Time for an employer health check?
How compliant is your business when it comes to employment taxes? Have you ever thought about having a health check to ensure you are not running any risks?
Many employers don’t realise that HMRC now operates a risk strategy for all taxpayers. By being non-compliant in one area of tax (whether you are aware of it or not) the business’s risk rating can suffer – which means HMRC will pay you more attention until they are satisfied you are no longer a risk. HMRC looks at all areas of tax together as well as Companies House returns.
On top of this, the new HMRC penalty regime is more punitive than ever.
Statistically speaking, 49% of all employers will be victims of employee fraud at some point during the lifecycle of the business* and the employer itself can be unaware that such a culture even exists within the business.
Don’t let your systems let you down. We carry out health checks for employers by examining some or all of the following (depending on the employer):
- Payroll
- Expenses claims, payments and policy
- Benefits in kind, P11D returns and policy
- Cash and petty cash payments
- Purchase ledger invoices
- Self employed workers
- Termination payments and policy
- Car and van fleets
- Share schemes and returns
- Relocation payments and policy
- Salary sacrifice schemes including cars, child care vouchers, bikes, pension and parking
- Living Accommodation
- International employee movements
- Provision of services through intermediaries (IR35)
- Fraud prevention and policing your systems
At the same time, we can explore tax planning ideas with you and make sure your tax and NIC bill is fully mitigated.
If you have any questions about a health check please contact Justine Riccomini on 0131 5580 5800 or email justine.riccomini@chiene.co.uk.
*source: DeMontfort University, Leicester