`The Chartered Institute of Payroll Professionals
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• money will be collected from the bank on 23 December 2022 • interest for late payment will be removed by 24 December 2022.
No payroll professional wants to see ‘late payment interest’ on their account, so we hope that this error will be resolved as quickly as possible.
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HMRC release new P87 form and guidance notes Published: 14 December 2022 Emailed: 14 December 2022
HM Revenue and Customs (HMRC) has issued the new P87 form and guidance notes.
Individuals in paid employment needing to claim tax relief on job expenses by post are required to use the P87 form. However, from 21 December 2022, the new Tax relief for expenses of employment (P87) form and guidance notes will need to be used. A form is also available for any claims dating before 21 December 2022.
If you want to use the ‘Before 21 December 2022 use Tax relief for expenses of employment’ version of form P87, your form must reach HMRC by 20 December 2022.
It is important to complete the correct form applicable to the circumstances. The forms issued are interactive, however an accessible format can be requested to HMRC.
You can read more on the topic of claiming income tax relief for your employment expenses (P87) on the GOV.UK site.
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HMRC late payment interest rates to be revised Published: 16 December 2022 Emailed: 21 December 2022
Following the announcement of the increase of interest rate to 3.5% by the Bank of England, HM Revenue and Customs (HMRC) has outlined interest rates for late payments and repayments will be revised.
Consequently, these changes will come into effect on:
• 26 December 2022 for quarterly instalment payments • 6 January 2023 for non-quarterly instalments payments
HMRC interest rates are set in legislation and are linked to the Bank of England base rate. The rate of late payment interest encourages prompt payment and ensures fairness for those who pay their tax on time, while the rate of repayment interest fairly compensates taxpayers for loss of use of their money when they overpay. Therefore, as payroll professionals to remain complaint it is vital to have a controlled schedule of your PAYE payments and ensure the correct unique reference is used. You can read more on the topic on the GOV.UK site. Guidance link for information on the interest rates for payments on GOV.UK will be updated shortly.
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Off-payroll working reforms – effects, impacts and the future Published: 16 December 2022 Emailed: 21 December 2022
cipp.org.uk
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