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May 2010
Budget date set for 22 June
The Chancellor, George Osborne, will present his budget speech on Tuesday, 22 June, the government has announced.
Penalty Guidance on Late Payment of PAYE
HMRC have been warning employers for some time that they may have to pay a penalty if they do not pay their PAYE deductions on time. They have now issued more detailed guidance on the way in which the penalties will work. The penalties will apply to PAYE deductions due for a period starting on or after 6 April 2010 include PAYE, Student Loan deductions, Construction Industry Scheme payments, Class 1 NICs, annual payments of employers' Class 1A NICs and annual PAYE Settlement Agreements payments.
National Minimum Wage Rates
From October 2010, National Minimum Wage rates will increase from
- £5.80 to £5.93 an hour for workers aged 21 and over
- £4.83 to £4.92 an hour for workers aged 18 to 20
- £3.57 to £3.64 an hour for workers aged 16 to 17.
Furnished Holiday Letting Reprieve
Getting the Finance Bill 2010 passed between when it was published on 1 April 2010 and the dissolution of Parliament on 12 April was always set to be a heavy load in spite of the fact that there were only 73 clauses and supporting schedules.
HMRC Offer Advice on Fraud Emails
HMRC are reminding taxpayers to be vigilant as there have been several reports of scam emails.
P11D Deadline Looming
The forms P11D, and where appropriate P9D, which report employees and directors benefits and expenses for the year ended 5 April 2010, are due for submission to HMRC by 6 July 2010. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute.
VAT and Royal Mail Postage
Some types of postal services offered by the Royal Mail will be subject to VAT from 31 January 2011.
Online Submission of Employers Forms
The employer’s annual returns P35 and P14 (P60) are due for submission to HMRC by 19 May 2010. Broadly all employers must submit their forms online this year. Previously those employers with less than 50 employees could file paper forms.
