Broomfield & Alexander Employment Tax Advisory Services

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1 Broomfield & Alexander Employment Tax Advisory Services

2 Contents Broomfield & Alexander Employment Tax Advisory Services 1 Tax responsibilities for employers Tax mitigation and red tape Specialist help Why should you use Broomfield & Alexander? PAYE / NIC Health check 2 P11D expenses payments and benefits 3 Dispensation 4 PAYE Settlement Agreement (PSA) 5 Salary exchange arrangements (salary sacrifice) 6 Company car advisory 7 Construction Industry Scheme (CIS) 9 Share plans 10 Pensions 11 Tax refund claims 12 Employer NIC holiday 13 Reduction of the top income tax rate 14 Other employment tax services 14

3 Employment Tax Advisory Services Tax responsibilities for employers There have been many changes in tax law over recent years which have led to increased responsibilities and burdens for employers. With these increasing burdens, opportunities to make tax savings, reclaims and to compensate employees in a tax efficient manner can sometimes be overlooked. Tax mitigation and red tape It seems that every day you read the news to find that a new organisation or individual is being targeted for employment-related tax avoidance. The damage to reputation this can cause paired with a hefty penalty regime can be very costly to those involved. Specialist help Employment taxes warrant increasing attention as: PAYE and NIC can have a large impact on profitability and cash flow; and Ever more complex challenges are posed to employers to enable them to attract, motivate and retain the best talent, while balancing the growing risks and costs of employment; and The amount of administration involved in being an employer can prevent organisations from making the most of opportunities thus reducing competitive edge; and It can be very costly if you get it wrong. The Broomfield & Alexander employment tax team offers practical, commercial recommendations to help successfully manage the complexities of tax, whilst assisting the organisation to improve its ability to compete for talent. Why should you use Broomfield & Alexander? We have a dynamic team of experienced tax professionals who work closely with our clients to address business issues and deliver practical solutions. Our understanding of technical matters together with our good working relationship with HMRC and knowledge of their focus areas enables us to provide valuable assistance to our clients. Contact: Nathalie Waterfield Tax Advisor

4 PAYE / NIC health check What is a health check and when should I get one? A health check is a comprehensive review of PAYE / NIC policies, procedures and practices to identify potential exposures and mitigate risks of non-compliance. We would recommend a health check before a HMRC employer compliance review or a due diligence process as this will help to identify and mitigate risks and help to maintain the company value. What are the advantages of a health check? Identify PAYE / NIC risk areas allowing companies to minimise exposure. Identify PAYE / NIC areas where employers can achieve a cost reduction. Provides auditors with comfort that the accounts do not include any material payroll tax issues. Undertake a full HMRC-style review of PAYE/NIC procedures. Interview relevant members of staff. Review a representative sample of internal documentation, correspondence and records. Prepare a detailed written report, identifying any areas of non-compliance. Provide practical recommendations regarding risk management improvements and also cost reduction ideas. 2

5 P11D expenses payments and benefits What are P11Ds? Forms P11D are documents which disclose expenses payments and benefits provided by an employer to its employees during a tax year. P11Ds are a compulsory end of year employer compliance burden. Form P11D(b) is a declaration of the overall amount of Class 1A National Insurance Contributions (NICs) due on all the expenses and benefits provided in the tax year. What is required? Forms P11D and P11D(b) must be submitted to HM Revenue & Customs (HMRC) by 6 July following the end of the tax year to which they relate. What should be included on forms P11D? Company cars. Private fuel for company cars. Telephones, mobile phones and smart phones. Broadband access in an employee s home. Personal bills paid by the employer. Beneficial loans. Relocation expenses. Staff entertaining and events. Incidental overnight expenses exceeding 5 per night in the UK or 10 per night outside the UK. Living accommodation. (Note: this list is not exhaustive) Penalties Penalties accrue at 100 per 50 employees for each month (or part month) that the returns are outstanding after the filing date of 6 July. Penalties of up to 3,000 are imposed for incorrect Forms P11D and P11D(b). Prepare employee forms P11D and employer form P11D(b) saving the employer the administrative cost. Calculate the Class 1A NIC due to HMRC. Advise the employer on year end expenses payments and benefits reporting requirements. Review and comment on employer prepared P11Ds and P11D(b). 3

