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Look After Your Income Employment Law, Rental Income and keeping up with Tax Returns Is it just me – or does it seem much harder to be an employer in 2014 than it was maybe 30 years ago? Now of course although I may look and feel 100, in reality I was just starting school then. I did get to help out in my Mum’s office where she was a secretary in the holidays though. It seemed really good fun – the boss seemed to be able to tell everyone what to do and sat in a big office with a big desk and gave orders – got paid a nice big salary and everyone else ran around and did what they were told. (Especially me, my job was to wash the cups up and if I was lucky I got to frank the letters through the machine!) The reality of 2014 seems to be that you really do have to be so very careful when employing staff. Of course all of the health and safety is a good thing – but by the time employers have checked the minimum wage, automatic enrolment

for pensions and real time for pay roll not to mention all of the insurances and tribunals – being an employer is now officially a minefield in my opinion. Now I am sure that if you are an employer – you make sure that as part of your job you make sure that you are au fait with all new legislations – so of course we all knew that from October 2014 real time penalties were going to start in earnest – but if you have less than 50 employees then you have been given a reprieve – until 6 March 2015 and if you have less than 9 employees you won’t get fined until 6 April 2016 – so there is lots of time to get your payroll right – which has to be good news. However you do need to start as you mean to go on – time will soon slip away and you definitely don’t want to get caught out. At KBA we offer payroll from as little as £7.50 (plus VAT) per month depending on requirements - we think this is a pretty good offer even if we do say

so ourselves – so why not come and talk to us about putting in place some preventative measures before those fines really do kick in. And don’t forget paying wages to the right person can be a real tax saving. There have been lots of articles over the last few weeks about the crackdown that HMRC are going to have on any tax payers that they believe may be benefiting from a rental property and not declaring this rent received on their tax return. Don’t forget that even if you rent out your own home and live in another rented house – you still need to declare the rent you receive for tax purposes. Now of course like anything there are expenses and allowances that you can claim as relief so don’t get caught out, come and chat to us – we can help you with your rental income. But don’t leave this until the last minute as authorisations are needed and these can take a while to sort – we really

are a friendly bunch and the initial consultation is free – so why not come and see us and put your mind at rest. But don’t ignore the warnings from HMRC because they advise that they are going to set up a lot of investigative enquiries – so don’t get caught out! And finally – only a couple of months now till the main self assessment tax return deadline – it is getting closer so don’t get caught out by that either! Tax really doesn’t have to be taxing so make sure you have someone on your side to keep you on the straight and narrow. We hope that you might choose us to be your someone – why not give us a call or an email. T: 01953 457173 E: kerry@kerrybutcher.co.uk www.kerrybutcher.co.uk

December 2014

Diss & Attleborough December 2014  

The December 2014 edition of Dispatch Magazine for Diss & Attleborough

Diss & Attleborough December 2014  

The December 2014 edition of Dispatch Magazine for Diss & Attleborough

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