Special Budget blog 2014: Income tax rates and allowances

In the budget, the Chancellor announced that from April 2015, the basic personal allowance for taxpayers born after 5 April 1948 will rise to £10,500. At the same time the basic rate limit will be reduced to £31,785. Taxpayers’ personal … Continue reading

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Basic PAYE tools – 2014/15 update

The latest version of this basic PAYE tools software for the 2014/15 version is expected to be released on 3 April 2014. The 2014/15 version will be provided as an update to the existing version rather than as a separate … Continue reading

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PAYE – Week 53 payments

Employers and employees that are paid weekly, bi-weekly or four weekly and whose final payday of the 2013-14 tax year falls on 5 April 2014 are reminded that there is a possibility that they may underpay tax for the current … Continue reading

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April 1st auto-enrolment deadline

For employers with between 50 & 249 employees auto-enrolment of employees into a pension scheme starts on 1st April 2014. Smaller companies, who have fewer than 50 employees, will need to auto-enrol their staff on a staged basis between 1 … Continue reading

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HMRC announce delay in RTI penalty regime

The introduction of major changes to the way PAYE information was collected and recorded began with the implementation of the Real Time Information system in April 2013. This new system involves employers sending their employees tax and other deductions from … Continue reading

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Employment Allowance: up to £2,000 off your Class 1 NICs

From April 2014 most businesses, charities and community amateur sports clubs (CASCs) will be entitled to an annual ‘employment allowance’ of up to £2,000 to reduce their liability for employer’s Class 1 Employer National Insurance Contributions (NICs). HMRC have said this … Continue reading

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How much should I now pay myself?

As a director and shareholder of your own company you can decide how much salary to pay yourself each month, in order to use your personal allowance in the most tax efficient way. As a director of your personal company … Continue reading

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P11D Reporting Dispensations 2011/12 Tax Year

The reimbursement of business expenses to your employees should be reported on forms P11D unless covered by a P11D reporting dispensation. The final date that HMRC will accept applications for a 2011/12 P11D reporting dispensation is 5 April 2012. No … Continue reading

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Is Your Payroll Information ‘Clean’?

The Taxman is asking all employers to spring-clean their payroll data to prepare for RTI. What does RTI stand for? It stands for Real Time Information, and within the next 18 months it will become as familiar to you as … Continue reading

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PAYE & NIC or CIS deductions Payment Advice

Have you ever paid your PAYE & NIC or CIS deductions to HMRC and then received a reminder to say that you’ve not paid? How does this happen? In the vast majority of cases it’s caused when payments are sent … Continue reading

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