Catching up with Tax Returns

Until 15th October 2013, HM Revenue & Customs (HMRC) are running a campaign to encourage personal taxpayers to submit their overdue tax returns.


The campaign, called “My Tax Return Catch-up,” is aimed at individuals who have been sent a personal tax return form (or notice to complete a tax return) for the 2011/2012 tax year, or earlier. It is intended to offer a quick and straightforward way to bring your tax affairs up to date and by taking part you will receive better terms than would normally be the case.

To take part in My Tax Return Catch Up there are three steps – firstly to advise HMRC that you want to join the campaign; secondly to complete and submit all your outstanding returns; finally to pay the sum owed (or claim any repayment that might be due).

The 15th October is the deadline for submitting outstanding returns and is also the date for paying any tax which is due. However, if

payment in one lump sum is not practical, then you are able to ask for the tax bill to be spread over a number of monthly payments.

The incentive for joining this catch-up campaign is a reduced penalty for late submission of returns or late payment of tax. Therefore, this opportunity to get your tax affairs in order should not be missed.

If you have found the completion of tax returns to be a daunting task and would like help, please contact the office on 023 8023 4222

Auto Enrolment for workplace pensions

All employers need to be aware of their responsibilities under the new Pension

Legislation - they are not optional!

The only exception will be if employees decide to opt out, but this will be subject to

close scrutiny, to ensure that employers are not coercing their employees into opting

out.

Any employee who does opt out will need to renew their decision every three years, or by default they will be enrolled into a pension scheme automatically.

One type of workplace pension scheme is NEST (National Employment Savings Trust) but other types of pension arrangements are available. The start date that auto-enrolment rules come into effect is called the Staging Date and is staggered depending on the size of the business.

It is the smaller employers, probably with little experience of pensions, who are more likely to find it difficult to cope with these changes. The message to employers is to start preparing at least a year before their staging date, to ensure a smoother

transition and less upheaval.

Prepare now by nominating a contact point within your business and check your staging date.

Plan now for action at least a year before your staging date by:

• Assessing your workforce to identify eligible jobholders, non-eligible jobholders and entitled workers

• Reviewing your pension arrangements – you may already have an existing scheme that can be adapted for auto-enrolment.

If you would like help in finding out your staging date, or if you need guidance around any part of the administration process please contact me.