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Reading Time | < 1 min 07 Jun 2016

Employers fail to support for working carers

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A third (34%) of businesses have a formal written policy in place to support working carers, according to research by the Chartered Institute of Personnel and Development (CIPD).

Just over a quarter (26%) have a formal policy in place, while 8% of employers have an informal verbal policy for carers.

Only 38% of businesses don’t have a strategy in place.

Policies employers are most likely to offer for working carers:

  • flexible leave arrangements (49%)
  • flexible work arrangements (48%)
  • time for private phone calls (32%)
  • counselling (22%)
  • employee assistance programmes that offer information and advice (22%).

Top 5 reasons why employers provide support for working carers:

  • the right thing to do (65%)
  • improves work-life balance (60%)
  • improves morale and engagement (58%)
  • increases retention (53%)
  • reduces absenteeism (50%).

45% of employers stated that the policies taken in helping working carers have made a positive difference to their business culture.

Claire McCartney, research adviser at the CIPD, said:

“The onus is on employers to create and promote policies and initiatives in the workplace that empower working carers, sending employees a clear message that their organisation will support them. 

“Measurement is key to supporting working carers – without it, employers cannot know how many working carers they have and what the most appropriate policies, tools and support might be.”

Contact us today to discuss your business.

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Reading Time | < 1 min 06 Jun 2016

P11D form deadline reminder

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Employers who provide benefits or cover expenses for their employees will need to submit P11D forms to HMRC by 6 July 2016.

P11D forms are used to provide information to HMRC on benefits and expenses that employees receive during the tax year.

Employers have to pay Class 1A national insurance on all the expenses and benefits provided by 22 July 2016 (or 19 July 2016 if paying by cheque).

Some of the most common benefits and expenses include:

  • company cars 
  • loans
  • travel and subsistence.

P11Ds are obligatory for employees who receive benefits in kind and earn a rate of more than £8,500 a year. The same applies for directors unless they are:

  • working full-time with no material interest in the company
  • a director of a charity or non-profit making organisation.

P11Ds are not required if all benefits and expenses have been taxed through payroll.

All records must be accurate and that P11D forms are correct. Employers should keep the following:

  • dates and details of benefits and expenses provided
  • information used to calculate the figures on P11D forms
  • any employee contributions.

Information must be kept for 3 years from the tax year they relate to.

Deadlines and penalties

The return date to submit P11D form for the 2015/16 tax year is 6 July 2016. Failure to do so will result in a penalty of £100 per 50 employees for each month or part month if your P11D forms are late to HMRC.

We can help make sure your P11D forms are accurate and completed on time.

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Reading Time | < 1 min 03 Jun 2016

Workers fail to plan for retirement

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A third of workers do not have a retirement plan, research by Aegon has found.

The survey of 14,400 employees and 1,600 retired people across 15 countries found that workers are not setting up a financial plan for their retirement.

Findings show:

  • 38% of workers globally do not have a retirement plan
  • 42% of women don't have a retirement plan
  • 58% said they would include savings in their financial plan.

Across all countries surveyed, people expect the 46% of their retirement income to come from a government retirement scheme – such as the state pension in the UK.

When asked for solutions to improve retirement funding, 31% said that the government should increase funding through taxes while reducing the value of individual payments.

Talks to us today to discuss retirement planning.

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Reading Time | 6 mins 03 Jun 2016

Taxbreaks – June 2016

Reading Time • 6 minsAdvisory fuel rates for company cars   New company car advisory fuel rates have been published which took effect from...
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Reading Time | < 1 min 02 Jun 2016

Trade credit insurance pay outs increase

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Around £150 million was paid in trade credit insurance claims in 2015, an increase of 41% compared to the previous year.

The Association of British Insurers (ABI) found that almost £36 million was paid to small businesses due to late payment or customer insolvency.

Trade credit insurance provides cover for businesses if their customers pay late or fail to pay.

ABI findings show:

  • 4,400 claims were made by small businesses, accounting for 40% of total claims made to trade credit insurers
  • 7,000 trade credit insurance policies were taken out by SMEs in 2015, nearly 60% of policies sold.

Mark Shepherd, ABI manager for general insurance, said:

“Trade credit insurance is crucial for all businesses to help them navigate potential risks. In particular, SMEs looking to grow can have confidence that a trade credit insurance policy will help them to do this whilst guarding against the unexpected.”

Contact us today to discuss your business.

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Reading Time | 2 mins 02 Jun 2016

The Impact of Brexit on UK Tax: Holiday Home Owners

Reading Time • 2 minsTo stay in or opt out. There is so much noise surrounding the June referendum, it’s hard to know who to listen to. But for the one million people who own holiday homes in Europe, how the move will affect their tax status is fundamental to the way they cast their vote.
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Reading Time | < 1 min 01 Jun 2016

Landlords return to property market

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Activity in the buy-to-let property market is slowly rising following changes to stamp duty land tax (SLDT), according to research by Paragon Mortgages.

A survey of more than 1,000 landlords found that while buy-to-let activity remained subdued in Q1 2016, landlords are slowly returning to the property market.

Findings show:

  • 19% of landlords say they expect to purchase a property in the coming year, up from 17% in Q4 2015.
  • 16% say they want to sell a property, down from 19% in Q4 2015.
  • 39% of landlords reported an increase in tenant demand, up from 34% in the previous quarter.

Stamp duty rates for people investing in buy-to-let property increased from 1 April 2016. Landlords purchasing a second home or investment will have to pay a 3% surcharge on additional property over £40,000.

John Heron, director of mortgages at Paragon Mortgages, said:

“In the previous quarter we saw more landlords respond very negatively to the announcements on stamp duty and tax on rental income with more intending to sell rather than buy property, this trend is now reversed and purchase intentions have risen.

“Landlords are clearly taking the view that buy-to-let remains an attractive long-term, demand driven investment, which continues to outperform other asset classes.”  

Talk to us today to find out more about stamp duty.

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Reading Time | < 1 min 31 May 2016

Fuel advisory rates update

Reading Time • < 1 minAdvisory rates that apply fuel cost for company cars changed as of 1 June 2016. The new rates will only apply for the following: a company reimbursing employees for business travel in their company cars employees are required to replay the cost of fue...
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Reading Time | < 1 min 31 May 2016

Savers fail to review pensions

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More than a quarter (28%) of savers have never reviewed their pension, according to research by Aviva.

A further 19% said they only review their retirement savings once every 5 years.

Receiving an annual statement (35%), a pay increase (28%) and starting a new job (17%) were the most popular triggers for a pension review.

Other findings: 

  • 27% of people think that their current contributions into a company pension scheme will provide them enough income for retirement 
  • 32% of women never review their savings, compared to 25% of men.

Clive Bolton, managing director of Retirement Solutions at Aviva UK Life, said:

"The lack of engagement with pensions is frightening. Ask most people what they earn now and they’ll have a pretty good idea, sometimes down to the penny, but most people have no idea what their pension is worth. 

"A pension is your salary when you’re no longer working. Surely it deserves more than a glance at a statement once a year."

 Contact us today to talk about retirement planning.

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