Year end tax planning tips – March 2014

With the end of the tax year almost upon us, here are some tax planning tips to consider: Tax Rates Income over £150,000 per annum is taxed at 45% but adding in the loss of the personal allowance can result in a top rate of tax of up to 60% for some. Individuals with income close to the thresholds could reduce … Read More

Employer Bulletin from HMRC

HMRC has this week published a handy ‘Employer Bulletin’ packed full of information to help employers fulfil their tax obligations. The information includes: New helpline numbers RTI top tips Info on pension auto enrolment Tax credits Toolkits to reduce errors plus a range of other useful topics. Curo’s payroll department can assist and advise on your obligations in this area … Read More

Salary sacrifice – are you missing out on tax breaks?

Recent findings suggest that millions of taxpayers are missing out on tax savings as they’re unaware of their entitlement to ‘salary sacrifice schemes’. What is it? Salary sacrifice happens when an employee gives up the right to part of their salary or bonus due under their employment contract. A non-cash equivalent is taken instead and the act of doing so … Read More

P11D Forms are due – deadline is 6 July 2013

Where relevant, businesses are required to file P11D and P11D (b) forms by 6 July 2013 for the tax year 2012/13. The P11D form covers expenses payments, benefits and facilities provided to directors and employees, subject to earning limits. The P11D (b) form calculates the Class 1A National Insurance Contributions payable by employers and is relevant for most benefits. If you’d like to … Read More

HMRC targets minor cricket clubs and Avon Ladies

“We’re not Starbucks” was the reaction of one minor cricket club chairman when HMRC looked into his club’s books. Minor cricket clubs are the latest in a long list of targets by HMRC and many have already received demands and visits by Inspectors wanting to check the tax position is correct. In several cases, demands for overdue tax have been … Read More

We’re running free RTI breakfast sessions – all you need to know!

Real Time Information is almost upon us and employers need to be aware of the changes that will affect them. We are running a number of free breakfast sessions covering the essentials of RTI and our tax team will be on hand to answer your questions or provide one to one sessions afterwards. If you would like to discuss … Read More

Don’t know your RTI from your elbow?!

There’s lots of evidence that many businesses still aren’t prepared for the event of Real Time Information. If you use a payroll service such as an accountant, check that all employee information they currently hold is correct. If you run your own payroll function,  ensure that your your payroll software is/will be RTI compliant and that your records are accurate, specifically around:  … Read More

Pension Auto-Enrolment and RTI – Consider Them Together?

On a phased basis which started on 1 October 2012, employers will be required to automatically enrol employees into a pension scheme, starting with the largest employers first. If you’ve not already had a letter, the Regulator will write to all concerned 12 months before the ‘staging date’ with details of what is required so in theory there should be … Read More