The Employment Allowance was introduced in April 2014 and by the end of June, HMRC have reported that 725,000 employers had already benefited – resulting in approximately £500 million in Employers National Insurance relief. If you have not applied there is still time to find out if you are eligible and apply – https://www.gov.uk/employment-allowance
So what is ‘Cash basis’ It is a way of working out your income and expenses for your Self Assessment Tax Return. You can use cash basis if you: are a small self-employed business eg sole traders and partnerships have an income of £81,000 or less a year (this is the threshold when you have Read more about Simpler Income Tax: Cash basis[…]
HMRC have confirmed that employers with fewer than 50 employees will face automated in-year penalties for late real-time PAYE returns from 6 March 2015, which is later than they had originally anticipated (6 April 2014 – https://www.gov.uk/government/news/hmrc-unveils-new-timetable-for-rti-penalties) . For those who employ 50 or more employees will face penalties from 6 October 2014. You should shortly received Read more about PAYE in-year automated penalties[…]
Next month (October 2014) HMRC will be sending out full annual tax summaries for the first time. In 2010 the Coalition promised every tax payer an annual statement of their tax position: not just the Income Tax and National Insurance paid, but also where the money was spent. Four years one and this promise is Read more about New annual Tax Statements[…]
Changes in Government legislation have reduced the paperwork and red tape involved in launching and running a start-up business from home Kitchen table businesses were thrown a bone by the Government recently as part of the ongoing drive to stimulate enterprise in this country. The Home Business initiative aims to make it much easier for Read more about Working from home just got easier[…]
Here’s some great reasons to start using QuickBooks Online today: It’s fast and easy to set-up; Customise it to your business; Cleaner, simpler interface which is user friendly with faster navigation; You get an up to date view of your business, even on the go; You can create customised invoices for a more professional look; Read more about QuickBooks Online[…]
Whenever you appoint a new director and send the relevant paperwork to Companies House, it will automatically check that individual details against the Register of Disqualified Directors. From 8 June 2014 a similar procedure will be introduced for undischarged Bankrupts (and other types of personal insolvency that prevent an individual acting as a director). Source: http://www.companieshouse.gov.uk/pressDesk/news/undischargedBankruptsProjects.shtml
Are you prepared? All employers are legally required to automatically enrol their employees into a qualifying pension scheme by their ‘staging date’. This is set according to the number of employees you have on 1 April 2012. Don’t be like Dunelm Soft Furnishings Ltd who missed its staging date and didn’t make the required pension Read more about Don’t ignore your staging date![…]
From 06 April 2014, HMRC will charge in-year, rather than annual, interest on all unpaid: PAYE tax, Class 1 National Insurance, and Student Loan deductions including specified charges (estimates HMRC makes in the absence of a PAYE submission) Construction Industry Scheme (CIS) charges In-year late filing penalties, which start from October 2014 In-year late payment Read more about Changes to the way HMRC charge interest on PAYE from 2014 onwards[…]
Companies House has announced that its website will soon be moving. Once that happens, you’ll only be able to access its online services through the GOV.UK portal. On 20th May 2014 Companies House quietly issued a statement announcing the forthcoming closure of its website later this year.. This is because its online services are being Read more about Companies House website is moving[…]