A man posing as an accountant has been jailed for orchestrating an immigration fraud scheme that involved submitting false employment and payroll information to secure spousal visas. The ringleader charged clients annual fees for providing fake documentation and was supported by accomplices who also received prison sentences. Investigators uncovered manipulated income records and seized significant...
The interaction between student loan repayments and payrolled benefits is an important topic for both employers and employees. With HMRC’s increasing focus on real-time payroll data, understanding how these two elements work together can help businesses stay compliant and ensure accurate deductions. How Student Loan Repayments Work When an employee’s earnings cross a certain...
Employment Allowance is a valuable government scheme that allows eligible employers to reduce their annual National Insurance liability by up to £5,000. While this relief can benefit many businesses, there are certain restrictions in place—and one of the most misunderstood is the employment allowance exclusion for single-director companies. In this article, we break down what...
As an employer, you might be eligible for relief on some of your National Insurance Contributions (NIC). This can significantly lower your tax burden and might be crucial given that every firm is currently experiencing escalating prices. How much do businesses contribute to national insurance? Employers contribute to national insurance on the salary and benefits...
Since your employees are arguably the most valuable asset, it is crucial that payroll processing goes off without a hitch. Consequently, it is essential to accurately calculate their salary before filing with HM Revenue & Customs. This is where they will be required to report their income and any deductions for things like student loans,...
HMRC has reminded employers that they must submit furlough claims November 2020 under CJRS by 14 December 2020. Mr Chancellor has extended the CJRS until the end of March 2021. The government will review the scheme in January 2021. Although payroll dates may differ for the Christmas period. The claims can continue to be submitted...
The government will expand its Job Support Scheme (JSS) to protect jobs and support businesses closed due to local lockdowns. The business had to close their doors due to local lockdowns as the number of Coronavirus (COVID-19) cases continues to rise in some areas. So, under the JSS extension, the government will pay two-thirds of...
HMRC has revealed that they may have paid almost £3.5 billion in furlough scheme money on fraudulent or wrong claims. That means CJRS payments have been claimed fraudulently or paid out in error. The tax authority told MPs on the Public Accounts Committee it estimates that they have awarded 5-10% of furlough cash mistakenly. Latest...
HMRC has started off its compliance activity on Coronavirus Job Retention Scheme (CJRS) grants. They are writing letters to 3,000 employers who may need to repay some or all of their claim. HMRC has been already evaluating Coronavirus Job Retention Scheme (CJRS) applications critically. Therefore, they are now starting the next phase of its compliance...
The Institute of Chartered Accountants in England and Wales (ICAEW) has warned taxpayers that they have 90 days to notify HMRC of overclaimed coronavirus (COVID-19) grants. The 90-day period to inform HMRC of any overclaimed amounts is now law. Finance Act 2020 recently received Royal Assent, which confirms the taxability of the Coronavirus Job Retention...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
