Tel: 01752 710292
Email: info@mgassociates-accountancy-services.co.uk

Latest News & Events

Get up to £2k off your NICs bill

HMRC have recently announced the Employment Allowance from April 6th 2014.  

This will allow most employers to reduce their Employers Class 1A National Insurance bill by up to £2,000 in the tax year 2014/2015. 

You will be able to claim your allowance through your payroll software using the Employers Payment Summary (EPS) as part of your monthly RTI filing 

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RTI - Not as Real Time as implied

During the week I had need to phone HMRC to discuss an issue regarding an Employer Payment Submission (EPS) which I had submitted to and had confirmed as received electronically by HMRC, nothing unusual in this you might think but during our discussion it came to light that all of the submissions whether they are made by employers, accountants, payroll bureaux only get downloaded by HMRC on the 6th or 22nd of each month.  

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Increase in National Minimum Wage (NMW)

With effect from October 1st, 2010 the Nationa Minimum wage will increase as follows:

  • The adult hourly rate will increase from £5.80 to £5.93
  • The development rate, which covers workers aged 18 to 20 years, rises from £4.83 to £4.92
  • The rate for those aged 16 to 17 will increase from £3.57 to £3.64
  • There should be a single apprentice minimum wage rate of £2.50 per hour for those apprentices currently exempt from the national minimum wage; that is, all those under the age of 19 and those aged 19 and over in the first 12 months of their apprenticeship

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Self Assessment Tax Return Filing Deadline

Three weeks today, on January 31st 2014, at midnight, the Self Assessment Tax Return filing deadline will pass for all returns due for the tax year to April 5th 2013. This means that if you file your return after this

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NIC tax holiday set to launch

The government is preparing to launch its promised national insurance contribution holiday for start-up firms in certain areas of the UK.
The putative date for the launch is 6 September, although it is understood that every detail of the necessary legislation has yet to be confirmed.

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Christmas Party and the Tax man

As the works Christmas party season is now well underway I thought it would be a good time to remind you of the limit HMRC put on the value of the party to ensure that the tax man doesn't also enjoy your party as well.

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Coalition government welcomed by businesses

The Conservative and Liberal Democrat coalition government has been broadly welcomed by the business community as an important step forward to create a strong and stable government that the UK needs.

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New office

After many years developing our business from our home office where we have moved from room to larger room as we have grown along with our clients successes. We at M & G Associates are proud to announce that with immediate effect we have moved our office to City Business Park Plymouth.

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Help the environment and go green with payroll outsourcing

Want to know more, well read on.
Most people are now getting into recycling and trying to reduce their carbon footprint. You may be feeling doubtful as a company how you can make a difference, but by engaging M & G Associates to take over your payroll function we can help you to achieve this goal for you and your company.

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Social Media For Your Business

We are attending this workshop provided by Business Link on October 12, 2010 at Future Inn, Plymouth

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Call to drop fuel duty increase

With fuel prices reaching record highs and fuel duty increasing by 1 pence on April 1st-as announced in the budget. They are then being raised again in October 2010 by a further 1 pence and 0.76 pence in January 2011.

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HMRC warn of telephone scam

The HMRC have warned taxpayers of a new telephone scam. The taxpayers are contacted by fraudsters purporting to be from the HMRC informing them that they are due a tax refund and ask for their bank card details in order for the refund to be credited to it. The fraudsters then attempt to obtain funds from the account using this information.

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Reminder and Penalties

Don’t forget that your payments for PAYE/CIS/NIC need to be with HMRC by the 19th if you are paying by cheque or the 22nd if paying electronically.
Get in the habit now of making these payments on time as from May 2010 HMRC have introduced a new tougher penalty regime for late payments. You can make one late payment and then after that you will be fined for each subsequent one with fines ranging from 1% to 4% of the amount unpaid.

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Quicker if businesses correct their own VAT mistakes

Businesses have been advised by HM Revenue and Customs (HMRC) that it may be quicker if they themselves were to correct errors made in previous VAT returns.
HMRC said that if firms correct the errors, it will ensure the problem is resolved quickly and, if they are due a repayment, they may get it sooner.
HMRC has found that many of the mistakes reported to their Error Correction Team could have been amended and adjusted by the customer.

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Paternity leave, changes in fathers entitlements

It has been announced by the government that they wish to introduce new legislation to allow mothers to swap a large portion of their maternity leave with the father and it is expected that the government will want this in place before the next general election.

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NIC tax holiday

The Regional Employer National Insurance contributions holiday is now available to new business for a limited period and subject to meeting certain qualifying conditions. New businesses may be able to qualify for a reduction of up to £5,000 of the employer NICs that would normally be due - for each of the first ten employees they take on. This means a potential aid to business of up to £50,000.
If you think you qualify, contact us now and we can prepare the paperwork for you.

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Online VAT Filing Reminder

In August 2009 it was announced that with effect from April 1, 2010 all registered business with an annual VAT exclusive turnover of over £100,000 and all newly registered businesses from this date must make their returns online and pay any VAT due electronically. Make sure that you have all of your procedures and practices in place to ensure a smooth transition – if you need help or assistance with this please Contact Us.

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