Corporation Tax Payslips

by Leah McGarvey | 13 Oct, 2017 | Business, Tax

Corporation Tax Payslips

Due to the problems experienced by some companies and their agents following HMRC’s decision to cease issuing Corporation Tax payslips, the CIOT asked HMRC if they could produce a blank payslip which could be used where necessary.

Unfortunately, HMRC has confirmed that there are no plans for a blank payslip (which the taxpayer / agent could populate) to be made available on GOV.UK or through software.

HMRC strongly recommends that customers pay their tax liability electronically and guidance on how to do this can be found here. If, however, a client requires a payslip to pay their tax they should retain the most recent CT603 Notice to file form and use the blank payslip attached to it.

Any old payslips will contain incorrect bank and accounting period details.

In-Year Adjustment (IYA) and In-Year Restriction (IYR) coding adjustments

by Leah McGarvey | 28 Sep, 2017 | Tax

In-Year Adjustment (IYA) and In-Year Restriction (IYR) coding adjustments

HMRC tax code adjustments are changing, aiming to make use of real-time information to improve PAYE tax accuracy. This new strategy ensures the correct tax is deducted at source, but only if the data HMRC holds is accurate.

It’s important to stay informed about these changes and to act promptly if you spot any discrepancies in your tax code.

What Are HMRC Tax Code Adjustments?

HMRC plans to introduce new deductions to tax codes, using real-time information to improve accuracy. These adjustments, such as IYA (In-Year Adjustment) or IYR (In-Year Reconciliation), ensure PAYE deductions align with your earnings and circumstances.

However, this approach depends on having up-to-date and accurate information. Errors in your tax code could lead to overpayments or underpayments, which can cause financial stress.

Why You Should Check Your Tax Code

Spotting adjustments like IYA or IYR in your tax code is a prompt to check its accuracy. Mistakes can occur if HMRC has incorrect or outdated information about your income, benefits, or tax reliefs. Regularly reviewing your tax code can help you avoid unexpected deductions or surprises at year-end.

How We Can Help

At Lewis Brownlee, we understand that HMRC tax code adjustments can be confusing. Our experienced team can review your tax code, identify errors, and help you correct them with HMRC. Whether it’s understanding IYA or IYR adjustments or ensuring your information is accurate, we’re here to assist.

If you have concerns about your tax code or need guidance, contact us today. Visit our contact us page to get in touch for expert advice tailored to your needs.

Stay In Control of Your PAYE Deductions

Staying on top of HMRC tax code adjustments is crucial for avoiding financial surprises. Proactively managing your tax code helps ensure deductions are accurate and reduces stress during tax season.

A friend in need is a friend indeed!

by Leah McGarvey | 6 Sep, 2017 | Tax

A friend in need is a friend indeed!

You can now nominate a family member for tax affairs through the GOV.UK portal. This system provides a straightforward way to allow someone you trust to assist with your personal tax matters. It’s a useful option for individuals who need extra support managing their tax responsibilities.

How to Nominate a Family Member or Friend

The GOV.UK portal allows you to authorise a trusted family member or friend to assist with your personal tax affairs. This process is designed to ensure you receive the help you need while maintaining control over your financial information. Nominating someone is simple and secure, providing peace of mind for those seeking additional support.

Does This Replace Professional Authorisation?

This system does not change or replace the authorisation process for accountants or tax professionals. If you already have Lewis Brownlee (Chichester) Limited or another accountant acting on your behalf, this authorisation remains separate. The ability to nominate a family member or friend complements, rather than substitutes, professional tax services.

Why Consider This Option?

Authorising a family member or friend can be helpful if you require assistance with basic tax tasks, such as checking or updating information. However, for more complex tax matters, it’s essential to retain professional guidance. This option offers flexibility and accessibility for individuals who may need help alongside their accountant’s expertise.

How We Can Help

At Lewis Brownlee, we specialise in providing professional tax services tailored to your needs. Whether you’re managing personal tax affairs or considering nominating a family member, we can guide you through the process. Our team ensures your financial matters are handled efficiently and accurately.

To learn more, contact us today. Visit our contact us page for expert advice on personal tax matters.

Simplify Your Tax Affairs

Nominating a family member for tax affairs through GOV.UK adds flexibility. For professional advice and support, trust Lewis Brownlee to assist with all your tax needs.

Tax-Free Childcare

by Leah McGarvey | 31 Aug, 2017 | Tax

Tax-Free Childcare

The new scheme was launched on 28 April 2017, but not for all parents. If you have children aged under 2 you should have received a letter from HMRC inviting you to register. Other parents will have to wait. Once registered you can open a special on-line account which you or others can save money to which the government will add a further 25% up to a maximum of £2,000 per annum per child aged eleven or under or £4,000 for disabled children until they reach 17.

The money can be used to pay child minders, nurseries, nannies and after-school clubs but only if they are registered for Tax-Free Childcare or are homecare workers who work for a registered homecare agency.

To qualify, parents must both be working and each earning at least £120 a week (on average) and not more than £100,000 each a year.

Tax-free awards for long service – can these be increased?

by Leah McGarvey | 24 Aug, 2017 | Business, Tax

Tax-free awards for long service – can these be increased?

The tax-free amount has remained at £50 per annum for each year of service with a minimum of 20 years service for a long time. The gift must not be cash or vouchers that can be converted into cash and where more than one gift is made to the same employee, there must be at least 10 years between gifts.

If you want to pay more or there are insufficient years, you could always consider an employer’s contribution to a pension scheme. It might not seem very exotic but it is tax and national insurance efficient.

CT acknowledgements and payslips

by Leah McGarvey | 1 Aug, 2017 | Business, Tax

CT acknowledgements and payslips

Do remember to pay the corporation tax due. HMRC are no longer issuing acknowledgements or payslips after a return has been filed.

HMRC is still paying interest at 0.5% on tax not due by instalments that is paid earlier than 9 months after the accounting period end.

The return itself is not due until 12 months after the accounting period end (in most cases), so if cash flow is tight and you do not want HMRC debt section chasing you and you know you will have funds by then to pay the tax, it might be worth delaying the submission.