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The new Pensions Law affects your business – Part I

August 20, 2013 by Lyn Lulham

If you have at least one UK worker then you need to be ready for the new Automatic Enrolment Pensions Law which is being introduced in stages over the next four years.

Your business will be allocated a ‘staging date’ and from this period onwards, you are required by law to automatically enrol all eligible workers into a workplace pension and make contributions on their behalf. You will also need to register with The Pensions Regulator as well as provide your workers with information regarding the changes and how they will be affected. If you already offer a pension scheme, then you are obligated to ensure that it is fully compliant with the changes.

Automatic enrolment doesn’t have to be complicated or time consuming for your business. JSO have teamed up with an IFA so that we can best advise our clients at the appropriate time – not only will we be providing you with your staging date, but we’ll also deal with all of the extra data processing that is required.

In the meantime, we’ve put together some key information on automatic enrolment in our two part blog. Keep reading for Part I and check back next week for Part II.

Staging Dates

Automatic enrolment commenced in Oct 2012 and its introduction will continue over the next four years. The size of your business determines when your staging date will be. You can bring forward your staging date but you can’t delay it.

Eligible Businesses

If you have at least one worker aged between 22 and the State Pension age with at least £9440 per annum in qualifying earnings and works in the UK, you are obligated to comply with these changes. You will need to formally assess every one of your employees to determine whether they are ‘eligible jobholders’.

Choosing a Pension Scheme

Employers will need to select a pension scheme for their eligible jobholders and this could be an existing scheme already utilised by your business or a completely new scheme. It’s important to remember however that the scheme you choose must meet the strict criteria of the changes such as no barriers on age limits or probationary periods and no need for staff to provide extra information about themselves or opt in individually. One option is the National Employment Savings Trust (NEST) which was recently established by the Government to assist employers, including those with low to medium earners, to comply with the new automatic enrolment legislation. NEST is required to accept all employers who apply.

Next week, we’ll be providing information on

  • Registering with the Regulator
  • How to Make Contributions
  • Record Keeping
  • Communicating the Changes to Staff

In the meantime, if you would like to discuss how the changes are going to affect your business, call us now. Remember, we will take all the time and effort OUT of automatic enrolment. If you want to stay focused on the important parts of your business, telephone us now on  01892 770612.

RTI – Tax Code Confusion

June 17, 2013 by Lyn Lulham

If you’re confused by the PAYE tax code you’ve been issued by HMRC, you’re in the same boat as several thousands of others who have all been sent incorrect codes.

The issue has stemmed from the complexities of trying to synchronise employee records with HMRC records. Small errors on the Employer Alignment Submissions or Full Payment Submissions made to HMRC by employers means that taxable benefits aren’t being recognised and as such, an incorrect tax code is then issued.

Any employee not included in the submissions is classified as a departing member of staff however if subsequent submissions include this member of staff, they are regarded as a new staff member and issued a new tax code. Additionally, if any part of the form is incomplete with the missing information included in later submissions, the same problem occurs.

HMRC is advising all those affected to disregard their new code and continue using their old code, until the issues are fully resolved.

If RTI is costing you valuable time that you should be investing in other areas of your business, why not contact us to discuss how we can help you – phone 01892 770 612 or email lyn@justsimplyorganised.co.uk.

Follow us on Twitter and Linked In!

March 12, 2013 by Lyn Lulham

Keep up to date with JSO’s important information and industry news by following us on Twitter and Linked In.

@LynLulham                                    uk.linkedin.com/pub/lyn-lulham/17/99a/3b1/

The RTI clock is ticking…..

February 18, 2013 by Lyn Lulham

On 6 April 2013, HMRC is changing the way that employers have to report payroll information. It must be filed online on a weekly or monthly basis instead of by annual return – and there are significant penalties for non-compliance.

 

The rules apply to everyone

 

The new system applies to companies that have employees who earn less than the Lower Earnings Limit or are paid on a casual basis or annually. Even if you are one of the 20% of SMEs that don’t use a computer, you are still required to file your returns online at the appropriate times or face penalties.

 

Are you ready?

 

There is more to being ready than simply buying or updating your payroll software – some of the essential action needed BEFORE 6 April is the cleansing of your payroll data to ensure all records are accurate and complete, collection of extra data required by RTI and ensuring that you’re registered for PAYE Online. The first return, a ‘Full Payment Submission’ will then need to be made and going forward you will need to ensure that every payment of earnings is reported on or before the date of payment.

 

JSO clients can rest easy!

 

We have invested in the new software necessary to be compliant with Real Time Information and will deal with every aspect of RTI for you, ensuring as minimal disruption to your business as possible.

 

Do you know of anyone we can help?

 

We would like to help as many businesses as possible with RTI and as such, we’re offering new clients a 20% reduction on the payslip cost for the first 3 months.

 

And existing clients who refer someone new to us are eligible for a voucher – details on our website.

 

 

Penalties Re: Late VAT Returns

February 13, 2013 by Lyn Lulham

 

VAT Returns are due on 28th February!

