Financial News

Real Time Information (RTI): a million employers are now reporting PAYE in real time

Since RTI started on 6 April, over a million employers have successfully started to report PAYE in real time. Unless notified otherwise, employers are now required by law to report PAYE electronically in real time every time they pay their employees. If you were due to start reporting PAYE in real time from 6 April 2013 but haven’t yet started, you should do so now. All the information you need to get going is here.

 

The date you need to pay HMRC hasn’t changed, so many employers should have made their first payment of PAYE/NIC by 19/22 May. If you haven’t paid yet, or sent your Full Payment Submission and/or Employer Payment Summary (even if you haven’t paid anyone), have a look at this guidance. If you no longer have any employees, please let us know.

 

Expenses and Benefits online forms

Would you like to submit your end of year expenses and benefits details online? If so a range of forms will be available in June, ahead of the P11D filing date of 6 July, to enable you or your agent to do this.  If you would like to apply for a dispensation from having to report expenses and benefits payments, have a look at our guidance.

 

Toolkits to help avoid common errors

Updated toolkits are available to provide guidance on how to avoid some of the more common errors made in returns and set out the steps that you can take to reduce those errors.

 

Simpler Income Tax - cash basis and simplified expenses

HMRC have introduced two new schemes called ‘cash basis’ and ‘simplified expenses’ to help small businesses. To help you decide if either scheme is right for you, you might like to watch the two new videos on cash basis and simplified expenses. We have a short one giving an overview of the schemes, and a longer, more detailed look.

We also have a range of webinars, both live and recorded, to help people new to business; and, from June, you can participate in our live webinar “How to complete your 2012-13 Online Tax Return”.

 

Tax deadlines

Not sure what to do and when to do it? Have a look at the Key 2013-14 tax deadlines for small businesses (including employers) and keep on top of your tax responsibilities.

Do you bring vehicles into the UK from abroad?

If you do, you might want to have a look at HMRC’s new online service, Notification of Vehicle Arrivals (NOVA). This service makes it easier and quicker to tell HMRC about vehicles brought permanently into the UK; you will receive an immediate acknowledgement from HMRC and a calculation of any VAT that may be due, which has to be paid or accounted for (depending on whether the vehicle was bought outside or inside the EU) before the vehicle can be registered and licensed with the DVLA.