6 Dispensation Dispensation explained A dispensation is a notice from HM Revenue & Customs (HMRC) that removes the requirement to report certain expenses and benefits at the end of the year on forms P11D or P9D. Items covered by a dispensation are not subject to tax or National Insurance Contributions. Dispensations take effect from the date on which HMRC issue them however, HMRC may agree that a dispensation can take effect from the beginning of the tax year in which the application is made. A dispensation agreement reduces the administrative burden to a company throughout the year as detailed records of items covered are not required and items covered do not need to be reported on employees forms P11D. What can be included in a dispensation agreement? The main expenses routinely covered are: Travel, including subsistence costs associated with business travel. Fuel for company cars. Hire car costs. Telephones, mobile phones and smart phones. Business entertainment expenses not covered by a dispensation. Credit cards used for business. Fees and subscriptions. Assist with an application to HMRC to agree items to be included within the dispensation. Review existing dispensation to check that it is up to date and liaise with HMRC to revise dispensation if necessary. 4

7 PAYE Settlement Agreement (PSA) What is a PSA and when is it applicable? Employees are subject to PAYE tax and NICs on many expenses payments and benefits received during the year. The employer may prefer to settle the tax and NIC liability arising on the employees behalf on items such as minor gifts from the employer, staff parties and staff attended social events. A PSA is an annual agreement that the employer can enter into with HMRC which allows them to do this. The tax and NICs due are settled in a single payment therefore these items do not need to be included within end of year reporting documentation or processed through the payroll. In the absence of a PSA, the employees are required to pay tax and NIC on benefits they receive from the employer. By the employer settling these liabilities the employees save money and staff morale is improved. What can be included in a PSA? Minor items such as staff entertaining, staff gifts and gym subscriptions. Irregular items such as the occasional use of a company holiday flat. Items where it is impractical to operate PAYE on, or to value for P9D/P11D purposes such as team building days which do not already qualify for relief. Draft documentation for submission to HMRC to agree items to be included within the PSA. Prepare and submit the computation of PAYE tax and NICs due under the PSA. 5

8 Salary Exchange Arrangements (Salary Sacrifice) What is a salary exchange or salary sacrifice arrangement? A salary exchange arrangement is an agreement between the employer and employee which amends the employee s contractual entitlement to cash earnings in return for new or increased entitlements to non-cash benefits. For example, an agreement may be entered where an employee s gross monthly pay is reduced by 200 and the employer pays this directly to a childcare provider in return for childcare vouchers. The employee s gross salary is reduced by the salary exchange / salary sacrifice, therefore the amount of tax and NIC (both employer and employee) owed to HMRC on the employee s remuneration package is also reduced. Staff costs for the employer are reduced The employee s remuneration package is increased. What can be included? Employee pension contributions (N.B. phased compulsory enrolment of staff in NEST ). Exchanging paid days work for additional holiday. Provision of childcare vouchers. Mobile phones and smart phones. Car parking. Green company cars. Subsistence allowances for mobile employees. Bus passes. Initial review and planning stage including advising employers on how salary exchange works and considering items to include within the arrangement. Model the potential benefits to the employer and employees of salary exchange. Prepare board proposals. Design and implement the salary exchange arrangements. Assist with relevant documentation. Launch and manage employee communications. Disclose and liaise with HMRC in respect of the salary exchange arrangement. Assist with preparing or reviewing payroll calculations. Process the payroll. Review salary exchange arrangements, document findings and provide recommendations to address any issues. Our dedicated Wealth Management team can advise on NEST and other pension related queries. 6

9 Company car advisory Why should companies assess the cost of company cars? Cars are one of the most expensive benefits that employers provide to employees. With environmental impact being one of the Government s main focuses, there have been many recent changes to the system for calculating and reporting benefits arising on company cars. Comfort that company cars are being provided at a competitive whole of life cost (assessment of commercial and tax costs over the life of the car). What can be included? Company cars. Company vans. Pool cars. Calculate the whole of life cost of cars to 2017 (to demonstrate over a 4 year lease). Prepare comparisons showing the overall cost of leased or owned company cars. Health check of procedures and reporting in respect of existing company car fleet. Undertake a modelling exercise to compare cheaper alternatives. Assist employers to make relevant company car disclosures to HMRC. 7

