Top Tips on RTI for SMEs
Back in April 2013 HMRC introduced Real Time Information (RTI) PAYE reporting, a new system designed to improve the accuracy of returns while ensuring employers such as yourself are paying the correct amount of tax.
Unlike in the previous system whereby you would submit an end of year return to HMRC with the full tax liability of each employee, under RTI PAYE reporting you're required to…
How The Cap on Income Tax Reliefs Affects You
Last year the Chancellor announced the government was intending to introduce a cap on currently unlimited income tax reliefs, due to take effect from the tax year 2013-14. This cap has now been put into place, with HMRC having since published guidance on the new rules.
The cap has been set at either £50,000, or 25% of your adjusted total income for the current tax year (whichever is the…
Small business owners get £2,000 Employment Allowance Tax cut
The Employment Allowance tax cut will give businesses and charities up to £2’000 a year tax saving.
The planned tax cut will be introduced from April 2014 through the National Insurance Contributions Bill and is expected to benefit more than 1.2 million small businesses in UK. The aim of the Employment Allowance is to assist small businesses to grow by supporting the cost of employment. When…
RTI Relaxation
The real time information (RTI) system for submitting PAYE information to HMRC must be used by small employers from April 2013. However, there has recently been a temporary RTI relaxation of one of the reporting requirements for employers with fewer than 50 employees.Read more
What is RTI?
Real Time Information: New Changes to PAYE
From April 2013, HMRC is introducing a new way of reporting Pay As You Earn (PAYE). The new RTI system is designed to improve the accuracy of returns, and to ensure that employers are paying the correct amount of tax.Read more