Posted: 29th October 2016
Welcome to October 2016 Key Messages
Personal Savings Allowance
The Personal Savings Allowance was introduced in April 2016. This means that up to £1,000 of interest will be tax free for Basic Rate taxpayers and £500 for those who pay tax at the higher rate.
Changes to Corporation Tax (CT) forms from 19 September 2016
HMRC will stop issuing many of the paper letters and reminders to customers. Instead they will need to check CT Online View Liabilities and Payments (L&P). Paper guidance notes and inserts will be available on CT paper forms.
Tax benefits and expenses paid through payroll won’t need the submission of a P11D after the end of the tax year. Register with payrolling benefits and expenses online service, before the start of the tax year to start to make the change.
HMRC’s Let Property Campaign and One Stop Shop
Renting out property? HMRC’s online guide will help getting things right. The Letting out a property e-learning contains help about letting out a property and becoming a landlord, or overseas landlord if leaving the UK for more than 6 months. Access the one stop information shop: Webinars, e-learning, emails and videos for landlords.
HMRC’s Second Incomes Campaign
The Second Incomes Campaign focuses on individuals who have a main employment and additional income from a business or other self-employment. Anyone who has any undeclared second income can make a voluntary disclosure by following the guidance contained on GOV.UK/Second Incomes.
What is Intellectual Property (IP) and does it affect your business?
IP is any intellectual creation, from the way a product looks to the content on a company’s website. Every business owns or uses some form of IP. A business could risk losing value and market shares so it’s important to identify and protect the assets. Go to GOV.UK/ IP journey for more information.
Credit and debit card transactions for goods and services?
Businesses accepting credit or debit card payments are being offered an opportunity by HMRC to get their tax affairs up to date through the Credit Card Sales Campaign. To ensure peace of mind disclose the income and pay what’s owed or call the Campaigns Helpline on 0300 123 9272 : Monday – Friday from 9 to 5pm.
National Minimum Wage – changes from 1st October 2016
The National Minimum Wage rates for the different age bands and for apprentices will increase. All employers need to make sure they are ready. Find out the new National Minimum Wage rates of pay here.
For more business help see: HMRC webinars,e learning,email alerts and videos and HMRC YouTube playlist. Our new online e-learning guidance, Becoming an Employer, provides all an employer needs to know and it is a handy guide too. Save the link now