This newsletter is for guidance only, and professional advice should be obtained before acting on any information contained herein. Neither the publishers nor the
distributors can accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the contents of this publication.
Business Round‑up
Reminders for your
Autumn Diary
September 2014
30 End of CT61 quarterly
period.
Last day for UK
businesses to reclaim EC
VAT chargeable in 2013.
October 2014
1 Due date for payment
of Corporation Tax
for period ended
31 December 2013.
5 Individuals/trustees
must notify HMRC of
new sources of income/
chargeability in 2013/14
if a Tax Return has not
been received.
14 Due date for income tax
for the CT61 quarter to
30 September 2014.
17/22 Quarter 2 2014/15
PAYE remittance due.
PAYE Settlement
Agreement payment dates
for 2013/14.
31 Deadline for paper
submission of 2014 Tax
Return without incurring
penalties.
November 2014
1 £100 penalty if 2014
paper Tax Return not yet
filed. Additional penalties
may apply for further
delay. No penalties will
apply if online return filed
by 31 January 2015.
2 Submission date of P46
(Car) for quarter to
5 October.
Government proposes to
tackle late payment culture
Business Secretary Vince Cable has outlined
plans to increase transparency in a bid to
tackle the problem of late payment and
help small firms to get paid on time.
In a recent consultation on the issue of late
payment, a clear majority of businesses
called for measures to improve disclosure,
and the Government has announced that
it will legislate to make it compulsory for
large firms to publish information regarding
their payment practices.
The Government also plans to take steps
to remove the legal barriers which can
prevent businesses from accessing invoice
finance, and to work with the Institute
of Credit Management to strengthen the
Prompt Payment Code and increase the
accountability of signatories.
Commenting on the consultation, Matthew
Fell of the Confederation of British Industry
said, ‘The Government is rightly looking to
build a prompt payment culture, and greater
disclosure of payment practices can help
with this. However, it must be implemented
flexibly, on a ‘comply or explain’ basis.
The most effective supply chains are
collaborative, rather than confrontational, so
heavy‑handed regulatory interventions must
be avoided at all costs.’
The full consultation ‘Late payment of
finance: building a responsible payment
culture’ can be found at
gov.uk
(search
online for ‘late payment’).
Court rules that commission
must be included in holiday
pay
The European Court of Justice (ECJ) has
ruled that commission payments must be
included in holiday pay.
In the Lock v British Gas case, the ECJ
found that where commission forms all
or part of an employee’s pay, this must
be taken into account when calculating
their holiday pay. The ruling could have
a particular impact where commission
makes up a significant proportion of an
employee’s salary.
Under existing regulations, all UK workers
have the right to paid annual leave, on
the basis of a week’s pay for a week’s
leave. The ECJ ruled that as commission
is intrinsically linked to an employee’s
performance of the tasks carried out under
their employment contract, it must also be
taken into account in leave calculations.
Some experts have warned that the ruling
will lead to additional complexities and
increased expense for employers.
Pensions auto-enrolment –
do you know your staging
date?
Pensions auto-enrolment is being phased
in over the next few years, and will require
most UK employers to automatically enrol
eligible workers into a qualifying pension
scheme and to pay a minimum contribution
into the fund.
Employers must adopt auto‑enrolment
with effect from their allocated
‘staging date’. Further information
on staging dates can be viewed here:
/staging.
Recent research
has suggested
that more
than 80% of
employers
are facing
increased
administration
costs as a result
of the new regime.
If you would like
assistance with
pensions auto-enrolment
for your employees,
contact us.
Web Watch
Essential sites for business owners
Tips and trends for small businesses
Includes information on auto
enrolment
/
Business+&+Finance
Portal collating business news from a
variety of sources
Contains a wealth of HR resources
