31st May – P60 Deadline

31st May – P60 Deadline


31st May – P60 31st May – P60 Deadline, what does this mean? It means that the 31st May 2017 is the last date by which all employees that were in your employment at 5th April 2017 should receive a P60. What is a P60? A P60 is an end of year certificate that includes gross taxable […]

31st May – P60

31st May – P60 Deadline, what does this mean? It means that the 31st May 2017 is the last date by which all employees that were in your employment at 5th April 2017 should receive a P60.

What is a P60?

A P60 is an end of year certificate that includes gross taxable income from your employment and previous employment if they have joined mid-year.

The P60 for tax year ending 5th April 2017 includes the following information:

  • employee personal information;
  • national insurance number;
  • works number;
  • national insurance letter;
  • national insurance contributions;
  • Statutory payments;
  • Other details – such as student loan deductions.

Why does the employee need a P60?

Some employees may have income from other avenues and are required to submit a self-assessment tax return which should include all income received during the year.

Some employees may require a P60 to prove income for items such as benefit claims, loans and mortgage applications.

How do we provide a P60?

Most payroll software has the facility to produce a P60 once the payroll year end has been finalised.

If for some reason the software you are using does not have this facility then you can download the P60 from HMRC.

https://www.gov.uk/government/publications/paye-draft-forms-p60-2016-to-2017

If you have an accountant or payroll provider then they should be able to assist your further, if you do not and require further assistance in completing a P60 please do not hesitate to contact us here.

What about employee’s that have left?

The only employees that receive a P60 are the employees that are still employed on the 5th April 2017.

The employees that left during the tax year (6th April 2016 to 5th April 2017) should receive a P45 on leaving which they would then present to a new employer.

Key Tax Deadlines

31st May - P60

It is important to be aware of all deadlines applicable to your business as missing specific dates could mean, interest, penalties and/or prosecution.  If in doubt please get in touch by clicking here

National Minimum Wage & Living Wage Changes – April 2017

National Minimum Wage & Living Wage Changes – April 2017


Most of you are probably aware that the national minimum wage changed from the 1st April 2017   What does this mean? If you are an employer it is your responsibility to ensure that all staff members are paid at the national minimum/living wage for their age. If they are not it could be costly […]

Most of you are probably aware that the national minimum wage changed from the 1st April 2017

 

What does this mean?

If you are an employer it is your responsibility to ensure that all staff members are paid at the national minimum/living wage for their age.

If they are not it could be costly to you as an employer.

What should I do?

Firstly, check that all staff are on at least minimum wage for their age bracket. Extra care should be taken whilst checking salaried staff against their contracted hours to ensure they are receiving the correct basic minimum wage. There are exceptions to this rule, and so it is advisable to be vigilant during this transition. If you are unsure or would like to discuss these changes in further detail please do get in touch.

What are the rates?

Minimum/Living Wage from 1st April 2017

These rates are for the National Living Wage and the National Minimum Wage. The rates change every April.

Year 25 and over 21 to 24 18 to 20 Under 18 Apprentice
October 2016 (current rate) £7.20 £6.95 £5.55 £4.00 £3.40
Apr-17 £7.50 £7.05 £5.60 £4.05 £3.50


Apprentices
are entitled to the apprentice rate if they’re either:

  • aged under 19
  • aged 19 or over and in the first year of their apprenticeship

What is the difference between the National Minimum Wage and the National Living Wage?

 

The National Living Wage relates to anyone 25 or over unless they are in their first year of an apprenticeship scheme.

When do I actually make the change?

 

HMRC guidance is that the change should be implemented from 1st April, so the new pay rate will only affect someone’s pay from the first full pay reference period after that date.

For further information and guidance please see the links below or contact Sue directly on 07733 885134 or sfcpnb@gmail.com

 

https://www.gov.uk/national-minimum-wage/who-gets-the-minimum-wage

http://www.acas.org.uk/index.aspx?articleid=1902

 

New Service Added – FRS105 Micro Entity

New Service Added – FRS105 Micro Entity


FRS105 Micro Entity We have added a new service – FRS105 Micro Entity What does this mean? We are licensed to sign off and file Limited Company accounts for Micro Entities with H.M.R.C and Companies House. Do we meet the criteria? To be eligible, your company will need to meet the criteria specified in the […]

FRS105 Micro Entity

We have added a new service – FRS105 Micro Entity

What does this mean?

We are licensed to sign off and file Limited Company accounts for Micro Entities with H.M.R.C and Companies House.

Do we meet the criteria?

To be eligible, your company will need to meet the criteria specified in the last two financial years to qualify as a Micro Entity. You need to meet at least two of the following conditions.

Criteria

  1. Turnover no more than £632,000
  2. Balance Sheet total no more than £316,000
  3. Number of employees no more than 10

Great I think I qualify – do we need to do this?

 The Financial Reporting Standard for Smaller Entities (FRSSE) has been withdrawn effective from January 2015.

Therefore for companies with accounting periods beginning on or after 1st January 2016 the option to report under FRSSE is no longer available.

Reporting under FRS105 is an option for Micro Entities, however the other alternatives are reporting under FRS102 or FRS102 section 1A.

Which ever reporting method is chosen (if you haven’t already done so) there are changes to be considered.

Why would we want to make this change?

One of the main advantages in reporting under FRS105 is that the preparation and filing of accounts is much simpler and more time efficient.

 

For more information please click here for further details. If you have any questions or would like to discuss your eligibility please contact us directly at sfcpnb@gmail.com or call Sue on 07733 885134.