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Matching "HMRC" Tag

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Becoming VAT registered can be a little daunting for those new to business.  It means keeping your accounts records organised and and up to date and ensuring that you have VAT receipts for all the business expenses you want to claim back VAT on.  It also means that you need to know whether the products or services you sell should have VAT added.…
During the current crisis HMRC has allowed VAT registered businesses to defer paying their VAT liability for the period between 20 March and 30 June 2020.  This deferment applied to VAT periods ending 29 February, 31 March and 30 April where payments would be due by 7 April, 7 May and 7 June. That deferment period is now finished…
Although lockdown has restricted business for many, as a payroll provider to a large number of businesses I know that some businesses have been taking on new employees over this period. There will also be individuals who have used this time to start their own business and will be planning for the costs involved in taking on their first employee as the business grows.  So if you are a potential new employer here are some points you need to think about along with the costs you need to plan for.…
Those of you who have more than a couple of employees and run your own payroll will probably be finding the current situation a bit of a minefield.  Not only are we starting a new tax year this month with its changes in National Insurance contributions, changes to student loan thresholds, a change to they way holiday is calculated…
There are lots of things to remember about VAT when you are VAT registered.  Here are ten things about VAT which you may not know. …
HMRC have confirmed the tax and NI thresholds for 2020-21 and some details of statutory parental bereavement pay.…
Employment allowance can be claimed by business which have a payroll with at least one employee or two directors earning over the secondary threshold.  The £3,000 allowance is set against your Class 1 National Insurance contributions…
HMRC have told us for several years now that we must file our payroll returns on or before the date the employee is paid.  Most employers have a regular payment date and as a payroll bureau we ensure that we file the return on or before that payment date. But what happens if you forget to or are unable to file a return on the payment date? …
We are often asked this question by business owners taking on their first employee particularly if they are not going to be working many hours.  Employers believe that because they aren't paying their employee very much they don't need to put them on the payroll but that is not necessarily the case.  Or perhaps because they are just taking them on for a trial period of a week or month they think it is a waste of time adding them to the payroll.  Neither of these reasons will be considered by HMRC as an acceptable excuse for not putting your employee on the payroll if it is found later that they should have been.…
The VAT Flat Rate scheme is available to businesses with turnover up to £150,000 per annum. It is advantageous to small businesses as the VAT payable to HMRC is calculated as a percentage of gross sales rather than 20% of net sales less 20% of VATable purchases. It makes calculating VAT due much more straightforward, record keeping is easier AND you are likely to pay less. Always an advantage!…
56 articles 
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