HMRC have created a single page version of form P46 called P46 (Short) which enables employers to collect necessary information from new employees who do not have a form P45. Employers are required to submit the details electronically to HMRC so the form is used to gather the necessary information in order to make the Read more about HMRC launch new P46 for employers[…]
These rates apply to all journeys on or after 1 September 2012 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do Read more about Company cars – advisory fuel rates from 1 September 2012[…]
The Government has approved this year’s National Minimum Wage rates, which will come into effect on 1 October 2012. The rates will be as follows: • For workers aged 21 and over: £6.19 an hour (up from £6.08 an hour in 2011) • For workers aged 18-20: £4.98 an hour (no change) • For workers Read more about National Minimum Wage confirmed for 2012/13[…]
HMRC is introducing a new way or reporting PAYE: Real Time Information (RTI). Under RTI, information about PAYE payments will be submitted throughout the year as part of the payroll process, rather than at the end of the year as they are now. Every time you process your payroll, your software will collect the necessary Read more about Pay As You Earn (PAYE) Real Time Information (RTI)[…]
Just weeks to go! What is RTI? Real Time Information (RTI) is the biggest change since PAYE was introduced in 1944 and is a new initiative from HM Revenue & Customs (HMRC) to improve the administration of PAYE and to enhance the operation of the forthcoming Universal Credit Scheme (coming in October 2013). RTI is Read more about RTI (Real Time Information)[…]
In contrast to standard VAT accounting, there are several alternative ways you can account for VAT that could save you time and money. Some of these VAT accounting schemes have been designed for specific trade sectors. Others have been designed to deal with more general business issues. Some of the schemes can be used together. Read more about VAT Accounting Schemes[…]
What is VAT? VAT is a tax that’s charged on most business transactions in the UK. VAT registered businesses add VAT to the price they charge when they provide goods and services to: business customers – for example a clothing manufacturer adds VAT to the prices they charge a clothes shop non-business customers – members Read more about Introduction to VAT[…]
The new 50% income tax rate came into effect on 6 April 2010 on taxable income above £150,000. The personal allowance was also clawed back for people whose income exceeds £100,000. The amount of the allowance was reduced by £1 for every £2 above the £100,000 limit, until the Personal Allowance is reduced to nil. Read more about Sole Trader or Company?[…]
Date Event Applies to Business year-end Accounts to be prepared to this date Individuals, partnerships, LLPs and companies 9 months after company year-end Corporation tax for the year to be paid Companies only 9 months after company year-end Company and LLP accounts for the year to be filed with Companies House LLPs and companies only Read more about Tax and Business Calendar[…]
Small Business Information Even though it might not be the most glamorous aspect of running a business, bookkeeping should always be near the top of your to-do list. The very life of your business depends on your diligence in this area. Every business, regardless of size, has to keep a detailed record of its financial Read more about Bookkeeping Essentials for Small Business[…]