Anna’s Accountancy Alerts – Week 15 (11th – 17th July 2022)

Anna’s Accountancy Alerts - Week 15 (11th – 17th July 2022)

Off-payroll (IR35) penalties

HMRC’s “soft-landing approach” to penalties for businesses and other organisations that fail to apply the off-payroll rules when applicable has ended. It has the power to charge penalties up to an amount equal to any under deducted PAYE tax and NI.

Renew your tax credits

If the form has a red line across the front page you must contact HMRC by 31 July to confirm or advise it of details of your income etc.

If the form has a black line across it you only have to respond if the information shown is incorrect.

New guidance on tips and gratuities

If the employer receives tips paid electronically and passes them to its employees, it must apply PAYE tax and NI to the payments. Otherwise, it’s up to the employee to declare the tips to HMRC and pay the tax, although there’s no NI.

Keep up to date with all things Accounting and Finance with my bi-weekly Accountancy Alerts. 

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