Archive for June, 2012

SMEs Urged to Prepapre For Payroll Law Changes

Tuesday, June 26th, 2012

An accountancy firm from the North West is urging SMEs to be prepared for major changes to payroll law.

Real Time Information  is being introduced by HMRC in April 2013 as a means to improve the operation of Pay As You Earn. In the latest development HMRC has published a consultation document on the penalty system for non-compliance – which could open up businesses to significant fines.

Mitchell Charlesworth, which has offices in Manchester, Liverpool, Chester, Warrington and Widnes, says it is vital firms start preparing for RTI now.

Mitchell Charlesworth’s payroll manager Joanne Nieman said:

“The new RTI system is due to come into effect next year and if firms are not careful it could be a nasty banana skin. Our strong advice is that firms give themselves enough time to prepare. Our main concern is that leaving this too late could prove time consuming, costly and disruptive especially for small to medium sized firms.  It is important to note that the transition to RTI will be mandatory for all employers and failure to comply will result in fines. We are looking to support employers so they understand their new responsibilities and take the right action to prepare for the change.”

Mrs Nieman said while the existing system allows employers to issue PAYE information at Payroll Year End through the use of electronic versions of P35 and P60 forms, the new RTI system will require firms to send this payroll data, via the Government Gateway, on or before the date each employee is paid.

The latest proposals from HMRC could see a minimum penalty of £100 per week for each late or non-submission per 50 employees. Penalties will increase depending on employee numbers and the duration of a late submission.

Mrs Nieman said the RTI proposals are constantly being updated and is advising employers to address four key areas.

Mrs Nieman continued:

“Businesses can prepare for RTI in a number of ways. Firstly, they can submit employee data to HMRC before RTI is live to help correct any inaccurate or incomplete data. Secondly, they can improve and maintain their existing data ensuring they have dates of births, full names and addresses of employees on the payroll. Another vital step is contacting the payroll software supplier, or payroll provider, to ensure they can deliver on RTI. Finally, employers must consider banking and whether they need to upgrade their BACS facility to accommodate RTI.”

HMRC is currently trialling RTI with hundreds of employers. New employers will be able to join the RTI trial from November, to avoid starting a new scheme in April 2013.

Debt Collectors Attacked by Machete Wielding Thug

Monday, June 18th, 2012

A thug wielding a machete has robbed two debt collectors as they made their rounds.

The masked attacker struck as the man and woman were outside a flat near Park Road in Sale. He demanded money, mobile phones and car keys before running off in the direction of Firs Road.

Police are appealing for witnesses to the theft, which happened at 11.25am on May 29.

Det Con David Wood said:

“It is unthinkable for most people to be confronted by such violence when simply going about their daily job. I would therefore appeal to anyone who might have information about this robbery to come forward. I want to hear from anyone who either witnessed the robbery itself, or perhaps someone saw a man fitting this description hanging around the area. If do you have any information then please call us.”

The attacker was white, 5ft 7, of medium build, and wore black leather gloves, a black hat and a thin cotton scarf over his face.

Anyone with information should call police on 0161 856 7652 or Crimestoppers, anonymously, on 0800 555 111.

Source: Debt Collection News

Fall in Insolvency Rates in England and Wales

Wednesday, June 13th, 2012

Insolvency rates across England and Wales fell in 2011 after peaking at record levels in 2009.

Figures show that the amount of insolvencies per 10,000 adults in England and Wales fell to 27.1 in 2011 having risen from 7.2 in 2000 to a peak of 31.1 in 2009. These figures include bankruptcy orders, DROs and individual voluntary arrangements (IVAs.)

The North East has the highest rate of individual insolvencies with 35.2 per 10,000 adults. This was followed by the south-west and the east Midlands which both stood at 30.4 per 10,000 adults. The rate in London in 2011 was 17.5.

The Wansbeck area of Northumberland has officially been named the bankruptcy capital of England, in a list that also features parts of Cornwall and the seaside town of Eastbourne, considered well-heeled by many. Individual insolvency rate in Wansbeck is 57 per 10,000 adults.

Meanwhile, the City of London, which includes the flat-dwellers of the Barbican, tops the list of areas with fewest bankruptcies, closely followed by St Albans in Hertfordshire and affluent London boroughs such as Richmond upon Thames and Camden.

Latest regional statistics show the individual insolvency rate in Wansbeck, which includes the former mining towns of Ashington and Bedlington, is running at 57 per 10,000 adults, while in the City of London and St Albans the rates are four and 11 respectively.

For full article see Federal Management