Welcome to June 2019 News Update from Prestige Business Management
Welcome to June 2019 News Update – featuring additional news developments from our newsletter series.
Latest HMRC Employer Bulletin Released
The Latest HMRC Bulleting for April 2019 has been published. It includes new advice on a range of key areas including:
- Construction Industry Scheme Reminders
- Basic PAYE Tools Update – April 2019
- Welsh & Scottish Income Tax Rate Notices
- Student Loan Updates
- Diesel Supplement Company Car Tax Changes
- Cash Allowances – Flexible Benefits Packages and Sacrifice Scheme News
- Unpaid Work Trials and the National Minimum Wage – What You Need to Know
Annual Changes to VAT Fuel Scale Charges
HMRC has issued notice advice details for the period beginning after May 1st, 2019 relating to the updated VAT fuel scale charge which will begin after the next VAT period. Although, this now means that VAT-registered businesses who use the fuel scale in order to account for VAT expenditure on private use road fuel purchases by staff for the business have new guidance going forward.
HMRC Publishes “Four Step” Guide for Off-Payroll IR35 Workers
New guidance notices have been published by the HMRC in relation to off-payroll working, also known as IR35 rules. New rules, set to come into force by April 2020, will bring about major disruption to the IR35 experience.
However, the guidance outlines that the responsibility for determining whether a worker is legally “off-payroll” now falls within the purview of the organisation who utilises the services of the worker. HMRC has outlined a “four-step” process. This is a process companies can use to better help identify workers who are delivering services through Personal Service Companies.
Government “to compel” Pension Schemes To Share Data Through new Pensions Dashboard
HMRC and The Department for Work and Pensions are collaborating to help create a new scheme that will create a new “pensions dashboard”. The purpose of which is to help people understand more about multiple pensions they may hold by allowing them a single platform to view their entire pension experience.
The new DWP dashboard will, nonetheless, require pension scheme providers to make all consumers’ pension data available through the chosen dashboard platform and this will also include State Pension benefits as well – which will give a full spectrum view for people looking at the pension affairs through the new dashboard platform.
Public Shaming of Money Laundering Companies Published by HMRC
HMRC have, under their legal obligations thanks to the Money Laundering Regulations Act, published a list of companies who have not met legal requirements for the Act. Due to non-compliance HMRC have named and shamed the culprits accordingly!
The data includes names and addresses of businesses (and their ownership), the nature of the compliance issue, breaches and penalty notices and any other detail it believes is in the public interest. The decision to publish is based on a company-by-company basis. To find out who made the list, click here!