HMRC have confirmed that from 14 February 2018 the Electronic Data Interchange (EDI), the current platform used to submit VAT Returns electronically, will be decommissioned and replaced with a new platform. From that date, all electronic Returns must be submitted via this new platform. Businesses that manually submit their VAT Returns using HMRC’s website and […]
Does your business have employees? Are you paying them enough? Not knowing the difference between the Living Wage, the National Living Wage and the National Minimum Wage could result in large penalties for failing to pay employees correctly. To help clarify, here is a summary of the three main terms relating to wages: National […]
HMRC defines a director’s loan as when you (or other close family members) get money from your company that isn’t: A salary, dividend or expense related repayment Money you’ve previously paid into or loaned the company A director’s loan account is a record of any money you borrow or pay into the company. […]
Shared parental leave was implemented just over a year ago, but new figures show a conflicting picture. Depending on what statistics you look at take-up has been quoted at anything between 1% and 30%. One thing that is clear, is that there is still a lack of knowledge, both from the employer and the employees […]
When you need to set up a PAYE scheme may seem confusing, but here are three common scenarios where employers need to ensure they are complying with PAYE regulations: As an employer you do not need a PAYE scheme if you pay yourself or an employee under the Lower Earnings Limit (LEL) (for Tax Year […]
Last week I was asked twice about keeping records – which made me think perhaps it should be the next topic for my blog. So what records do individuals and businesses need to keep, and for how long? HMRC require all businesses (whether sole traders, partnerships or limited companies) to keep and retain […]
As accountants, we often get asked by our clients how to pay corporation tax. Reference To pay your corporation tax you will need your 17 character Corporation Tax payslip reference for the accounting period you are paying. The reference number can be found by logging into your company’s HMRC online account and going to “view […]
The latest budget was billed as the budget for “the next generation”, but there was plenty of good news for small business owners too, here are a few of the headline points. Business Rates Following significant lobbying from small business groups, George Osborne announced that from next April, the rate at which small business rates […]
How is this different to the annual return, and what does it mean to my business? From June 2016 companies will no longer have to submit an annual return to Companies House, instead they will submit a confirmation statement. Unlike the annual return, companies will be able to submit a confirmation statement any time they […]
On 1 April 2016 the new National Living Wage of £7.20 an hour for workers aged 25 and over will take effect. There are several steps employers must take to ensure that they comply with the new rates, including: Finding out which staff are eligible for the new rate Updating their payroll before 1 April 2016 […]
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