Taxpro Rebates’ Post

1. Do you earn over £18,000 a year as a PAYE employee 2. Do you travel to more than one location as part of your work over a 12-month period 3. Do you incur expenses as part of your job that are not fully reimbursed by your employer? If you meet these four key criteria then you’re due a HMRC tax rebate DM for more info 📭 #TaxRebates #MoneyBack #PAYEWorkers #TaxSavings #TaxHelp

Currently, if HMRC calculate that a tax repayment is due and the claim is not made online, they will send the taxpayer a cheque after 21 days. The section ‘Tax calculation repayments for PAYE customers' details how this process changed from 31 May 2024. Cheques will no longer be issued and taxpayers will have to claim their repayments online (one option being to use a Government Gateway user ID.). This can also be done via the Taxpayer's Personal Tax Account. #news #taxnews #HMRC #bookkeeping #accountancy #finance #businesssupport

Update 🎯 : HMRC Monthly Bulletin Every month HMRC release an issue of the Employer Bulletin, this is the February 2024 issue summarised. 1️⃣ Transition to Digital Reporting of Employment Benefits (2026): Get ready for the shift to digital reporting, ensuring smooth compliance with forthcoming regulations. 2️⃣ PAYE Tax and Class 1A National Insurance on Non-Cash Incentive Awards: Understand your tax liabilities on non-cash incentive awards and consider Taxed Award Schemes (TAS) for compliance. 3️⃣ 2024 National Insurance Contributions Rate Changes: Stay updated on recent adjustments in National Insurance rates to avoid potential penalties. 4️⃣ End of Year Reporting: Prepare for your final submissions of the year, including providing P60 forms to employees by 31 May 2024. HMRC post loads of information regarding updates and changes to regulations and tax law - I'll be regularly posting about necessary information, how you can be implicated and general tips whether you're an employee or an employer - Topics will range #hmrc #stayupdated #taxhelp

📌 Friendly HMRC Reminder! 📌 Just a quick heads-up that any payments owed to HMRC for your employee’s PAYE or NI contributions, should be settled by the 22nd of the subsequent tax month or quarter for quarterly payments. Don't forget to log in to your HMRC online account and make your payment today! Feeling overwhelmed with all these deadlines? Sign up now and we can help: https://lnkd.in/dD4AaQXh #Reminder

This might sound like obvious advice, but... 𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝘁𝗮𝘅 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲 𝗶𝘀 𝗰𝗿𝘂𝗰𝗶𝗮𝗹 𝘁𝗼 𝗮𝘃𝗼𝗶𝗱 𝗽***𝗶𝗻𝗴 𝗼𝗳𝗳 𝗛𝗠𝗥𝗖. Here's what every employer needs to know: 🧮 𝗖𝗼𝗿𝗿𝗲𝗰𝘁 𝗗𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀 𝗔𝗿𝗲 𝗞𝗲𝘆: Failing to accurately deduct Income Tax and National Insurance from employee wages? That's a direct route to an HMRC investigation. Adhering to the PAYE system is not just recommended; it's essential. ⌚ 𝗧𝗶𝗺𝗶𝗻𝗴 𝗜𝘀 𝗘𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴: Missed the deadline for PAYE payments? Remember, the clock ticks till the 22nd for electronic payments and the 19th for cheques. Late payments could mean penalties knocking at your door. 📒 𝗔𝗰𝗰𝘂𝗿𝗮𝗰𝘆 𝗶𝗻 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴: The Real Time Information (RTI) system requires precise information on payments and deductions. Any errors? You're looking at fines. Ensuring accuracy in every submission is paramount. 👷 𝗘𝗺𝗽𝗹𝗼𝘆𝗲𝗿 𝗖𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻𝘀 𝗠𝗮𝘁𝘁𝗲𝗿 𝗧𝗼𝗼: It's not all about employee deductions. Employers have their share of National Insurance to contend with. Delay or forget these payments, and penalties plus interest charges become an unwelcome reality. Navigating these aspects of tax compliance helps maintain a smooth operation and keeps those dreaded penalties at bay. #HMRC #PAYE #DidYouKnow #BusinessTips

Stop press: the changes are being halted: https://lnkd.in/emEHD_zR

🌐 Beware of Non-Compliant Umbrella Companies! 🌐 Learn about the risks of working with non-compliant umbrella companies promoting tax avoidance schemes. If you use or place temporary workers, ensure you're working with reputable suppliers to avoid serious consequences like tax compliance checks, penalties, and reputational damage. 🔍 Stay Compliant: Check PAYE: Regularly request sample payslips. Contract Clauses: Require PAYE submission evidence and indemnity. Verify with HMRC: Stop activity with listed non-compliant companies. Educate Workers: Share HMRC’s tax avoidance awareness campaign. Report suspected tax avoidance to HMRC immediately. For guidance, call us at 0121 771 4161 or visit www.naseems.co.uk. #TaxCompliance #UmbrellaCompanies #TaxAvoidance #HMRC #BusinessAdvice #TemporaryWorkers #Payroll #Contractors #PAYE #TaxConsultation #NaseemsTax #TaxGuidance #TaxSchemes #BusinessRisk #ReputationManagement #TaxLiability

The latest changes announced by HMRC as part of on-going measures to simplify tax include the mandatory payrolling of benefits in kind (PBIK) from 6 April 2026, and the collection via the payroll of both the income tax and Class 1A National Insurance Contributions due on those benefits. Even for employers familiar with PBIK, the collection of Class 1A NIC via the payroll will be a new aspect which needs to managed, and for the large number of employers who currently report all benefits on Form P11D this will require a significant change to their current processes. Whilst this change is considered by HMRC to be simplification, correctly operating PBIK and collecting the right amount of income tax (and Class 1A NIC from 6 April 2026) via payroll is not straightforward and can present employers with a number of challenges, not least around valuation of benefits, and requires robust processes and controls. More on this topic to follow. #employmenttax #nic #simplification

"How do I know I'm eligible?🤔" Did you know? 1 in 3 UK tax payers are eligible to claim a tax refund if they meet the following criteria👇 ✅You are a PAYE (Pay As You Earn) employee earning enough to pay income tax ✅You are travelling to multiple sites/locations as part of their job role ✅You are incurring expenses such as food/drink on the go, travel, and uniform laundry that are not reimbursed by your employer Sound like you? You could be entitled to a rebate of up to £2,000 back from HMRC💰Let Swift Refunds help put your money back in your pocket👉https://hubs.li/Q02xVzm30