Processing in the new tax year

From 6th April the new emergency tax code will be 810L.

If you receive a new tax code for an employee, this must be used from the next payroll date.

If no tax code is received and the employee's current tax code has a suffix of L, then add 63 to the existing tax code for the first payroll after 6th April.

The new bands for the tax year starting 6th April 2012 are as follows:

PAYE threshold will be £156 per week / £675 per month
20%  £1-£34,370
40%  £34,371 - £150,000
50%  £150,001 and above.

NIC LEL will be £107 per week / £464 per month

Please note there are also pension changes which will take effect from 6th April.

Payroll Year End

The 5th April is approaching fast and with it the Payroll Year End.  P35 End of Year Returns along with all attached forms have to be submitted to the Revenue by 19th May at the latest.

So ...  A few things to remember for the Year End procedures ...

• Almost all returns have to be submitted online this year, so if you are not yet registered to file online, now is the time to do it.
• A P35 must be completed for each company who has employees for whom a P11 is required
• A P14 must be submitted for each employee for whom a P11 is required.
• If you are not required to submit a P35 for the year (and you have a PAYE scheme set up), you must notify HMRC.
• Compare total PAYE & NIC due for the year against the amounts actually paid.
  If a balancing payment is due - this needs to be paid to the Revenue by 19th April
  If a refund is due - an amount of less than £500 will be allocated against the following year.  A refund can be requested for amounts over £500 once the return has been filed and checked.
• A P60 needs to be issued to each employee by 31st May

Royal Mail - VAT changes

Following the Postal Services Act 2011, the VAT status on a number of Royal Mail products have changed.

Please follow the link below for more information as to:

• Products which are already liable for VAT
• Products which will be liable to VAT from 2nd April 2012
• Products which will remain VAT exempt

http://www.royalmail.com/customer-service/terms-and-conditions/vat-changes

Walker Thompson advise shareholders in sale of major local travel agency

Walker Thompson is pleased to have been involved recently in the sale of Carrick Travel Ltd to its Directors, Tina Nason and Tracey Carter, as part of a Management Buy Out.

Award winning travel agency Carrick Travel has been trading for over 35 years and has numerous offices throughout Warwickshire, the Cotswolds and the M40 corridor.

The company operates eight Travel Agencies, a Corporate Travel Division and an Australasia Division.  It has retail outlets in Leamington Spa, Cheylesmore in Coventry, Kenilworth, Stratford-upon-Avon, Bourton-on-the-Water, Chipping Norton, Evesham and Pershore.

Sherod Williams, a Director at Walker Thompson, represented the Carrick family in relation to the sale and worked alongside Lodders Solicitors of Stratford-upon-Avon who dealt with the Sale and Purchase documentation.

Sally Carrick will continue her work locally as a Director of Shakespeare Country, an organisation promoting tourism in the Stratford and South Warwickshire area.

Sherod said, "In the current environment people still want a quality service which cannot be delivered through the internet or larger travel agencies.  Anyone seeking the personal involvement of a travel advisor with specialist knowledge should give Carrick Travel a call.".

Carrick can be contacted through their website http://www.carricktravel.com/.

Vacancy

We currently have a vacancy for a part time / full time payroll and bookkeeping clerk.

The person would ideally have experience of Sage accounting and payroll software. They would be expected to organise a portfolio of up to 30 payrolls for various clients in a wide variety of sectors. Experience of VAT Return preparation would be advantageous, as would a working knowledge of Excel.

Competitive Salary

Application with up to date CV by e-mail to kim.knowles@walkerthompson.co.uk or by letter to Empress House, 43a Binley Road, Coventry, CV3 1HU