Payroll news
Advisory fuel rates THE ADVISORY fuel rates changed with effect 1 June 2020 and apply, until further notice, to all journeys made on or after this date.
Engine size Petrol Up to 1400cc 10p
Diesel
LPG
6p
8p
1401cc to 1600cc
12p
8p
For one month from the date of change, employers could choose to use either the previous or revised rates. Employers may therefore make or require supplementary payments if they so wish but are under no obligation to do either. 1601cc to 2000cc
9p
Over 2000cc 17p 12p 11p
Employers can use their own rate which better reflects circumstances if, for example, the cars are more efficient or if the cost of business travel is higher than the guideline rate. HM Revenue & Customs (HMRC) will accept that if the employer pays up to 4 pence per mile when reimbursing their employees for business travel in a fully electric company car there is no taxable profit and no class 1 National Insurance contributions (NICs) to pay. Anti-money laundering supervision UPDATED GUIDANCE for money service businesses (MSBs) has been issued by HMRC (https://bit.ly/3hko11y). With effect from 2 June 2020, the new guidance replaces HMRC’s former anti-money laundering guidance. (The term ‘money service business’ describes various activities and includes transmitting money or any representation of money by any means.) Senior managers of MSBs are responsible for the oversight of compliance with the anti-money laundering regulations and can be held personally liable if they do not take the steps necessary to protect their business from money laundering and terrorist financing. A ‘senior manager’ is an officer or employee who has the authority to make decisions that affect their business’s exposure to money laundering and terrorist financing risk. Examples can include a director, manager, company secretary, chief executive, member of the management body, or someone who carries out those functions, or any partner in a partnership, or a sole proprietor. Home office expenses THE INCOME Tax (Exemption for Coronavirus Related Home Office Expenses) Regulations 2020 (www.legislation.gov.uk/uksi/2020/524/made), which came into force on 11 June 2020, have effect for amounts reimbursed on or after that date but before the end of tax year 2020/21. The regulations provide that there is no charge to income tax for an amount reimbursed to an employee in respect of coronavirus related home office expenses the employee incurs in respect of equipment where: • that equipment was obtained for the sole purpose of enabling the employee to work from home as a result of the coronavirus outbreak, and • the provision of the equipment would have been exempt from income tax under section 316 of the Income Tax (Earnings and Pensions) Act 2003 if it had been provided directly to the employee by or on behalf of the employer.
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Diary dates
Last day for submitting a real time information employer payment summary to apply to tax month 3 Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non- electronic method Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by electronic method
ON-PREMISES | CLOUD | OUTSOURCED ON- I ES | CLOUD | FULLY MANAGED
19 July
22 July
Last day of tax month 4 First day of tax month 5
5 August 6 August
Last day for submitting a real time information employer payment summary to apply to tax month 4 Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by non- electronic method Deadline for payment of PAYE and NICs etc to HMRC’s Accounts Office by electronic method
19 August
T: 0800 0390116 E: sales@intelligosoftware.com W: www.intelligosoftware.com T: 0 1 6 E: sales@int are.com W: w.int are.com
22 August
29
| Professional in Payroll, Pensions and Reward |
Issue 62 | July/August 2020
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