Late FPS Reasons

Late FPS Reasons

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Hi there

Maybe a daft question but does anyone know the full explanations of the following 'Late FPS' reasons?

  • A - Notional payment: Payment to Expat by third party or overseas employer
  • B - Notional payment: Employment related security
  • C - Notional payment: Other
  • D - Payment subject to Class 1 NICs but P11D/P9D for tax
  • E - Micro employer using temporary 'on or before' relaxation
  • F - No requirement to maintain a Deductions Working Sheet/Impractical to report work done on the day
  • G - Reasonable excuse
  • H - Correction to earlier submission

Obviously most are them are pretty self explanatory, however what do B & C mean?

I have called Sage helpline who did not have a clue and have spent 20 minutes on the phone to HMRC without speaking to a human so gave up.

Many thanks for any answers

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By onicholson
03rd Jul 2014 12:28

Securities

The NI manual has a bit of information on how they're treated for NI purposes:

http://www.hmrc.gov.uk/manuals/nimmanual/nim06834.htm

 

The full guidance is at http://www.hmrc.gov.uk/manuals/ersmmanual/Index.htm

Quoting one of the introductory pages:

Finance Act 2003 broadened the scope of the legislation so that it now applies in relation to a wider class of financial products, described in the legislation as “securities” (ITEPA03/S420). Finance (No. 2) Act 2005 added insurance contracts and Finance Act 2006 added a specific mention of options, both with effect from 2 December 2004. Forms of Alternative finance investment bonds (including certain Islamic finance “Sukuk” arrangements) have been included in the definition of securities since 14 August 2007. The following are defined as “securities”:

    Shares
    Contracts of insurance
    Loan Stock (both company and government)
    Warrants
    Certificates conferring rights to securities held by others
    Units in a collective investment scheme
    Options and futures
    Contracts for differences
    Alternative finance investment bonds

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