Filed under: Payroll Tax
As of 6th April 2013, HMRC will be significantly changing the way in which payroll information is to be submitted and the forms they expect employers to use. RJP has covered these changes and what they mean in detail within previous blogs. We thought it would be helpful to do another one, in which we summarise the main changes to be aware of. It is very important that clients take the necessary steps to get prepared or they will face penalties for non-compliance. (more…)
March 15, 2013
The new year always means a load of new resolutions, most of which must have been broken by now. Less obvious as a new arrival are the many new acronyms to get your head around thanks to the impending introduction of RTI (real time information). RTI is the Government’s latest initiative to streamline the collection of payroll related information. From April 2013, detailed online payroll submissions must be made by an employer every time an employee is paid. This replaces the former annual P35 submission made and includes information on PAYE, NIC and Student Loans. (more…)
January 24, 2013
Since April 2012, over 100 companies of varying sizes have been working with HMRC to pilot a new scheme, Real Time Information (RTI) Payroll, which is designed to reduce the administration involved with PAYE routine tax compliance and ensure tax bills are more accurately calculated.
The initiative will require employers to report PAYE payments to HMRC in real time each time they run the payroll system, instead of waiting until the end of the tax year. From HMRC’s perspective this should help them improve efficiency and they expect the change to save £300m on processing PAYE returns at the end of each year. It will also help reduce the administration involved with the introduction of the forthcoming Universal Credits system. For the taxpayer, it means more accurately calculated, and timely tax bills. (more…)
July 26, 2012
We predicted it would be a controversial pre-budget report and it lived up to expectations, with some headline measures that are clearly designed to win over the hearts and minds of Labour’s core supporters. But in spite of this, most observers would agree that overall, it was a pretty good result for Surrey’s business owners.
Continue December 11, 2009