HMRC recently reviewed the ‘effectiveness’ of its risk-based approach to late filing PAYE penalties, and opted to continue to use this approach for the current tax year. Here we provide an overview of the PAYE system. How the PAYE system works Pay As You Earn (PAYE) is the system through which employers deduct an amount … Continue reading Getting to Grips with PAYE
HMRC recently unveiled a new policy of adjusting employee tax codes during the course of the tax year, in a bid to improve certainty and help ensure taxpayers pay the 'right amount' of tax. Under the new system, HMRC will be using the information submitted by employers via Real Time Information (RTI), together with any … Continue reading PAYE Tax Codes: the New Real Time System
Believe it or not, Autumn is almost here and it's time for the Autumn 2016 edition of our newsletter, this time featuring: Tax Saving Tips for Businesses Passing on the 'family home': the additional nil rate band Is your capital gains tax bill as low as it could be? Revenue extends RTI late filing concessions … Continue reading Autumn 2016 Newsletter
A Scottish rate of income tax (yet to be announced) will apply from 6 April 2016, allowing the Scottish Parliament to reduce the basic, higher and additional rates by up to 10% or increase them by any amount without limit. The Scottish rate will be administered by HMRC as part of the UK income tax … Continue reading Do You Employ Any Scottish Nationals? – If So Read This
In an attempt to promote job creation, it was announced in the Budget 2013, that firms based in the UK would be entitled to a £2,000 allowance towards employer National Insurance Contributions (NIC). This Employment allowance will come into effect in April 2014 and is estimated to take 450,000 of the UK’s smallest businesses out … Continue reading National Insurance cuts for Employers
Date: Tuesday 5th March 2013 Time: Registration from 09.00 Place: Green Meadow Golf Club, Treherbert Road, Cwmbran, Gwent NP44 2BZ PAYROLL REPORTING IS CHANGING - ARE YOU READY? HMRC are introducing a new way of reporting PAYE called REAL TIME INFORMATION or RTI. What does this mean for your business? Green and Co invite you to a free … Continue reading Real Time Information: Free Sage Workshop
All employers, commencing April 2013, will be required to inform HMRC every time that an employee is paid. This is being phased in over a six month period and all employers will be obligated to comply by October 2013. This is as opposed to the current system, in which HMRC are informed of an employee’s earnings on … Continue reading P.A.Y.E – Are You Real Time Ready?