NO SAFE HAVENS FOR OFFSHORE TAX CHEATS

HM Revenue and Customs (HMRC) confirmed today that it is working with the United States and Australian tax administrations (the IRS and ATO) on data which reveals extensive use of complex offshore structures to conceal assets by wealthy individuals and companies.

REAL-TIME REPORTING FOR PAYE

Employers are required to use real-time information to report payorll deductions before or when they make them from 6 April 2013, unless a different date is agreed. Our PAYE and Income Tax and National Insurance topics have further information.

SELF-ASSESSMENT TAX RETURN

We successfully filed on time the self-assessment tax returns of all our clients who had submitted their information to us by the 31st January 2013 deadline. A number of our clients are now receiving refunds of tax overpayments from H M Revenue & Customs.

If you would like help to prepare your next tax return, please contact us for a free consultation.

News from Martlet Partnership

20 September 2013

Update : National Minimum Wage

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The national minimum wage sets minimum hourly rates that employers must pay their workers. It covers almost all workers in the UK and is divided into three rates that apply to workers of different ages.

The NMW rates are reviewed each year by the Low Pay Commission and from 1 October 2011:

the main rate for workers aged 21 and over will increase to £6.08
the 18-20 rate will increase to £4.98
the 16-17 rate for workers above school leaving age but under 18 will increase to £3.68
the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship will increase to £2.60

Almost all workers who work in the UK are entitled to the national minimum wage. But there are some groups who aren't entitled, including:

self-employed people
children who are still of compulsory school age

HMRC enforces the national minimum wage. From 6 April 2009, if HMRC finds you have underpaid the national minimum wage it will issue a notice of underpayment. This will show the arrears you must pay to your workers and the penalty you must pay to HMRC.

The penalty is 50 per cent of the total underpayment that has occurred from 6 April 2009. This figure will be shown separately on the notice of underpayment. There is a minimum penalty of £100 and a maximum of £5,000. If you pay the arrears and the penalty within 14 days of the date on which the notice of underpayment is served, you only need to pay half of the penalty.

If you receive a notice of underpayment you have a right of appeal. You can appeal against:

HMRC's decision to issue a notice of underpayment
any requirement imposed by the notice of underpayment

For more information or advice please contact The Martlet Partnership Payroll Department on 01903 600555 or email gemma@martletpartnership.com