Most taxpayers paying their bills electronically will be unaffected and do not need to do anything. Customers who currently pay using Bank Giro or Transcash payslips should consider alternative ways to pay such as electronic payments. Are you aware that a starter declaration should be completed by every new employee?
Both the starter declaration and tax codes need to be worked out in time for the first Full Payment Submission (FPS) for new employees. One of the most common reasons for incorrect tax codes is due to the starter declaration not being completed for the first. Instead of phoning or writing to HMRC, if you have any company car users they can now update their details online by using the Check or update your company car tax service.
Both the starter declaration and tax codes need to be worked out in time for the first Full Payment Submission (FPS) for new employees. One of the most common reasons for incorrect tax codes is due to the starter declaration not being completed for the first. Instead of phoning or writing to HMRC, if you have any company car users they can now update their details online by using the Check or update your company car tax service.
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The basic system of double entry book-keeping was invented more than five hundred years ago by a Cistercian monk Luca Pacioli and the system is still used today. It is commonly referred to as keeping the books and is a process of keeping full, up to date financial transactions of your business. The process can be done manually or by using accountancy software.
All businesses which lie within the Construction Industry must follow the rules and legislation of the Construction Industry Scheme (CIS) in relation to payments to sub-contractors and construction work. If your Construction business is required to make submissions within the scheme and you are not completely au-fait with the details or just need someone to get you on the right track we can help you.
We can assist with all payroll matters including Employer PAYE registration, running of weekly or monthly payroll including tax and national insurance calculations and production of payslips together with all year end filing requirements. You will now have a responsibility to calculate the tax and national insurance contributions (NIC) of your employee, and then withhold this from their pay and submit this to HMRC on their behalf.
You must register for VAT when your turnover for the previous 12 months has gone over a specific limit - called the 'VAT threshold'. This is currently, fixed at 82,000, for the 2015/2016 tax year. You must register for VAT if your revenue has reached this threshold or if you believe your turnover will soon go over this limit.
What is an Annual Return and do I need to submit one? An Annual Return is a form which every company, registered in England and Wales, is legally obliged to complete and submit. This legal document needs to be completed every year from the year of incorporation regardless of whether your company is trading or dormant.
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