Directory results

 
1 to 10 of 45 articles
  • Tips & Advice You & Your Business - HMRC updates payroll tool
    HMRC updates payroll tool..New tax year update. HMRC’s Basic PAYE Tools (BPT) is free payroll software for use if you have nine or fewer employees. If you use BPT, and you’re concerned that you haven’t yet received an update to the software for the new tax year, don’t worry. Version 20.0 for the 2020/21 tax year will be released at the end of March 2020. This includes a new function - for the first time you’ll be able to generate printable payslips. PC users. To update the software click “Check...
    Click here
  • Tips & Advice You & Your Business - Revised procedure for PAYE penalties
    Revised procedure for PAYE penalties..In-year PAYE penalties. Under the current system, if you send a late full payment submission (FPS) to HMRC more than once in a tax year it will automatically trigger a penalty charge unless one of its exceptions applies (see The next step ). If you think you have a reasonable excuse for the lateness you can appeal against the penalty. In August 2019 HMRC changed the appeal procedure. Make an appeal. You can appeal online using HMRC’s PAYE for employers’ service. Once...
    Click here
  • Tips & Advice You & Your Business - HMRC updates expenses toolkit
    HMRC updates expenses toolkit..HMRC toolkits. HMRC publishes a series of so-called “Tax agent toolkits” which highlight areas of tax where it believes there’s a high risk of errors when calculating and reporting. They are available and can be used by anyone, not just tax agents (accountants etc.) (see The next step ). Expenses and benefits. On 7 June HMRC published the latest version of its toolkit for employment-related expenses and benefits, including information and risks involved with declaring figures...
    Click here
  • Tips & Advice You & Your Business - Q&A - taxing dividends through your code
    Q&A - taxing dividends through your code..Q. I recently received a new tax code which included a large adjustment for “Dividend income” . I called HMRC’s helpline and was told that the adjustment is to collect tax on the dividends it estimates I’ll receive this tax year. As the dividend I receive depends on how much the profit my company makes, I have no idea if HMRC’s estimate is reasonable. This seems unfair. What can I do about it? A. We’ve seen a spate of tax codes recently which include...
    Click here
  • Tips & Advice You & Your Business - Q&A - Correcting 2018/19 PAYE report
    Q&A - Correcting 2018/19 PAYE report..Q. I need to make a small correction to my payroll figures for March 2019. What do I need to tell HMRC and how? A. Because March was in last tax year (2018/19) there’s a special procedure for correcting your RTI PAYE reports. In fact, there are two methods, send HMRC an “earlier year update” (this method is being phased out) or use the new full payment submission (FPS) “year to date” report (see The next step ). This new function should be an option in the...
    Click here
  • Tips & Advice You & Your Business - Last chance to change your tax code
    The end of the tax year is in sight and with it the opportunity to obtain additional tax relief for 2018/19 through your PAYE code. Why should you make a special effort to review your tax code now and what steps can you take to change it?
    Click here
  • Tips & Advice You & Your Business - Q&A - must all staff pay go through the payroll?
    Q&A - must all staff pay go through the payroll?..Q. Two of our staff have agreed to come to the office over the weekend to shift furniture as part of an office tidy-up. We’re going to pay them £175 each for the work. Do we need to add this to their salaries and put it through the payroll? A. It depends on a few factors. Payments can be excluded from the payroll if they aren’t part of an employee’s normal duties. This doesn’t mean that pay for all work outside of an employees’ contracted hours...
    Click here
  • Tips & Advice You & Your Business - Q&A - payments to a former employee
    Q&A - payments to a former employee..Q. We need to make a payment to a former employee for accrued holiday pay. What tax code should we use and how much NI is payable? A. PAYE tax. If you haven’t issued a P45 to the employee, process the payment as if they were still employed by you. If you’ve issued a P45 , apply the tax code 0T on a week 1/month 1 basis and give the employee details of the tax deducted and the tax code you used to work it out. Report the payment to HMRC on a “full payment submission”...
    Click here
  • Tips & Advice You & Your Business - HMRC “quality standard” for P11Ds
    HMRC “quality standard” for P11Ds..Deadline.P11Ds (returns of benefits and expenses for employees and directors) for 2017/18 must be submitted no later than 6 July 2018 or HMRC will fine you £100 per form. The same deadline applies to Form P11D(b) , which is the declaration form for Class 1A NI for benefits you report on Forms P11D . Both forms can be completed and submitted online or on paper and must meet HMRC’s “quality standard”, i.e. include specific information about your employees and the benefits,...
    Click here
  • Tips & Advice You & Your Business - More trouble with PAYE code numbers
    We’re seeing a lot of reports, especially from director shareholders, that tax codes for 2018/19 contain deductions not previously made. These will result in a higher PAYE tax bill. What’s going on?
    Click here
 
1 to 10 of 45 articles

Filter results

Resources

Dates