Editorial for Newsletter #368Monday, April 20th, 2009
As you will have noticed, this is a two-week newsletter, picking up changes since the end of March. The new tax year has started, bringing with it a number of important compliance issues for employers in addition to the annual update of tax codes and NICs rates. Some of the changes touched on in this newsletter are new sort code and bank account details for your monthly or quarterly payments to HMRC, handling old-style P45s that are presented by new starters, and National Minimum Wage compliance.
It’s time to start thinking about year-end reporting of expenses and benefits. HMRC has introduced new benchmark scale rate for subsistence expenses incurred during business journeys, accompanied by some useful guidance on how dispensations are reviewed. There are also some new quality standards for completing P11Ds. And our FAQ this week looks at the cost implications of PAYE Settlement Agreements – it is not too late to arrange one for benefits provided during 2008/09, that is if you can afford it!. If, however, you want to enter into a PSA to cover non-cash vouchers or expenses payments, it is far too late for 2008/09 and you need to act straight away to organise a PSA for 2009/10.
The UK Payroll News is sponsored by HRD & Payroll Solutions