Business representatives in the Sheffield area are to be given a “hot off the press” opportunity next month to hear the Bank of England’s latest views on the economy.
Economist Will Holman, from the Bank’s agency for Yorkshire and the Humber, will be speaking at a breakfast seminar in Sheffield on Thursday, May 15 – the day after the Bank publishes its latest inflation report.
The focus will be on key issues involving inflation and growth and Mr Holman will be inviting questions on any aspect of the Bank’s activities.
The free seminar, hosted by Sheffield-based independent chartered accountants and specialist business advisers Hawsons, of Glossop Road, will be held at the Copthorne Hotel, Bramall Lane.
Registration and free refreshments, including tea, coffee and bacon rolls, is at 7.45am and the presentation runs from 8.30am to 10am.
For more details, and to enrol, contact Mel Chittenden at Hawsons (tel: 0114 266 7141 or e-mail: [email protected]
The forms P11D, and where appropriate P9D, which report details of expenses and benefits provided to employees and directors for the year ended 5 April 2014, are due for submission to HMRC by 6 July 2014. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute.
Employees pay tax on benefits provided as shown on the P11D, either via a PAYE coding notice adjustment or through the self assessment system. In addition, the employer has to pay Class 1A National Insurance Contributions at 13.8% on the provision of most benefits. The calculation of this liability is detailed on the P11D(b) form.
HMRC have updated their expenses and benefits toolkit for 2013/14 and record keeping for 2014/15. The toolkit consists of a checklist which may be used by advisers or employers to check they are completing the forms P11D correctly.
If you would like any help with the completion of the forms or the calculation of the associated Class 1A National Insurance liability please get in touch.
Stephen Charles is a tax partner at the firm, specialising in corporate and business taxation. For more details and advice, please contact Stephen on [email protected] or 0114 266 7141.[/author_info]
Advisory fuel rates for company cars and fuel benefit charge
Where private fuel is provided by the employer for a company car then a separate benefit is assessable on the employee. This benefit charge is calculated by applying the same percentage figure used to calculate the company car benefit to a fixed figure which for 2014/15 is set at £21,700. The percentage is linked to the car’s CO2 emission figures.
Now is a good time to consider whether this benefit is value for money for both the employee and employer.
The alternative is to reimburse the employee for business miles using the company car advisory fuel rates. The current rates are:
Engine size
Petrol
1400cc or less
14p
1401cc – 2000cc
16p
Over 2000cc
24p
Engine size
LPG
1400cc or less
9p
1401cc – 2000cc
11p
Over 2000cc
17p
Engine size
Diesel
1600cc or less
12p
1601cc – 2000cc
14p
Over 2000cc
17p
Other points to be aware of about the advisory fuel rates:
Employers do not need a dispensation to use these rates.
Employees driving employer provided cars are not entitled to use these rates to claim tax relief if employers reimburse them at lower rates. Such claims should be based on the actual costs incurred.
The advisory rates are not binding where an employer can demonstrate that the cost of business travel in employer provided cars is higher than the guideline mileage rates. The higher cost would need to be agreed with HMRC under a dispensation.
If you would like to discuss your car policy, please contact us.
If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.
Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.
The Government has approved a rise in the National Minimum Wage rates which will come into effect on 1 October 2014:
a 19p (3%) increase in the adult rate (from £6.31 to £6.50 per hour)
a 10p (2%) increase in the rate for 18 to 20 year olds (from £5.03 to £5.13 per hour)
a 7p (2%) increase in the rate for 16 to 17 year olds (from £3.72 to £3.79 per hour)
a 5p (2%) increase in the rate for apprentices (from £2.68 to £2.73 per hour.
The rise will take effect in October 2014, as Business Secretary Vince Cable has accepted in full the independent Low Pay Commission’s recommendations for 2014, including plans for bigger increases in future than in recent years.
The Low Pay Commission (LPC) has said the rise, the first real terms cash increase since 2008, is manageable for employers and will support full employment.
Business Secretary Vince Cable said:
‘The recommendations I have accepted today (12 March 2014) mean that low paid workers will enjoy the biggest cash increase in their take home pay since 2008. This will benefit over 1 million workers on National Minimum Wage and marks the start of a welcome new phase in minimum wage policy.’
Meanwhile HMRC have revealed some of the excuses given for not paying the NMW.
Confidential Information security warning for the health sector
Healthcare professionals and managers working in the Sheffield region are being warned of the grave consequences of allowing the confidential patient or staff data to go astray.
Damaged reputations and fines of up to £500,000 could result from breaches of information security, says Scott Sanderson, healthcare sector manager for Sheffield independent chartered accountants and specialist business advisors Hawsons, of Glossop Road.
He points out that instances of fines imposed by the Information Commissioner’s Office (ICO) underline the dangers – £55,000 for faxes of patient data sent to the wrong person, £200,000 for patient data found on second-hand PCs sold on e-bay, £60,000 for letters containing patient data sent to the wrong recipients and £225,000 for confidential paper records of patient data left in an unattended site which was not physically secured.
Scott adds: “It is especially important to know that when you outsource the processing of personal data, whether it is patient or staff data, the responsibility for the security of that data remains with you and it is your organisation that is fined or reprimanded in the event of a data loss. In short, you can’t outsource your information security responsibilities.”
The best practice way to reduce the risk of data loss and bad publicity, he says, is to implement an Information Security Management System (ISMS), which is a documented, systematic and methodical way of identifying and managing the risks and educating your staff so that you and your patients know that their data is being cared for in the right way.
Scott began his career with Hawsons and trained as a Chartered Accountant, becoming a partner in 2015, specialising in the healthcare sector. For more details and advice, please contact Scott on [email protected] or 0114 266 7141. You can also follow Scott on LinkedIn
