Latest news from HCA – May 2017

Reporting Expenses and Benefits in Kind for the 2016-2017 tax year 

The deadline for reporting Expenses and Benefits in Kind, using P11d, to HMRC for tax year 2016-2017 is 6 July 2017. 

Please note that the HMRC online service will no longer pre-populate the total amount liable to Class 1A National Insurance contributions (NICs) field from the P11D figures. This is to allow employers who are payrolling some or all of the benefits to use the service. You might need to calculate the figure manually if your Payroll software doesn’t do this for you.

For more information from HMRC, please click here or contact us at HCA.  

Fraud on the provision of labour in the construction sector: VAT consultation

Options to combat missing trader fraud in the provision of labour in the construction sector are also being consulted on. In particular, the government wants to explore how a VAT reverse charge might work in the UK’s construction sector. 

A reverse charge shifts the responsibility for paying the VAT along the supply chain to remove the opportunity for VAT to be stolen.  In the proposal, the sub-contractor will issue a Reverse Charge invoice (with no VAT charged) and the contractor treats the VAT that would have been charged as both an input and an output tax on their return. The consultation closes 9th June. 

For more details please click here

7 things to remember about developing a backup process 

Technical glitches, human error, security fails, natural disasters, and even animals can all lead to a data loss. Are your disaster recovery plans up-to-date? Are your valuable files stored safely? 

Any loss of data is costly, but it is a result of cybercrime, then as mentioned in previously monthly news, then the cost could be much higher. We recommend you plan your approach to data backup to also consider data theft and roadblocks related to cybercrime.  

When considering your backup practices, here are some important tips to keep in mind: 

  1. Create a Schedule for your backups, don’t rely on memory
  2. Don’t Forget about your Host Operating System 
  3. Check your MFT Configurations and Settings 
  4. Consider your Data Retention Policy 
  5. Use Event Rules to create
  6. Consider the Impact on Storage
  7. Perform thorough validation and testing to guarantee that when you use your backups, they will actually work

If you would like to discuss your security or data back up processes, then please speak to Chris in our IT-tech team.

Automatic Enrolment - Declaration of compliance

A Declaration of compliance is an online form that must be completed to let The Pensions Regulator know how employers have met their legal duties for automatic enrolment. 

It must be completed within 5 months of your Staging Date.

We recommend starting the declaration as soon as you can. Adding the required information as it becomes available will help make sure you don't miss your deadline. 

Fines and penalties will apply if you miss your declaration date. 

The Pensions Regulator has issued a checklist to help you complete your declaration accurately and on time.  Please click here to view.

Childcare Choices website launched

The new Childcare Choices website has launched, meaning that millions of parents can pre-register for the government’s new childcare offers.

Childcare Choices brings together all the government childcare offers for the first time, helping parents find the right childcare support to suit them. 

As part of Childcare Choices, the government is introducing two new schemes in 2017;

  1. The introduction of Tax-Free Childcare began in April, for parents of the youngest children. It will be gradually rolled out over 2017 – cutting childcare costs by up to £2,000 per child per year, or £4,000 for disabled children, for working parents across the UK.
  2. The new 30 hours free childcare offer will be available in England for working parents of three and four year olds from September 2017. Parents will be able to apply in advance of September, and at the same time as Tax-Free Childcare.

The Childcare Choices website includes a Childcare Calculator for parents to compare the government’s childcare offers and check what works best for their families.

Supporting the Construction Industry

In our December news, we announced the launch of our support services for the construction industry.

We are delighted to have since continued the growth in our client base in this sector and have the opportunity to share our expertise further with both start-up and established businesses.

At this time, just after a tax year end, we are busy completing Self Assessment returns for Subcontractors who have overpaid tax for 2016/17. Quite often this is as a result of Gross Deductions under the Construction Industry Scheme or allowable expenses previously unclaimed.

If we can help you or a colleague with your tax returns, then please do not hesitate to contact us.