Chartered Accountants of Poynton, Cheshire |
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National minimum wageFrom 1 October 2007 this is set at £5.52 per hour for workers aged 22 or older. The reduced development rate for employees aged between 18 and 21 is £4.60 per hour. The rate for workers who are under 18 and no longer of compulsory school age is set at £3.40 per hour. National Insurance numbersIt is vital that, as an employer, you show full and correct National Insurance numbers on all documents on which you record contributions, particularly when the forms are submitted to HMRC as part of PAYE compliance. If an employee does not know their National Insurance number, you can trace it through HMRC by filling in HMRC leaflet CA6855. If you have doubts over the accuracy of the National Insurance numbers that you hold, HMRC can check and update them for you. The full procedure is set out in HMRC leaflet CA89. Money launderingThere have been changes to the identification procedures (ID) that accountants have to legally carry out on their clients. Until December 2007 this was only required for new clients taken on after 2004. In December this changed, so now we may need to carry out a formal ID check on all our clients. While this is unlikely for long-established clients, we might have to carry out an additional ID check on some clients for whom we do not have sufficient ID details on our files, to satisfy the regulatory requirements. |
Moving offices? - don't forget to tell HMRCWhen your business moves offices, you are legally obliged to tell HMRC. Failure to do so can lead to practical problems, such as if tax post is returned to HMRC or an HMRC Officer calls to find that you have left the premises. If this happens, HMRC may designate your business as a 'missing trader' and de-register you on 'revenue protection' grounds. In effect, this can prevent you from continuing to trade, particularly if your VAT number is withdrawn. Although it is possible to have your business reinstated, this can be a lengthy process. So, if you are moving premises, make sure that you notify HMRC; this includes the VAT, PAYE and Corporation Tax sections. You should also check a few weeks later to make sure that HMRC have updated your details. |
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