87 form and provide supporting documents like receipts, contracts, and mileage logs. These changes aim to prevent ineligible claims. One of the key changes includes the inability to claim over the phone or through the digital form until April 2025, as this service is suspended. All claims should be sent via post 📫✉ #TaxUpdate #HMRC #EmploymentExpenses #FinancialTips

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

Employers must submit PAYE returns to SARS monthly. This submission, known as the EMP201 form, is due by the 7th of the following month or the nearest working day if the 7th falls on a weekend or public holiday. #PAYE #deadlines #compliance #entrepreneurship

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

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

❗️Attention employers! A reminder from HMRC: 💻 The PAYE electronic payment deadline for September 2024 falls on Sunday, 22nd September. 🗓 In order to ensure your payment reaches HMRC on time, make sure funds are cleared by 20th September, unless you can arrange a faster payment. Stay ahead and avoid any delays. #business #businessowner #businesstips #BusinessNews #ukbusiness #ukbusinessowners #businessfinance

Following HMRC’s announcement concerning the mandatory payrolling of benefits from April 2026, it is proposed that the payment of Class 1A National Insurance will be paid monthly, as opposed to annually on 19 July. 📝 Employers will need to plan for mandatory payrolling if they haven't already. Joanne Hennessy, Employment Tax Senior Manager, explains what employers can do to prepare for the upcoming changes here: https://bit.ly/3vMTkyk 👈 Get in touch with Jo for further information. #payrollingofbenefits #employmenttax #nationalinsurance #HMRC

UK: HMRC reverts to paper submissions for P87 expenses claims HMRC is changing the way employees can claim PAYE employment expenses by going back to paper submissions through the post to reduce fraud. From 14 October 2024, HMRC will require employees to claim PAYE employment expenses using a P87 form and provide supporting evidence to prove their eligibility before the claim is progressed. Employees can claim this tax relief through PAYE if the amount claimed is up to £2500. From 12 October, claimants will no longer be able to submit a PAYE employment expense claim using the digital form or make a new claim over the phone. For uniform, work clothing and tool expenses, i.e. flat rate expenses, claimants will be able to claim these online from 31 October 2024. It won’t be necessary to provide evidence of these expenses unlike for all other types of expenses claims. For all other expenses, HMRC expects to set up a digital claim route by April 2025. Taxpayers must tell HMRC which employment they incurred the non-flat rate expense for, as well as whether their employer reimbursed any of the cost, and if they did, show evidence of how much. #FarrellAndFarrell #crossbordertaxadvisors #crossborder #taxadvisors #uktaxadvisors #roitaxadvisors #accountantcountydown #accountantnearme #newryandmourne #accountantscodown #accountantsnewry #HMRC #PAYEemploymentexpense

As we approach the end of May, we at Aonani Financial Services would like to remind you of the upcoming deadline for your EMP501 declarations. Please remember to submit your accurate Employer Annual Reconciliation Declaration before the end of the month, 31 May 2024. As per the South African Revenue Service (SARS), submitting an incomplete EMP501, whether before or after the due date, will result in administrative penalties equal to 1% of the year’s PAYE liability. This penalty increases by 1% per month, up to 10% of the annual PAYE liability. At Aonani Financial Services, we understand that these processes can be complex and time-consuming. That’s why we’re here to help. We specialise in accounting, payroll, taxation, compliance and finance services, and we make use of trusted cloud-based software to process our accounting and payroll. Our services range from once-off consultations to fully outsourced finance functions, all at extremely affordable rates. Don’t let the complexities of tax filing weigh you down. Let us lighten your load so you can focus on what you do best - running your business. For more information about how we can assist with your payroll and tax filing, please do not hesitate to contact us. #Accounting #Payroll #Taxation #Compliance #Finance #SouthAfrica #AonaniFinancialServices #SARS