10 Company car advisory (continued) Does your business or employee know what cost impact their choice of company car has? In this example an employee is offered a company car which will be purchased by the company and then provided to the employee. The company car policy offers a budget of approximately 25k and specification up to a 2 litre engine, any choice of engine and any model. The employee is provided with the car at the beginning of the 2012/13 tax year and the car will be replaced at the end of the 2016/17 tax year. The purpose of this illustration is to show that the choice of car, not the cost of the car, determines the cost to the employee and to the business. Nissan Leaf BMW 320dED BMW 320dSE BMW 320iSE Hyundai i40tourer 2.0GDI Cost of Purchase 25, ,080 28,080 25,865 25,875 CO2 emissions 0 g/km 109 g/km 120 g/km 147 g/km 169 g/km mpg BIK ,685(15%) 2,022(18%) 2,069 (20%) 2,795(27%) BIK ,797(16%) 2,134(19%) 2,173(21%) 2,898(28%) BIK ,909(17%) 2,246(20%) 2,276(22%) 3,002(29%) BIK ,611(13%) 2,134(19%) 2,471(22%) 2,483(24%) 3,209(31%) BIK ,859(15%) 2,359(21%) 2,696(24%) 2,690(26%) 3,416(33%) Fuel cost 5 1,790 2,700 3,030 3,950 4,745 Class 1A NIC 1,197 3,410 3,991 4,033 5,285 Corporate tax relief (WDAs) Estimated residual value in 2017 ( 6,238) ( 6,739) 3 ( 4,030) ( 3,712) 4 ( 2,001) ( 5,500) 2 ( 9,000) ( 8,800) ( 7,600) ( 5,630) Whole of life cost 20,709 28,335 33,840 34,227 43,594 Whole of life cost to employer Whole of life cost to employee 15,449 15,751 19,241 18,586 23,529 5,260 12,584 14,599 15,641 20,065 Illustration based on employee paying income tax at the 40% rate, the company paying corporation tax at the main rate, capital allowances and Class 1A NIC rates. (1) Includes 5,000 government subsidy available until (2) The residual value at 2017 is unknown however expectation that a 3 year old car will be worth 40% of list price. (3) Cars with CO2 emissions up to 110 g/km qualify for 100% WDA until 31 March Limit will be reduced to 95 g/km between 1 April March (4) Cars with CO2 emissions over 130 g/km will only qualify for special rate pool capital allowances at 8% from April (5) Based on 6,000 miles per annum over 5 years per gallon per gallon. 8

11 Construction Industry Scheme (CIS) What is CIS? The Construction Industry Scheme (CIS) is aimed at preventing evasion of tax by subcontractors working in the construction industry. Deductions are made from payments to subcontractors engaged in construction operations and paid over to HMRC directly by the contractor. Identify CIS risk areas allowing the company to minimise exposure. Provides auditors with comfort that the accounts do not include material CIS issues. Review whether a company is a contractor under the CIS rules. Advise how to register with HMRC. Advise on compliance with the CIS rules. Review and advise on the calculation and reporting of deductions to ensure that subcontractors are correctly paid within the scheme. Calculate and assist companies to reclaim overpayments from HMRC. 9

12 Share Plans What are share plans? Shares in companies are commonly used by employers to reward, incentivise and retain employees. The most common forms of employment-related securities are share options and share awards. Certain share option plans are tax effective for the employer as well as having preferential tax treatment for the employee. Reward employees in a low cost manner. Growth in company value has a direct impact on the value the employee can achieve. Can help to tie in key employees. What can be included? Share incentive plans (SIPs). Save as you earn (SAYE). Company share option plan (CSOP). Enterprise management incentives (EMI). Unapproved option schemes. Advise on share plans appropriate for the company. Prepare board proposals. Design and implement the share plan. Launch and manage employee communications. Fiscal valuations. Calculate the income tax and NIC due in respect of share plans. Prepare relevant year end filings. Calculate corporation tax deductions available. Calculate any capital gains tax due. 10

