…..take a look at all the things you can do with your personal tax account. The list is growing all the time – HMRC is always working to improve the personal tax account and add new services to it.
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Requirement to Correct 19 June 2018
New legislation has been introduced requiring UK taxpayers (including non UK resident trustees and non-resident landlords) who have undeclared UK tax liabilities on foreign income and assets to declare this to HMRC before 30 September 2018.
The new legislation is called Requirement to Correct (Section 67 and Schedule 18 of the Finance (No.2) Act 2017 and relates to liabilities to Income Tax, Capital Gains Tax and Inheritance Tax involving offshore matters or transfers.
HMRC suggests that you may want to draw your employees’ attention to this new legislation as substantially higher penalties of between 100-200% of the tax owed will be applied to those who fail to disclose any tax due on foreign income following 30 September 2018.
Further information for employees is available on GOV.UK.
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You could reduce your payroll queries 21 June 2018
Many of the queries employees bring to your payroll and HR teams could be answered in their Personal Tax Account (PTA). Why not encourage your employees to self-serve online by activating their PTA? Those employees who already have may not fully appreciate all the information available.
Online Personal Tax Accounts are a secure and simple way for employees to manage their tax affairs online and have been available for all PAYE employees since December 2015; 15 million people are already using theirs.
What can it do? HMRC can only work from the information that it has, so if your employees have a change in their financial circumstances or address please encourage them to let HMRC know through their PTA. Individuals can also: • Print proof of their National Insurance number (handy for new employees completing new starter checklists) • View and print a copy of the pay and tax details for the last 4 tax years, which may be required for mortgage or loan applications or tax credit applications • Claim tax relief on business expenses, whether that’s for cleaning their uniform or replacing their tools • Update the information HMRC hold on the benefits they receive, such as company car or medical cover • Check their state pension situation – explore when they can start to receive it and how much they are likely to get • Claim a tax repayment; if a customer has received a letter from HMRC advising that they’ve paid too much tax over the course of the year they can claim their rebate online. The full refund will be paid in to their bank account within five working days • For tax credits, check their payments, make changes to their circumstances and complete their renewals. Further information The PTA is intuitive and straightforward to set up. You can direct your employees to www.gov.uk/personal-tax-account for details of how to use register and use their PTA.
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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