A PAYE Settlement Agreement (PSA) is an annual agreement made with HMRC, which allows employers to settle the tax and National Insurance (NI) due on small or irregular taxable expenses or benefits provided to employees. An agreement must be put in place with HMRC by 6 July following the end of the tax year so for the 2016/17 tax year, the agreement would need to have been put in place by 6 July 2017.
Introduced back in April 2016, we have now seen the first tax year of HMRC’s voluntary payrolling of benefits pass relatively smoothly for both HMRC and employers. This scheme, which allows employers to choose to process the benefits provided to their employees through payroll each month to allow tax to be collected on a real time basis, has seen significant benefits for both the employee and employer.
Your company is attempting to create/improve a product or process. Could you claim R & D tax relief?
There is probably a significant difference between when individuals want to retire and when they can realistically afford to retire. Setting aside the usual back-up plans that we all share, winning the lottery, then everyone should take a bit of ownership and start planning as early as possible.
Having worked in indirect tax for over 25 years, I am well aware of the importance of not simply accepting HMRC’s viewpoint without a reasonable challenge. I regularly deal with taxpayers in dispute with HMRC. On many occasions, the quality of HMRC’s work is poor, with officers not taking the time to explain their concerns to taxpayers. Frequently, the officer finishes the visit without advising that there are any issues only for an assessment and penalty to drop through the post. Importantly, when placed under close scrutiny, HMRC’s position often does not hold up.
Many companies in the energy sector are now focussed on growth following a prolonged period of uncertainty. A new trading environment and corporate landscape is creating opportunities for businesses to grow and take a step change in how they operate. Although the focus is likely to be customer and operational, a robust capital base is a vital foundation for any growth strategy. A capital base funded by equity, supplemented by bank debt for working capital is recommended, which puts into focus equity providers and sources of growth capital.