13 Pensions Why are pensions important? Retirement may seem a long way off to many employees but saving for the future through pensions must be considered throughout working life. The state pension is not expected to be sufficient to support people through retirement. The government are ensuring that people plan for the future by forcing employees and their employers to make pension contributions through compulsory auto-enrolment. A whole business approach to pensions should be considered to ensure that pension schemes are appropriate to a business needs and available to all employees. This is applicable to executive pensions and whole company pension schemes. Compulsory pensions auto-enrolment From 2012, there will be a phased compulsory auto-enrolment of all staff into a pension scheme. If no scheme is in place companies should use the National Employee Savings Trust ( NEST ). Both the employer and employee will contribute to a pension scheme so both parties should be aware of the implications. A review can establish whether existing pension schemes are appropriate to the business needs (especially in light of the new auto-enrolment rules). The cost of implementation of compulsory auto-enrolment can be minimised. Whole of market advice can be provided in conjunction with our Wealth Management team to consider available options. Review existing workplace pension schemes to ensure compliance with the new employment law requirements. Help to set up a pension scheme including assistance with applications to pension providers. Provide ongoing support and servicing options in respect of the pension plan. Review the overall tax cost of the pension scheme to the company. Design and implement, review and revise existing salary sacrifice arrangements. Advise on the accounting implications of the pension scheme. Prepare board proposals. Launch and employee communications. Pension valuations. 11

14 Tax refund claims What are tax refund claims? Tax refund claims are entitlements to offset certain expenses borne by individuals against taxable income. Such claims allow individuals to maximise tax refunds available to them from HMRC. Money back from HMRC for employees. Refunds can be claimed for the last four tax years which could work out at up to 2,500 per individual for a first claim. Employers can promote themselves as a considerate employer by demonstrating that employee welfare is core to the business. Who can claim? Employees who are provided with uniform or protective clothing by an employer which includes the company name or logo where the employee has to maintain the uniform. Nurses, Doctors and Health Professionals can reclaim tax relief for work related expenses including professional fees and the cost of shoes and tights. Education workers can reclaim tax relief for professional fees, sports related clothing, assets and equipment. Vehicle technicians and mechanics can reclaim tax relief on the cost of specialist clothing and tools and equipment purchased for work use. Employed construction workers, professional sports persons and other employees who work at temporary locations and use either public transport or pay for their own petrol in privately-owned vehicles can reclaim tax relief for travel. Construction workers who are self-employed are entitled to claim tax relief for many expenses including meals, telephone bills, tools and clothing. Review eligibility to make a tax refund claim. Assist in making tax refund claims to HMRC. Employee communications. 12

15 Employer National Insurance Contributions (NICs) Holiday What is the employer NIC holiday? The employer NICs holiday is available for new businesses. Businesses may qualify for a deduction of up to 5,000 from the employer NICs that would normally be due for each of the first ten employees they take on. The scheme is available to new businesses that start up during the period 22 June 2010 to 5 September Up to 50,000 Employer NIC saving. Establish whether a new business meets the conditions to apply for the NIC holiday. Prepare application to HMRC. Calculate the NIC repayment due (if applicable). Advise on any NIC reductions available in future. Assist with records regarding application of the NIC holiday (as required by HMRC). Assist business to register as an employer with HMRC (if applicable). 13

16 Reduction of the top income tax rate What is the reduction of the top income tax rate? The 50% income tax rate for employees earning more than 150,000 will reduce to 45% from 6 April Considering the impact of the reduction of the top income tax rate can result in a reduced overall cost of employee remuneration. Advise on deceleration of bonuses and other payments into the 2013/14 tax year. Advise on acceleration of employee pension contributions into 2012/13 to maximise tax relief at higher tax rate (taking account of the annual allowance ). Advise on the most cost effective form of remunerating employees. Assess the potential impact of rate changes including comparative modelling and communications to employees. Other employment tax services Implement payroll policy documentation, including but not restricted to expenses policies, mileage and subsistence policies, sickness and maternity policies. Calculate and advise on the tax aspects of redundancy and termination payments. Advise in respect of overseas working. Advise on employment status. Ad hoc advisory work. Contact: Nathalie Waterfield Tax Advisor

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