Is your company ready for auto-enrolment?

Is your company ready for auto-enrolment? The Pensions Act 2008 brought into law that all employers had to offer a workplace pension to qualifying employees and that these employees would be automatically enrolled into the scheme. Why Was Auto-Enrolment Enshrined in Law? The Government is very aware that people are living longer and currently not saving enough for retirement,… Continue Reading

The Most Common Payroll Mistakes

Payroll can often be trickier than small business owners initially imagine but having an effective payroll system in place is imperative when it comes to ensuring your business is well organised. Here are some of the most common payroll mistakes made by SMEs when they don’t ask their accountants to handle it for them so make sure you avoid them…  

Missing Deadlines

You c… Continue Reading

What Employee Benefits Are Not Taxable?

In a previous post we looked at checking your PAYE system is correctly set up and which expenses are and are not liable to tax, but there is also a wide range of employee benefits that are not liable to tax which we’ve summarised below. But as always, even when a benefit is not taxable, take care to record all amounts paid out on employee benefits and record exactly what the payment… Continue Reading

Are You Operating Your PAYE System Correctly?

One of the aspects of running a business that is likely to come under investigation by the tax authorities is the PAYE system and how it is being operated. HMRC investigators can request access to all of your PAYE and salary records, if necessary,  in order to check that the amount recorded in the accounts as salaries matches the actual amounts paid out as salaries and recorded on pays… Continue Reading

National Minimum Wage Increases From October 2013

From October 2013 the National Minimum Wage for workers in the UK has risen as to the following rates:

• £6.31 per hour for those aged 21 and over
• £5.03 per hour for those aged 18 to 20
• £3.72 per hour for those aged 16 to 17
• £2.68 per hour for apprentices (aged under 19)

This is an increase of 12p an hour for adults aged 21 and over and of 5p an hour for 18- to 20-year-olds resulting from recommend… Continue Reading

PAYE- Real Time Information

Important Newswire from Tuchbands ,Chartered Accountants , in Golders Green, North West London What is Real Time Information?  As from April 2013 it will be mandatory for all employers to implement Real Time Information (RTI), a new system for submitting payroll information to HM Revenue and Customs (HMRC). Under the current PAYE system although payroll is run weekly or monthly… Continue Reading

National Minimum Wage

The national minimum wage was increased from 1st October 2012 to the following hourly rates: £6.19 for aged 21 and over; £4.98 for aged 18 to 20; £3.68 for aged under 18; £2.65 for apprentices … Continue Reading