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Welcome to our March Newswire...

Our aim is to keep you up to date with ideas and information that will help you gain the best possible advantages in working with us. This newswire will be sent regularly to help achieve this aim, and we hope you enjoy reading them.

We operate a responsible email policy at Fish Partnership, so if you do not wish to receive further copies of this newswire, click here to unsubscribe.

Entrepreneurs lose out in Spring Budget, according to The Fish Partnership

Delivering the last ever Spring Budget to Parliament the Chancellor said his announcement would set out a ‘brighter future’ for Britain.

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New late payment regulations to come into force

On 6 April 2017 new rules will come into force that will require large Limited Liability Partnerships (LLPs) and large companies to publish reports on their payment practices.

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Reminder: Payroll changes ahead

From 1 April 2017, the statutory wage for employees in the UK is to increase. The change will mean that those aged 25 and over in receipt of the National Living Wage will see their hourly rate increase from £7.20 to £7.50.

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Business rates are a "ticking time bomb"

In April 2017, businesses are expecting to receive the first indication of their new business rates following the latest revaluation.

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One in five micro-businesses unaware of Making Tax Digital, research shows

Research published by FreeAgent has found that a fifth of the smallest business are unaware of Making Tax Digital (MTD) – HM Revenue & Customs’ (HMRC) flagship policy, which will introduce quarterly electronic reporting for most businesses.

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Reporting company car expenses and fuel

If you provide cars to your employees for their own private use, you will need to report this to HM Revenue & Customs (HMRC) using form P11D at the end of the tax year.

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£30K tax-free redundancy payments set to be abolished

Payments in Lieu of Notice (PILON), one aspect of a typical redundancy payment, alongside compensation for loss of employment, is set to lose its tax-free exemption, which currently applies to payments of up to £30,000, where it is not a contractual requirement.

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Key Dates

19 March 2017 – Deadline for postal payments remittance of PAYE, NICs and CIS to HMRC.

22 March 2017 – Deadline for electronic remittance of PAYE, NICs and CIS to HMRC.

5 April 2017 – Tax year ends.

Payments of PAYE and NI must reach HMRC by the 19th of the month following the tax month in which the salary payment was made if paying by cheque, or by the 22nd of the month if paying electronically. Please note that if the 19th or 22nd falls on a weekend or bank holiday, payment must reach HMRC on the last working day before the weekend or holiday.