Industry News
HMRC: HM Revenue & Customs (HMRC) has issued an alert to employers with 50 or more employees - important PAYE changes come into effect in April 2009, so make sure you're ready for them. These employers must send their employee starter & leaver information - P45s, P46s and P46 (Pen) for pensions - online from 6 April 2009. Failure to do so could result in a penalty.
A new podcast, which explains the changes and offers help & advice on preparing for them, is available to download free from the HMRC website.
Press release ~ Listen to the PAYE in-year filing podcast ~ HMRC - Year-round payroll, calculations and form filling
HMRC: Businesses need to get ready for the new aligned compliance checks framework that comes into effect next month, HM Revenue & Customs (HMRC) has warned. With new information and inspection powers, record keeping requirements, time limits for tax assessments & claims and the accompanying safeguards, businesses need to make sure that they know what this will mean for them.
From 1 April 2009, HMRC will have one set of powers & safeguards covering PAYE, VAT, Income Tax, Capital Gains Tax, Corporation Tax and the Construction Industry Scheme. There will also be safeguards in place to ensure that the powers are used appropriately.
Press release ~ Listen to the Compliance Checks podcast ~ Changes to how HM Revenue & Customs carries out compliance checks from 1 April 2009
FSA: Following extensive consultation and to help improve transparency in current market conditions, the new disclosure regime for Contracts for Difference (CfDs) will now take effect from 1 June 2009. The new rules would have applied originally from September 2009.
Details of the new regime are set out in a Policy Statement on CfDs published by the Financial Services Authority (FSA).
HMRC: Employers are being reminded by HM Revenue & Customs (HMRC) that they must use the new A4 version of form P45from 6 April 2009. The new version was introduced in October 2008 and now includes an employee's date of birth & gender. Any stocks of old A5 versions of the P45 should be destroyed.
Employers who use HMRC's free Online Return and Forms - PAYE service can print parts 1A, 2 and 3 of form P45 onto A4 plain paper, when they have submitted the P45 part 1 (employee leaving details) to HMRC online. This facility is also available in some payroll software packages. The form should be printed onto white A4 paper, using black ink.
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