HOT TOPICS THIS SUMMER!
June 22, 2015
As we fast approach the longest day of the year, whether it feels like it or not, we are officially in summer. For me, this brings the inability to touch my toes, a lot of huffing and the slow progress from walking to waddling as I enter my very last, last trimester.
For our businesses, this summer brings a host of hot topics sent by HMRC to test our grey matter and cause us to perspire just that little bit more as the temperature rises. Fear not, however, as here at Free Range Business we have a wealth of experience, tools, contacts and energy to bring those heart rates down and guide you through some of the more complex issues being faced by most businesses today – be it sole traders, partnerships or limited companies.
Expenses and benefits
The deadline for filing your P11ds for the 14/15 tax year is now less than 3 weeks away (Monday 6th July). If you need help or have any questions then now is the time to ask! Common problem areas include company vans and private mileage, making good personal expenses and exempt expenses and benefits. HMRC are running a number of webinars to help you guide you – visit https://www.gov.uk/government/news/webinars-emails-and-videos-on-employing-people to find out more.
Employed or Self-Employed?
Ah, the age-old question of employment status. It’s been an issue and a headache for many and is still proving to be a focal point for HMRC’s attentions currently. For the sake of 10 minutes of your time, it would be worth re-assessing, printing and filing the employment status of all of your workers using the Employment Status Indicator on HMRC’s website.
Sadly even if it is not you who decides the status, it will be the engager, rather than the engaged, that they will penalise should you be wrong. If in doubt, give us a shout!
Are you paying enough holiday pay?
How much to pay an employee whilst they are on holiday has undergone some changes in the past few months. Despite a number of key cases making their way through the legal system in the UK and some clarification from the European Court of Justice, employers have been left scratching their heads about what must be paid to employees when they are on holiday.
An employee’s holiday pay is no longer limited to basic pay and employees who are paid commission, overtime or fixed bonuses are now entitled to have that taken into account too. The law is still in flux in this area, however consistency of treatment and acting in the ‘spirit’ of the recent case law will be important factors when assessing any claims, should they arise. Play it safe and recalculate ‘normal remuneration’ for all employees to ensure a good night’s sleep!
Don’t get in a pickle, simply pick up the phone or drop us an email should you need any help. With a free initial consultation and business review, what’s there to lose? Use the contact form below to get in touch NOW, or call us on 01749 345895.
Free Range Business – a fresh approach to financial services!
Happy holiday season folks