Sibley Bros LLP
Construction Industry Accounts Software
Sibley Bros LLP
Construction Industry Accounts Software Tax Year End Update - April 2012
We have released the Tax Year End update for Construction Industry Accounts (CIA) Software on Monday 19th March 2012. The latest version is:- PAYE Plus (Version 2.3 (Build 33)). This latest version of the software contains the necessary programs to enable you to finalise the Tax Year End on the Payroll. Please follow the separate instructions "PAYE Plus Tax Year End 2012" for this.
|When paying week 52 payroll, if you wish to pay holiday pay which relates to week 1 of the new tax year, you must not advance the pay week. Monies paid within the tax year must not overlap into the next tax year, therefore, pay basic and holiday pay in week 52 and do not select the option to advance the Pay Week. If the holiday pay is non-niable, this will be reflected in the setup of the Pay Code, If the holiday pay does need NI to be calculated then within the Holiday Tab, leave “Advance Pay Weeks” as 0 and change “Advance Pay Weeks (NI)” to 1 (or however many holiday weeks you are paying). Please refer to HMRC helpbook CWG2(2011) page 35, Section 41 Working out PAYE on holiday pay and Section 42 Working out NICs on holiday pay http://www.hmrc.gov.uk/guidance/cwg2.pdf for more information.|
Don’t forget, PAYE Plus incorporates the facility to "View Archived Databases". This will enable you to run the Tax Year End procedure without having to prepare, print or file your end of year returns, but will enable you to clear tax year details so that Week 1 can be run. (You must follow the Year End Procedure Steps 1 through to 4 inclusive, to clear all records). Then at a later date (before May 19th 2012, as this is the deadline from HMRC for filing returns) you can access the 2011/12 records by selecting Company - View Archived Databases and selecting the relevant database and then run the Year End Procedure, preparing, printing and filing online correctly.
Also included within this version are the 2012/13 Tax Year NI,SSP,SMP,SAP & SPP Tables.
- With effect from 6th April 2012, the Tax Rates are:-
- Basic Rate 20% £1 to £34,370
- Higher Rate 40% £34,371 to £150,000
- Additional Rate 50% £150,001 and above
- The threshold for PAYE is raised to £156 per week and £675 per month.
- 'L' suffix codes increase by 63; code 747L becomes 810L.
- The emergency code will be 810L.
- There are now 5 levels of earnings used to calculate NICs, these are Lower Earnings Limit (LEL) Secondary Threshold (ST) Primary Threshold (PT) Upper Accrual Point (UAP) (UAP was added for 2009/10 Tax Year) and Upper Earnings Limit (UEL). The rates for these are:-
Weekly Monthly Yearly LEL 107 464 5564 ST 144 624 7488 PT 146 634 7605 UAP 770 3337 40040 UEL 817 3540 42475
- The Weekly rate of Statutory Sick Pay (SSP) is £85.85 for employees with average weekly earnings of £107 or more.
The above rates will be updated automatically if you run the PAYE Tax Year End.
For more information and guidance on PAYE and NICs rates or calculation of SMP, SPP and SAP please refer to Employer Helpbook E12(2012) available from HMRC.
|Please ensure you have the correct Year End Forms, these can be ordered from HMRC via the internet http://www.hmrc.gov.uk/paye/forms-publications/onlineorder.htm or by phoning the HMRC Orderline on 0845 7646 646. Delivery is usually within 5 working days. For Online filing you require P60(Single Sheet-Shortened)(2011-2012). Please ensure you order enough to cover any employees who have left within the tax year. All forms must be Laser Portrait. Please note, that from Tax Year 2009/10 onwards, all employers must file online.|
P45's and P46's – As of 6th April 2009 it became compulsory for companies who have 50 or more employees to file both P45’s and P46’s online. Companies with less than 50 employees, the online filing of these forms became compulsory as of 6th April 2011. From HMRC Orderline, you will require P45(Laser Sheet)-3 part. PAYE Plus will print on the 3 Part, so if you have any existing 4-part stationery, you will just need to discard part 1 before printing.
If you have any queries, or are unsure on any of the above, please do not hesitate to contact the Support Department. A reminder of our telephone number is 01935 443340. Please be aware that our phone lines tend to be extremely busy at this time of year, so please bear with us.
|If you are a new user, or you are only planning to start going LIVE as of April 2012, and therefore have no need to run a Tax Year End, please contact the Support Department to have this module loaded.|