June 2018

Trustee fined for failing to report unpaid pension contributions

The administrators of a master trust failed to report the fact that they had not collected or invested nearly £900,000 of pension contributions on behalf of their members. Smart Pension Limited, which runs the Autoenrolment.co.uk master trust, failed to tell The Pensions Regulator (TPR) that 498 employers had failed to pay contributions that were due. Smart Pension also didn’t inform

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HMRC update Help to Save guidance

HMRC have updated guidance on the Help to Save scheme to include information about Universal Credits. ‘Help to Save: what it is and who it’s for’ explains about the Government saving scheme which supports working people on low incomes to build their savings. Over four years, regular savers can deposit up to £50 a month and receive up to £1,200

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Employee benefits: don’t get caught out when submitting HMRC forms

Employers who paid employee expenses or benefits during the 2017/18 tax year have until 6 July to submit their paperwork to HM Revenue & Customs, or they could face significant fines. While some employers will have opted to pay tax on any employee benefits through their payroll, many will still be required to submit P11D forms to HMRC next month.

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Tax gap shows avoidance activity in decline, says Revenue

Latest HMRC figures show an estimated £33bn tax gap in the UK tax gap in 2016-17, amounting to 5.7% of total theoretical tax liabilities and the same level the previous year, with small businesses responsible for 41% of the tax not collected. Of the total tax gap, which is the difference between the amount of tax that should, in theory,

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‘Alpha male’ culture deters women in finance

More flexible working and the restructuring of bonuses are needed to help women in finance to progress to senior levels. Added to that, firms need to abolish their ‘alpha male’ culture, the Treasury committee has recommended MPs said their inquiry into women in finance indicated culture is the overwhelming reason that women said they do not want to get involved

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Switch it off!

Mobile phones should to be switched off at 10pm if you want to prevent mood disorders and stay happy, says Professor Daniel Smith of Glasgow University.  His study found that people who spend the night checking social media or watching TV are more likely to suffer from problem such as neuroticism and bipolar disorder, and rate themselves less happy and

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HMRC Agent Update – Issue 66

HMRC’s Agent Update 66 is now available and contains a variety of articles and updates. There is a new section dedicated to Making Tax Digital (MTD), offering you a step-by-step guide, helping you get ready to bring clients into MTD and submit their tax data through MTD-compatible software. Also in this edition, there are articles about “ensuring employers meet their automatic enrolment

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Three days’ grace for late tax filers

HMRC has extended the three-day easement for PAYE late filing penalties until 5 April 2019. Its guidance, ‘What happens if you do not report payroll information on time’, provides information for employers about late or non-filing PAYE penalties, specified charges, inaccurate reports and how to avoid penalties in future. The guide has been updated to reflect the three-day easement being

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Plumber wins workers’ rights battle against Pimlico Plumbers

A plumber has won a legal battle for working rights in a Supreme Court ruling expected to have huge ramifications for freelance workers. Gary Smith had worked solely for Pimlico Plumbers for six years. Despite being VAT-registered and paying self-employed tax, he was entitled to workers’ rights, the court ruled. The ruling will be closely scrutinised by others with similar

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