In today’s world of changing employment law, and with ever-increasing pressure on businesses and their owners, we understand that an employer may not place a heavy focus on their systems and processes around payroll, expenses, and employee benefits.
HMRC PAYE enquiries are on the rise, and with the tax gap currently standing at £36bn, 45% of which are down to ‘error and carelessness’, we understand how easy it is for businesses to make genuine mistakes. The most common HMRC enquiry is the ‘employer compliance review’ and aims to seek out unpaid taxes and National Insurance Contributions (NICs) on pay and benefits. If your business is subject to such a review, and any discrepancies are found, you will be required to make a financial settlement to cover any underpayments and penalties.
Would you be prepared if HMRC announced an employer compliance review for your business?
Time to consider an employment tax health check
PM+M’s payroll and employment tax experts offer an employment tax health check to review how your organisation approaches and records the payment of benefits and expenses to your employees. Our employment health check includes an in-person interview to obtain the necessary information surrounding the processes and practices currently in place, as well as the benefits and expenses your employees are currently receiving. We will then provide a bespoke advisory report with our findings and recommendations – highlighting any risks in your current practices to mitigate costly HMRC enquiries.
Key areas which will be reviewed include:
- Company cars / vans
- Travel and subsistence
- Permanent / temporary workplaces
- Reimbursement of expenses
- Payment of an individual’s private expenses
- Beneficial loans to employees
- Salary sacrifice and the optional remuneration rules that have been in place since April 2017
- Record keeping
- Plus, much more…
Our employment tax health checks are open to businesses of all sizes, providing you with peace of mind that your practices are in line with current legislation, and if there are any areas of concern, working with you to notify HMRC to mitigate and reduce any potential penalties.
To arrange a health check, or to find out more about what our service will involve, please get in touch by emailing firstname.lastname@example.org.