Harmonea work with a number of professions in the following areas:
If you would like an introduction to any of these people, please let us know as we will be pleased to do an introduction for you.
| CIS (Construction Industry Scheme)
You must tell HM Revenue and Customs each month about payments you’ve made to subcontractors through your monthly return. You need to send your monthly returns or submit them online to HM Revenue and Customs by the 19th of every month following the last tax month. You must pay HM Revenue and Customs every month by the 22nd (or the 19th if you’re paying by post). You may be charged interest and penalties if you pay late. Pay CIS deductions to HMRC in the same way as PAYE and National Insurance payments. |
We can run your payroll for you and save you the worry of meeting HMRC’s strict compliance rules and missing important deadlines. When we run your payroll, whether it is weekly, monthly or 4 weekly we will email you the following documents;
Our fees for payroll from April 2019 are as follows;
Employees and new scheme
Auto-enrolment for setting up new scheme
The IR35 legislation is aimed at what HMRC calls “disguised employees”. These are individuals who attempt to use an intermediary, usually their own limited company (a “personal service company”) to avoid paying tax. Before the IR35 legislation closed the loophole in the law, people could set up a limited company and then hire out their services in that company’s name to do the same job as an employee. Working through a company significantly reduced their tax bills, as well as the employer’s national insurance bill of the “client” who would otherwise have been their employer.
The IR35 legislation aims to prevent this form of tax avoidance by differentiating between individuals who operate as genuine contractors, and those who work as independent entities but with the working conditions of employees. HMRC can launch IR35 enquiries and inspect contracts and arrangements, and if they decide that a self-employed contractor is “inside IR35” i.e. a “disguised employee”, they can require payment of backdated tax, national insurance, interest and possibly a penalty. It’s therefore essential that self-employed contractors operating through limited companies are aware of this and check their contracts carefully to ensure compliance with the IR35 rules, or seek help to do this.
If you are concerned about IR35, you can talk to us.
HMRC are keen for individuals to set up their own personal tax account. It should take about 10 minutes and you will need to identify yourself, so have your NI number to hand and a copy of either your P60 or latest payslip. Once you have set yourself up you can use the account to;
If you are self employed you can use it to;
Annual Accounts and Corporation Tax
After the end of its financial year, your private limited company must prepare:
You need your accounts and tax return to meet deadlines for filing with Companies House and HM Revenue and Customs.
Action Deadline
File first accounts with Companies House 21 months after the date you registered with Companies House
File annual accounts with Companies House 9 months after your company’s financial year ends
Pay Corporation Tax 9 months and 1 day after your ‘accounting period for Corporation Tax ends
File a Company Tax Return 12 months after your accounting period for Corporation Tax ends
You usually submit a VAT Return to HM Revenue and Customs every 3 months.
Action Deadline
Submit Online VAT return 7 calendar days after the standard deadline – extended deadline
Payment Online 7 calendar days after the standard deadline – extended deadline
Payment by DDM 3 bank working days after the extended deadline
For example:
Return period Paper return Online return Pay online Pay by DDM
30 April 31 May 7 June 7 June 10 June
Taking on employees can be a real headache and the legislation can be a mine field. Have your employees all got up to date contracts? Do you need some help and support? Get in touch with us and we can introduce you to some of our excellent contacts.
Outsourcing your payroll can save you time and money and will ensure you are compliant with all legislation
All data must now be submitted to HMRC before or on each payday and in real time. Failure to do so can result in fines. By outsourcing your payroll to Harmonea you can be sure that all your data is submitted to HMRC as and when required.
Our aim is to provide professional, accurate and timely payroll support. We tailor our product to match each client’s individual needs and ensure you will never miss a PAYE deadline again.
Childcare voucher schemes allow an employee to receive childcare vouchers in lieu of up to £55 per week of their wages and no tax or national insurance will be paid on this. However, this scheme was closed to new applicants with effect from 4th October 2018 (although the scheme continues to run for successful applicants prior to that date, provided certain conditions are met).
The government has introduced a new childcare scheme, called Tax-Free Childcare. This could provide up to £500 every 3 months, up to £2000 per year, to help with childcare costs for each child. The funds must be used for approved childcare. Therefore, the childcare provider must be signed up to the scheme.
To qualify for Tax-Free Childcare, the claimant and partner must be in work for 16 hours a week. Single claimants may also apply. It is possible to claim if on sick leave, annual leave or parental leave (although it is not possible to claim for the child for whom the parental leave is being taken). If the claimant is not working but the partner is, then it may still be possible to qualify if in receipt of certain benefits or allowances.
Child(ren) are eligible up to 1st September following their 11th birthday. Adopted children are also eligible, but foster children are not. If a child is disabled, then it may be possible to qualify for Tax-Free Childcare for longer.
It is possible to receive Tax-Fee Childcare at the same time as receiving 30 hours free childcare if eligible for both. However, it is not possible to receive Tax- Free Childcare at the same time as receiving Working Tax Credit, Child Tax Credit, Universal Credit or childcare vouchers (if already in receipt of childcare vouchers prior to 4th October 2018).
The HMRC website has a “childcare calculator” link, designed to help work out whether Tax – Free Childcare is the best option, as opposed to other benefits. It is also possible to apply online for Tax – Free Childcare, again through the HMRC website.
Please contact Tracy if you would like any further information on this.