 

HMRC have recently launched the ‘VAT Outstanding Returns’ campaign as an opportunity for you to bring your VAT Returns and payments up to date – you will need to submit them online and make any payments electronically. The campaign is targeted at businesses that are registered for VAT but still have one or more returns to complete.

 

HMRC will be pursuing as many as 50,000 businesses that have been identified as not having made a VAT Return by the due date and they may carry out checks into your tax affairs or use legal powers to get detailed information about your business and its finances.

 

Submitting your VAT Returns by 28th February will ensure that you face lower penalties than if you don’t come forward voluntarily. By not completing and submitting your VAT Returns by the due date, you run the risk of:

 

  1. Surcharges and penalties on top of the VAT you already owe
  2. HMRC estimating what you owe, which may result in you paying more than is actually due
  3. A criminal investigation into your business and its finances

 

Just Simply Organised are here to help! If you have any business colleagues or contacts that may need assistance with their VAT returns, please tell them to get in touch today.

 

Just Simply Organised Team

Are You Ready for RTI?

December 24, 2012 by Lyn Lulham

 

Are you ready for Real Time Information?

In April 2013, HMRC is changing the way that employers have to report PAYE.

What’s changing?

Real Time Information requires that your payroll information must be filed online on a weekly or monthly basis instead of by annual return. This information will be linked to the new Universal Credit system of benefits, so your employees should be made aware of this when the time comes. This applies even if you have employees on your payroll who earn less than the Lower Earnings Limit or are paid on a casual basis or annually. 

Can JSO still provide my payroll service?

We have invested in the new software necessary to be compliant with Real Time Information and will support you through this change to ensure as minimal disruption as possible. To process your payroll, we will need your employees’ full details, so please remember to use the New Starters Form on our website to ensure that we hold the complete and correct information for all new employees.

What do I need to know now?
We will be contacting all our clients to provide information about the Real Time Information change so make sure you look out for our correspondence.

 

There are several important points to note:

 

A specific filing date will be issued to everyone running a payroll – it will be impossible to deviate from this date and there will be penalties involved for non-compliance.

Once the payroll has been filed, no alterations will be possible.

 

If you have any questions, please don’t hesitate to get in touch and if you know of anyone who would appreciate learning more about our payroll service, please ask them to contact us at info@justsimplyorganised.co.uk.

 

 

Just Simply Organised new client area on website

July 13, 2012 by Lyn Lulham

We have just added a new page to our website for password protected client login. This will be an area where we will putting various forms/downloads for our clients to make life easier in the running of their business. At the moment it has some payroll forms in pdf and word documents which can be filled in and sent back to us via the website. We will be adding to these documents on a regular basis so keep checking to see how we can help you in other areas.

 In order to obtain your personal login details, please call the office and we will then email them to you. Once you login the first time you can change the password to a more memorable one for you and don’t worry if you forget it as it is very easy to obtain a new one!

News from Just Simply Organised: Anne-Marie

July 3, 2012 by Lyn Lulham

It was with great sadness that we bade a fond farewell to Anne-Marie last week as she set off on a new adventure. She has moved to Northamptonshire with her partner as his firm has relocated to the area. They have just bought their first property and moved in at the weekend.

 Anne-Marie had been with us for nearly two and a half years  and it has been a great pleasure to work with her. I am sure all who know her will join us in wishing her the very best of luck in her new life.

 At the same time we are very excited to welcome Suzanne to JSO and she will be starting on Monday and taking over the payroll from Anne-Marie plus some of her bookkeeping clients. Claire, who has been with us for a number of years, will take over the other clients and we will, of course, inform everyone who will be dealing with their records.

Electrician’s Tax Safe Plan

February 23, 2012 by Lyn Lulham

As with an earlier blog advising on the Plumbers Safe Tax Plan, HMRC are now focusing on electricians, investigating tax underpayments and allowing electricians time to come forward to HMRC with any tax irregularities. According to HMRC an electrician is anyone who:

  • Installs
  • Maintains 
  • Tests     electrical systems, equipment, appliances.

Individuals affected must notify HMRC by 15th May 2012 of their intentions to take part either online, by phone or by post.

Disclosure must then be made and any unpaid tax paid by 14th August 2012.

A ‘penalty calculator’ has been provided by HMRC to allow tax payers to calculate the level of penalty due.

Business Record Checks….Update

February 23, 2012 by Lyn Lulham

HMRC have now announced that business record checks are to be suspended until the new tax year 2012/13. From this point forward they will be implementing a new approach to the checks.

This comes after the pilot program of some 2,437 visits up to 4th January 2012 found inadequacies in around 28% of business checks. Additionally a further 11% had issues serious enough for a follow-up visit.

HMRC will continue to visit businesses already booked and also any follow-up visits. New business record checks however, will be undertaken in the new financial year.

Further information will be reported once HMRC confirm the start date of the newly revised business record checks. HMRC have announced that when the program re-launches it will initially be looking at businesses that are considered to be of higher risk of keeping inadequate records.

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