Time for Small Businesses to Start using RTI

Having been slowly phased in since April 2013, HM Revenue and Customs (HMRC) announced last month that employers with fewer than fifty employees (small and micro business owners) will be required to start using Real Time Information (RTI) for each member of staff on their payroll from today, 6 March 2015. The RTI system, which we’ve reported on extensively since it was announced over two years…

Increase in National Minimum Wage (NMW)

Yesterday Business Secretary Vince Cable announced an above-inflation increase in National Minimum Wage (NMW) rate per hour from £6.31 to £6.50. Coming into force across the UK on 1 October 2014, the first above-inflation rise (a real-terms cash increase) since 2008 is thought to have had a helping hand from the recommendations and influence of the independent Low Pay Commission (LPC), which…

Looking for Accountants in London?

Say Hello to Our New Central London Office Whether you’ve been a client of ours for years, or you’re looking for accountants in London and have considered getting in touch with us for some time, we’d like to take this opportunity to announce our latest brand-new office, ideally located right in the very heart of central London. Our new address is below: Tax Agility 17 Cavendish Square…

Tax Tips and News for September 2014

This issue … Late Filing Penalties, Redress Payments, VAT On Multi-products, Travel Question, September Questions and Answers, September Key Tax Dates Late Filing Penalties From 6 October 2014 the HMRC computer will automatically issue you with a penalty if you submit your full payment submission (FPS) under RTI "late", or don't submit it at all for a month in which you paid your employees.…

Tax Tips and News for July 2014

This issue … RTI Penalty Notices; VAT on Digital Services; PAYE Reconciliations; Scary Letters; July Questions and Answers; July Key Tax Dates Real Time Information (RTI) Penalty Notices As an employer you may have received an RTI penalty warning letter accusing you of not submitting all of the RTI returns required for 2013/14. However, that letter may be incorrect. HMRC has admitted…

Tax Tips and News for June 2014

This issue … Marginal Tax Rates, Real Time Information (RTI) Interest, VAT and Discounts, Auto-enrolment, June Questions and Answers, June Key Tax Dates Marginal Tax Rates What rate of tax would you pay on an additional £1 of earnings? If your annual income is between £41,865 and £150,000 you may think the tax rate would be 40%, but the peculiarities of the UK tax system mean you could pay…

Tax Tips and News for March 2014

This issue ... Budget News, Business Journeys, RTI Penalties, Let Property Campaign, VAT on Books and Leaflets, March Question and Answer Section, March Key Tax Dates 2014 Budget News Summary This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions and halved bingo…

Minimum Wage Fines Quadruple for Employers

Employers who choose not to pay their workers the National Minimum Wage (NMW) will soon see fines quadruple, with a penalty being put into place of £20,000 per-employee underpaid, plus an added financial penalty of 100% of the unpaid wages owed to workers. Under previous rules, such employers caught breaking NMW law were required to pay the unpaid wages, plus just 50% of the total underpayment…

Disguised Employment Relationships via LLPs

Defining disguised employment as: a limited liability partnership (LLP) member who works for the LLP on terms that are tantamount to employment; Chancellor of the Exchequer George Osborne announced during Budget 2013 that the government was due to consult on a number of changes to the tax rules on partnerships, including the act of disguising employment relationships through LLPs.Read more

Tax Tips and News for January 2014

This issue ... New RTI Relief, Capital Allowances on Fixtures, Disguised Employment, Partly-exempt Businesses, January Question and Answer Section, January Key Tax Dates New RTI Relief Have you been struggling to send full payment summary (FPS) reports under RTI to HMRC on or before the days on which your employees are paid? This is particularly difficult when your workers receive irregular…