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Almost all businesses will operate a payroll. Find out why I think it’s useful to outsource your payroll. Getting pay figures right and making sure the correct information is sent to HM Revenue and Customs (HMRC) is of the utmost importance. Since the introduction of the Real Time Information (RTI) scheme in April 2013, employers
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We are all well aware of the national minimum wage, but soon to be introduced is the national living wage. Not sure what it is? Let me explain. The national minimum wage was first introduced way back in April 1999 when Labour were in power by the Low Pay Commission. Its started at just £3.00
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Starting your own business is both an exciting move and a massive step for you – well done! For many new business owner, priorities lie in bringing in money and driving the new business forward. Often bookkeeping and paperwork can get neglected. Here we look at the ten most common bookkeeping mistakes made by new
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The deadline for submitting self-assessment tax returns is less than two weeks away. There’s an automatic £100 penalty for missing the 31st January deadline. Of the 11 million people who have registered for self assessment or need to fill in a tax return, 4.5 million this year have yet to complete one. Here are seven
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I was in Austalia… Evidently travelling to the other side of the world is not a reasonable excuse for filing your tax return late. HMRC has revealed its annual top 10 late filing excuses and some of them are hilarious! My pet dog ate my tax return and all the reminders I was up a
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The law on workplace pensions has changed and now, under the Pensions Act 2008, every employer in the UK must put certain staff into a penson scheme and contribute towards it. This is what’s know as ‘auto-enrolment’. Auto-enrolment was designed to encourage a retirement savings culture in the UK. This new legislation requires all employers
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HM Revenue and Customs (HMRC) will shortly be launching their new system of personal tax accounts, which is set to replace the current annual tax return. The online accounts will allow people to see their tax details and make payments at anytime, and will be similar to that of online banking. All personal tax payers
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There are two ways you can submit your self assessment tax return to HMRC – you can either do a paper return or file an electronic tax return. Depending on how you submit your tax return depends on the deadline for submission: Paper tax returns need to be submitted by 31 October. So tax returns
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The flat rate VAT scheme for small businesses was introduced to reduce time spent on administration of sales and purchases when operating VAT. Under the scheme a fixed percentage rate is applied to the turnover of the business as a one off as opposed to recording and calculating the VAT on each sale and purchase
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HM Revenue and Customs (HMRC) have today announced they are too close 137 local tax offices which will be replaced with 13 regional centres. According to HMRC the closures will be complete by 2027, however current plans are to have the new centres opened within the next five years. The new offices are to be