01 September 2014
Regulations for employers and the implications of the Scottish referendum
The Corporation Tax (Instalment Payments) Amendment Regulations, SI 2014/2409, came into force on 1 October. These confirm that on or after 1 April 2015, the small profits rate of corporation tax and the marginal relief fraction will no longer apply. These regulations are needed to take account of the forthcoming unified 20% rate of corporation tax for all UK companies. A 52% group test will also replace the existing associated company rules.
Employer businesses should take note that HMRC is now phasing in the in-year penalties for late submission under the real time information (RTI) PAYE regulations ...