83 posts categorised "HRS - Employment tax"

18 June 2015

Pensions: EIOPA quantitative assessment and stress tests

On 11 May, the European Insurance and Occupational Pensions Authority (EIOPA) launched a Quantitative Assessment exercise and an EU-wide stress test for DB pension schemes. Both these exercises involve gathering data from pension schemes across Europe. The Pensions Regulator (TPR) is responsible for collating this information for UK Schemes and...

18 May 2015

Data analytics – how can it deliver value for employee benefits?

Many companies think about the employee benefit market as lots of boxes that when opened up have a benefit inside of each. The lid opens up once a year, the benefit is taken out, dusted down, renewed and put back in the box with a loud thump on the lid....

18 March 2015

Budget 2015: Jude McLaughlin comments on benefits for employees

Jude McLaughlin, employment tax director at PwC in the Midlands said: The Chancellor confirmed that from April 2015 'trivial' benefits for employees costing less than £50 will be tax exempt, which is a welcome relaxation of tax rules on small benefits under £50. While a £100 limit would have been...

05 March 2015

Fixed Penalty Notices - could you be next?

The Pension Regulator (tPR) has just announced that by the end of 2014, 169 employers were issued with Fixed Penalty Notices of £400 for failing to comply with their workplace pensions duties. 166 of these Fixed Penalty Notices were issued in the last 3 months of 2014. 1,139 Compliance Notices...

20 February 2015

Tartan tax is speeding down the track....are you ready to get on board?

Providing its response to the further devolved powers proposed by the Smith Commission, the UK Government published its draft legislation three days ahead of the Burns Night deadline. As Scotland continues on its devolution journey post-referendum, what do we now know and what remains uncertain? We know that the draft...

27 January 2015

Holiday Pay update - Taskforce announcement, good news or bad?

by John Harding In November 2014 a number of employment tribunals found that employers should be taking into account overtime and other payments intrinsic to the role when calculating holiday pay, rather than simply calculating it by reference to basic pay. In response to this change, the Business Secretary, Vince...

23 January 2015

Employment tax: a reminder of what comes into effect in 2015

By Kavita Chana Following the delivery of the Chancellor's Autumn Statement, we wanted to provide you with a reminder of the employment tax topics that featured and that will come into effect during 2015. Personal allowance: The personal allowance will be increased by a further £100 in 2015-16 to £10,600....

18 January 2015

Short Term Business Visitor audit: Is this a sign of things to come?

By Kavita Chana Companies are facing an ever increasing scrutiny from HM Revenue & Customs (HMRC) when it comes to the auditing of their expatriate tax and social security compliance. Aside from the expatriate angle of the Know Your Client (KYC) meeting invitations, we are now starting to see additional...

06 January 2015

Solicitors latest to be targeted in HMRC campaign on voluntary tax disclosure

Solicitors are being given the chance by HM Revenue & Customs (HMRC) to bring their tax affairs up to date or face tougher penalties and the potential for a detailed tax investigation, as part of a new tax campaign. The Solicitors' Tax Campaign is the latest voluntary disclosure opportunity giving...

21 November 2014

HMRC’s Personal tax summaries – greater transparency for workers

What are they? The Government has announced it is sending annual personal tax summaries to over 24 million people across the UK. The statements will show people how much income tax and national insurance contributions (NIC) they have paid over the 2013/14 tax year, and how this is calculated, together...

06 November 2014

EVENT: Tax Risk and Governance - Know Your Customer

Date: Tuesday 9th December 2014 Timings: 8.00am - arrival and light breakfast; 8.30am - presentations and questions; 10.30am - finish Location: PwC, Cornwall Court, 19 Cornwall Street, Birmingham B3 2DT Our forthcoming Tax Risk and Governance seminar will explore the changing landscape for Employment Taxes and specifically the Senior Accounting...

25 June 2014

Onshore Employment Intermediaries: False Self Employment

New legislation affecting unintended targets…. how does it affect your business? New legislation came into place from 6 April 2014 following the recent HMRC consultation ’Onshore Employment Intermediaries: False Self Employment’. The issue Whilst the legislation was introduced to prevent the use of employment intermediaries engaging workers and avoiding paying...

11 June 2014

Auto Enrolment in the spotlight - does your solution stand up?

The Pensions Regulator (tPR) is actively targeting employers for non-compliance with the Auto Enrolment (AE) legislation and has now begun to name non compliant employers. As at 31 March 2014 tPR has carried out 590 investigations and has issued several warning letters and formal notices for non-compliance. One area that...

21 May 2014

Deadline looming for employer compliance tax returns

May is a very important time of year for employer compliance, with a number of returns due to HMRC in the next few months. Below is a snapshot of the key reporting requirements following the end of the 2013/14 UK tax year (6 April 2013 - 5 April 2014). Share...

01 May 2014

Risky business: identifying your potential people-related risks

We’ve all read stories in the papers about bullying in the workplace and absenteeism, where often the focus is on the ‘victims’. But the consequences of not managing these types of risks are potentially severe for the organisations involved. People-related risks can be particularly difficult for a large company to...

17 April 2014

On your marks, get set, start...your Form 42

It’s that time of year again when HM Revenue & Customs (HMRC) will ask you to provide them with details of any shares or awards which have been given to your employees over the last tax year. It is not just shares that are reported, you must also include share...

07 April 2014

HMRC plans to get to know its customers

After a period of relative quiet HMRC is now showing increased interest in Employer Compliance matters focusing on the operation of the employment taxes and the provision of benefits. Latest figures show that Income Tax and National Insurance now account for 49% of the Government’s revenues and a recent PwC...

26 March 2014

Are you ready to register your share plans?

HM Revenue & Customs (HMRC) will now be asking companies to provide information on their existing and new share plans via the PAYE Online service on HMRCs website by 6 July 2015. In addition, HMRC will not provide formal approval for new tax favoured share plan arrangements; instead you will...

24 March 2014

Budget 2014: key outcomes for employers and employees

The Chancellor has delivered the 2014 Budget. The focus understandably was on supporting the recovery with a big emphasis on encouraging saving and making pensions more attractive. There were also some announcements around employee and expatriate tax, as well as other reward issues. 1. Pensions: Significant changes announced to pensions...

12 February 2014

Simplifying Tax for Expenses and Benefits

Taxable benefits generate more than £3.3 billion of tax and NICs for the Exchequer each year, but that requires the completion and submission of over 4.4 million P11Ds and a great deal of administration and effort on behalf of employers. Every day I speak to organisations of all sizes and...