The Chartered Institute of Payroll Professionals
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Update to ‘fix problems with payroll’ •
the updated fix problems with running payroll guidance is now available. However from May 2023, HMRC will publish further information and updates to this guidance • to make the relevant corrections for 2023/24, employers should still correct overpaid NICs and submit a revised full payment submission (FPS) as normal • customers will be able to ask for 2022/23 NICs to be checked for an overpayment. Subscribe to HMRC employer update emails
The official rate of interest from 6 April 2023 •
the official rate of interest is used to calculate the income tax charge on the benefit of employment related loans and the taxable benefit of some employment related living accommodation • the official rate of interest increased from 2.00% to 2.25% on 6 April 2023
Off-payroll working rules (IR35) — engaging contractors •
check the off-payroll working topic page and the ESM10006 — off-payroll working legislation for the rules applicable • rules have not changed for contractors working through their own limited company, often known as a personal service company, or other intermediary, who provide services to small client organisations in the private and voluntary sectors. More information can be found in guidance for off-payroll working for intermediaries and contractors • clients who engage contractors need to keep detailed records. Information can be found in the off-payroll guidance for clients
Understanding your obligations on right to work and national minimum wage (NMW) •
to help employers understand NMW obligations the Home Office Immigration Enforcement and HMRC are hosting a webinar on 16 May 2023 – sign up here
Other points covered are: •
simplifying and modernising HMRC’s income tax services consultation • a nnual ‘Tell ABAB’ survey gives small businesses a big voice in the tax system – take part • economic crime levy - published information includes who is liable and how those affected can register • anti-money laundering supervision — YouTube videos to help businesses • changes to VAT penalties for late filing or payments • guidelines for compliance — help with VAT apportionment of consideration • businesses misusing their till systems should come forward • preparing for the new tax year basis — income tax self-assessment.
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Agent Update: issue 107 Published: 20 April 2023 Emailed: 26 April 2023
HM Revenue and Customs (HMRC) published its issue 107 Agent Update for tax agents and advisers. The update provides information in the areas of tax, off-payroll working rules (IR35), student loans, termination payments, Making Tax Digital (MTD) and agent services.
Some of the key highlights are:
Tax
• the updated fix problems with running payroll guidance is now available. However from May 2023, HMRC will publish further information and updates to this guidance • to make the relevant corrections for 2023/24, employers should still correct overpaid NICs and submit a revised full payment submission (FPS) as normal • customers will be able to ask for 2022/23 NICs to be checked for an overpayment. Subscribe to HMRC employer update emails • announced within the growth plan 2022, the annual investment allowance amount would be set at £1,000,000 with effect from 1 April 2023 • time to pay arrangement - HMRC will now use the most recent complete tax year information available to determine eligibility
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