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Bank Charges

 

If an employer reimburses or pays employees’ bank charges this counts as earnings (and is subject to income tax and National Insurance) unless the bank charges are the employers fault (eg because the employer paid the wages late). If the bank charges were the employers fault, there is no need to report the reimbursement to HMRC.

 

Further information at www.gov.uk/expenses-and-benefits-bank-charges

 

Technical information from HMRC available for income tax and National Insurance

New Student Loan Repayments rates this month

A reminder that one of the many changes this month is a change to the payroll repayment rates for those with Student Loans.

 
 
For borrowers repaying on Plan 1 – if earnings in the week or month exceed the highest amount of earnings shown in the tables you’ll need to deduct the ‘pay period threshold’ from total earnings in the week or month. Do this by:
       deducting £352.50 from weekly earnings for weekly paid employees, or deducting £1,527.50 from monthly earnings for monthly paid employees
       multiply the result (the excess) by 9% (0.09), round down this figure to the nearest whole pound.

 
For borrowers repaying on Plan 2 – if earnings in the week or month exceed the highest amount of earnings shown in the tables you’ll need to deduct the ‘pay period threshold’ from total earnings in the week or month. Do this by:
       deducting £480.76 from weekly earnings for weekly paid employees, or deducting £2,083.33 from monthly earnings for monthly paid employees
       multiply the result (the excess) by 9% (0.09), round down this figure to the nearest whole pound.

 
 

The new rates and further information is on the HMRC website

Fake HMRC emails – be warned!

HM Revenue and Customs has issued a timely reminder about the potential for emails pretending to have been issued by HMRC.

HMRC will never notify a tax rebate by email or text. HMRC do not ask for personal or payment information by email or text.

If you have the slightest doubt that a HMRC email or text is fake, the advice is:
– do not open attachments, they could contain a virus
– do not click on links, they could take you to a fake HMRC site
– do not disclose personal/confidential information
– forward suspicious HMRC text messages to 60599 (charged at your network rate)
– forward suspicious emails to the HMRC phishing team at: phishing@hmrc.gsi.gov.uk

Further information at https://taxagents.blog.gov.uk/2018/04/05/spoof-hmrc-communications-tax-agent-blog and https://www.gov.uk/topic/dealing-with-hmrc/phishing-scams

Gender Pay Gap information

Are you interested in the ‘Gender Pay Gap’ statistics being discussed in the media.

You can search for information by company via: https://gender-pay-gap.service.gov.uk

2018 / 2019 tax and NIC etc rates

Have you seen the 2018-2019 rates for income tax and National Insurance yet? 
You can read them all at: https://www.gov.uk/guidance/rates-and-thresholds-for-employers-2018-to-2019
 
The April 2018 P9X is not being sent direct to employers by HMRC, instead you can download it here.