Update on Tax Issues
Mandatory payrolling of benefits delayed HMRC has confirmed that the mandatory payrolling of benefits in kind (BIKs) will be delayed to April 2027, giving businesses more time to get to grips with the process. Previously planned for April 2026, the change will require businesses to report and process income tax and Class 1A national insurance…
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Reviewing your Software
Software As we move more into the digital age, we are more reliant on software and the efficiencies that this has to help us to grow and even scale a business. When to review this It is important to review this on at least an annual basis to make sure that the software itself is…
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Payroll
Payroll If you are running a limited company, partnership or a sole reader employing people is the same process and principles. When you need to employee a person you will need to register this first with HM Revenue & Customs (https://www.gov.uk) and then once set up HM Revenue & Customs will send you’re the payroll…
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Autumn Tax Update
RTI reporting changes delayed HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via self assessment (SA) and PAYE real-time…
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Goal Setting
Goal Setting How often do you set goals? How often do you revisit your list? We all know that setting goals is important, but we often don’t realize how important they are as we continue to move through life. Goal setting does not have to be boring. There are many benefits and advantages to having…
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Trading As a Limited Company
Trading As a Limited Company If you decide that forming a private limited company is the best way to then you will first need to think of a name and this must a name that is not already being used you can check this out at Companies House https://www.gov.uk/set-up-limited-company. If the name is available, then…
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Running a Payroll Scheme
Payroll If you are running a limited company, partnership or a sole reader employing people is the same process and principles. When you need to employee a person you will need to register this first with HM Revenue & Customs (https://www.gov.uk) and then once set up HM Revenue & Customs will send you’re the payroll…
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P11D Benefits in Kind
P11d Benefits If you have a team of employees, you have several options for rewarding them in addition to paying wages or a salary. One of the most flexible options is to offer benefit in kind, also known as fringe benefits. Benefit in kind take several different forms, which we’ll describe later, and they can…
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National Insurance Reduction
The Chancellor’s cut to national insurance comes in from Saturday 6 January, reducing tax bills in January pay packets The 2p cut to National Insurance will see the rate for employees cut from 12% to 10% from Saturday, with the average worker earning £34,963 saving £447.86 in for Class 1 contributions over the year. This…
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