Member Since: 24th Jan 2002
25th Jun 2002
13 days' grace?
The best it gets is the statement on the back of the form P11D(b) that 'The completed return should reach your Inland Revenue office by 6 July following the end of the tax year shown overleaf. You may be charged penalties if your return is not received by 19 July ...'
What about the employees who might quite like the information in order to complete their self assessment returns before 30 September?
14th Jun 2002
Yes, you do.
For a start, have a look at sections 16-19 of TMA 1970.
11th Jun 2002
Help from the Inland Revenue
The Inland Revenue's Schedule E manual, available free from their website, at SE 42750 onwards, sets out the Revenue's views on valid waivers.
5th Jun 2002
From the horse's mouth?
You could do worse than try the Inland Revenue's own website and make use of its New Employer's Helpline and leaflet P/SE/1. Won't help with strategic planning, but it's free and accessible. Go to http://www.inlandrevenue.gov.uk/startingup/index.htm
The blurb begins: These pages aim to help you understand some of the many things you need to think about when you're running a business, especially the main tax and National Insurance issues. We also highlight some other important areas of the law which aren't the Inland Revenue's responsibility - and we suggest where to go for further, more detailed information.
The IR Helpline for the Newly Self-Employed
is on 08459 15 45 15.
Open from 8am to 8pm, seven days a week.
Call for advice on tax and National Insurance.
To speak to someone in Welsh, call 08457 660 830.
21st May 2002
If this is a redundancy payment...
... and not pay in lieu of notice (because the contract has been unilaterally terminated and there is no contractual right in the contract to be paid off instead of working a notice period, and the employer has not reserved the right to make such a payment) then this could well qualify as an enhanced redundancy payment: try section 579(1) Income and Corporation Taxes Act 1988: 'Any redundancy payment, and the corresponding amount of any other employer's payment, [ie the exces over the statutory amount] shall be exempt from income tax under Schedule E.' There's a £30,000 limit, but this section takes priority over section 148 and its 'otherwise chargeable' provisions that can cause so many problems. BUT it's critical to look at the terms of the termination deal and for there to be statutory redundancy.
I would echo the need for professional advice: and get a quote up front.