Fraudulent penalties warning from Companies House

Fraudulent penalties warning from Companies House

Uncategorized l

FraudThe below has recently been issued by Companies House regarding fraudulent claims of penalties being due which are being received by UK businesses:

“Companies have been contacted asking for payment of a late filing penalty over the telephone.  The caller says they will accept a payment of £5 by credit or debit to place a hold on any further action being taken.

Companies House will not contact you for immediate payment of a late filing penalty or request payment of a nominal fee to place a hold on any recovery action.

The end of Class 2 NIC via Direct Debit

Budgets, National Insurance, Personal Tax l

NI StampsMany people still refer to these contributions as “stamps” from the days when you actually bought a National Insurance stamp from the Post Office to stick on a card.

Nowadays the flat rate of £2.75 per week is paid either by monthly or 6 monthly direct debit, in arrears, or on receipt of a bill from HMRC.

With effect from year 2015/2016 your Class 2 NICs liability will be established within your Self Assessment Tax Return and will be payable alongside Income Tax and Class 4 NICs which are based on the level of profits from self employment.

The final direct debit payments will be taken on 10 July 2015 for the period ended 11 April 2015.

Increased opportunity to pay your Self Assessment through your PAYE tax code

Payroll, Personal Tax, Tax/VAT Cases l

article-2284938-17AE137D000005DC-727_296x224HMRC are increasing the limit of £3,000 for underpayments which can be collected by way of adjustment to the taxpayer’s tax code but only where the main source of PAYE income is £30,000 or more.

Any tax deductions from PAYE income will be limited to a legislative 50 per cent overriding limit.

Collection of tax by this method continues to only be an option if the relevant Tax Return is submitted by 31 December after the tax year end.

No Employer’s NIC for employees aged under 21

Accounting, Businesses, National Insurance, Payroll, Uncategorized l

under21With effect from 6 April 2015 employers with employees under 21 years old will no longer have to pay Class 1 secondary National Insurance contributions (NICs) on earnings up to the Upper Secondary Threshold (£815 per week) for those employees.

You will need to record a different NI category letter for any such employees. Current category A will be replaced by category M until the employee’s 21st birthday.

There is no effect on the NICs payable by the employee.