Much appreciated for this clarification, since the person concerned is only 14 yrs old, I am still left and unsure as to whether or not she needs to be payrolled, either for RTI reporting or just peace of mind for any subsequent HMRC requirements
Do the same rules apply i.e. the requirement to payroll a young person only working school holidays/weekends when the amount paid on an annual basis is below both LEL and their personal allowance, further if they were under 22 the requirement for the employer to provide pension contributions, is also mitigated. Some clear un-refutable advice would be most welcomed
Payrollgal suggests " Minors don't have to be paid NMW and their earnings aren't subject to NI. So long as they earn less than the PAYE personal threshold then no tax implications and they don't even need to be included on the payroll at that level of pay". I can understand the NI point but why the non inclusion on the payroll if non reporting on RTI then how will HMRC discover/know if threshold is reached especially if the minor has more than one employment each paying below the PAYE personal allowance
A couple I know who received the HICB, for their 2 children all living at the same address and both earned above the £50K threshold, he declared it on his SA, she did not. Unfortuantely, her salary was £300 more than his. Check was done by HMRC who then informed her, of the "careless error" and proceeded to make a demand for the unpaid tax amounting to the overpaid HICB plus interest together with the now 100% upfront payment for the 19/20 tax year. Because she was helpful with her response to HMRC telling them of the mistake they only imposed the minimum penalty charge of 15% and because she satisfied the conditions of SMART they agreed to suspend this penalty charge. In the meantime, he had to notify HMRC and explain the mistake on his SA, for which his over payments were duly repaid with interest. As a previous respondent has written, a case of the elbow not being connected to the hand for both the couple and HMRC!
Reading all the responses I was trying to establish whether my clients business which is VAT registered under the Flat Rate Scheme for its main (Non Rental) business should charge VAT on a Contribution made by another VAT registered Co., towards their own Rental Cost. Further should the Contribution be recorded as a Sale ( incurring the FRS scale charge) or just as a credit(reduction) to the Rent Expense. Does it make any difference to the treatment whether the original Invoice for the Rent Charge included/excluded VAT
Further to the Accountants comments regarding the revenue expenditure for consumable type expenses, it probably goes without saying, but obviously the Servicing costs, sometime quite hefty would most likely be revenue also
Further to the Accountants comments regarding the revenue expenditure for consumable type expenses, it probably goes without saying, but obviously the Servicing costs, sometime quite hefty would most likely be revenue also
Further to the Accountants comments regarding the revenue expenditure for consumable type expenses, it probably goes without saying, but obviously the Servicing costs, sometime quite hefty would most likely be revenue also
Many apologies no offence meant and no I did not realise this to be hi-jacking rudeness or was aware of the protocol. I thought my question raised was in the same area as the responses which were being given.
I was of the opinion that the site was a general forum where subjects are discussed and possible views given. As to taking some paid advice, this is not a problem and one to which I am not adverse, however, before doing so I consider it best when seeing any advisor to have a little knowledge of the subject in order to know some of the right questions to ask, and not just to rely upon their given view. Going by the varied responses given above obviously those in the know, don't always give a definitive answer, irrespective of whether a cost has been incurred.
Does this response mean a new thread has been created and some worthwhile meaningful information can be gleaned, or am I such a naughty boy that I have been banned from the club/inner circle
My answers
Much appreciated for this clarification, since the person concerned is only 14 yrs old, I am still left and unsure as to whether or not she needs to be payrolled, either for RTI reporting or just peace of mind for any subsequent HMRC requirements
Is there not a lower age that one does not need to start contributing to NI, as is at the other end of the stage?
Do the same rules apply i.e. the requirement to payroll a young person only working school holidays/weekends when the amount paid on an annual basis is below both LEL and their personal allowance, further if they were under 22 the requirement for the employer to provide pension contributions, is also mitigated. Some clear un-refutable advice would be most welcomed
Payrollgal suggests " Minors don't have to be paid NMW and their earnings aren't subject to NI. So long as they earn less than the PAYE personal threshold then no tax implications and they don't even need to be included on the payroll at that level of pay". I can understand the NI point but why the non inclusion on the payroll if non reporting on RTI then how will HMRC discover/know if threshold is reached especially if the minor has more than one employment each paying below the PAYE personal allowance
A couple I know who received the HICB, for their 2 children all living at the same address and both earned above the £50K threshold, he declared it on his SA, she did not. Unfortuantely, her salary was £300 more than his. Check was done by HMRC who then informed her, of the "careless error" and proceeded to make a demand for the unpaid tax amounting to the overpaid HICB plus interest together with the now 100% upfront payment for the 19/20 tax year. Because she was helpful with her response to HMRC telling them of the mistake they only imposed the minimum penalty charge of 15% and because she satisfied the conditions of SMART they agreed to suspend this penalty charge. In the meantime, he had to notify HMRC and explain the mistake on his SA, for which his over payments were duly repaid with interest. As a previous respondent has written, a case of the elbow not being connected to the hand for both the couple and HMRC!
Reading all the responses I was trying to establish whether my clients business which is VAT registered under the Flat Rate Scheme for its main (Non Rental) business should charge VAT on a Contribution made by another VAT registered Co., towards their own Rental Cost. Further should the Contribution be recorded as a Sale ( incurring the FRS scale charge) or just as a credit(reduction) to the Rent Expense. Does it make any difference to the treatment whether the original Invoice for the Rent Charge included/excluded VAT
Further to the Accountants comments regarding the revenue expenditure for consumable type expenses, it probably goes without saying, but obviously the Servicing costs, sometime quite hefty would most likely be revenue also
Further to the Accountants comments regarding the revenue expenditure for consumable type expenses, it probably goes without saying, but obviously the Servicing costs, sometime quite hefty would most likely be revenue also
Further to the Accountants comments regarding the revenue expenditure for consumable type expenses, it probably goes without saying, but obviously the Servicing costs, sometime quite hefty would most likely be revenue also
Many apologies no offence meant and no I did not realise this to be hi-jacking rudeness or was aware of the protocol. I thought my question raised was in the same area as the responses which were being given.
I was of the opinion that the site was a general forum where subjects are discussed and possible views given. As to taking some paid advice, this is not a problem and one to which I am not adverse, however, before doing so I consider it best when seeing any advisor to have a little knowledge of the subject in order to know some of the right questions to ask, and not just to rely upon their given view. Going by the varied responses given above obviously those in the know, don't always give a definitive answer, irrespective of whether a cost has been incurred.
Does this response mean a new thread has been created and some worthwhile meaningful information can be gleaned, or am I such a naughty boy that I have been banned from the club/inner circle