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Welcome to the First 2014 Edition of Whiting & Partners Newsletter


This month we report on announcements regarding Real Time Information (RTI), PAYE tax codes, and some details on the new class of National Insurance Contributions (NIC).  

We also report on the consultation on zero hours contracts and if you are reading this on your smartphone, does your business have a 'Bring Your Own Device' policy?
 
Please contact us if you would like any further details on any of the issues covered.

Growth Vouchers


Whiting & Partners are amongst the first local accountancy firms to accept the Government's GROWTH Vouchers.

Mark Haydon, Managing Partner of the Firm, commented:

"We are excited to be part of the program and look forward to helping local businesses achieve their aims and objectives. With our specialist, and industry sector, teams we are always  actively looking for the Government support to reinforce our activity and reduce the costs for clients and non clients alike and this is a good opportunity.

More extensive growth development assistance is also available through the Government sponsored GrowthAccelerator programme."


For further information please contact Mark Haydon.
RTI and Micro Employers
HMRC have announced that, although the vast majority of employers are finding PAYE reporting in real time straightforward, a small proportion of micro employers and their agents still need more time to adapt.  They have therefore announced that existing employers with nine or fewer employees who need more time to adapt will be able to report PAYE information on or before the last payday in the tax month until April 2016.
 
Help to Buy Mortgage Guarantee Completions
The Government has announced that 'nearly 750' homes have been brought and 6,000 offers made since the mortgage guarantee scheme started.
 
PAYE Coding Notices
Over the next few months HMRC will be sending out new PAYE tax codes for the 2014/15 tax year.

HMRC are advising that some individuals may receive more than one coding especially if they have:
  • two or more employments at the same time
  • income from two or more pensions
  • pension income and employment income.
Personal Device at Work Policy
The Information Commissioner's Office (ICO) is advising that organisations should have a clear 'Personal Device at Work' policy.
DWP Issue Guidance on New Class 3A NIC
The Government wants to offer help to existing pensioners and people who reach State Pension age before 6 April 2016, when the single-tier pension is introduced, to give:
  • 'people in the pre single tier population, who may have lost out because of the structure of the legacy second pension system, the opportunity to increase their state pension in retirement.
  • hard pressed pensioners, especially those who rely on their capital to supplement their income, an opportunity to top up their pension in a way that will protect them from inflation and
  • people with small amounts of pension saving a secure way of achieving an income.'
Zero Hours Contracts
Business Secretary, Vince Cable has announced that, under new proposals, employers could be banned from imposing 'exclusivity' on zero hours contracts which offer no guarantee of work and stop employees from working for another employer.

Excuses Excuses

HMRC have released the 'Top 10 Oddest Excuses' for sending in a late self-assessment return.  These include a dead goldfish and a run in with a cow!
  
Internet Link: HMRC Top 10
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