Last year, contractors were affected by the biggest change to payroll procedures in decades; Real Time Information (RTI). The new legislation meant that contractors would have to start filing payroll information online every month, and failing to do so would, like most things when it comes to paying the government, incur penalties.
Employers had to start sending information on the payments they made or were going to make through RTI payroll regardless of the amount of pay, P45s and P46s stopped being submitted to HMRC and simply retained by employers, P14s, P35 summaries and employers declarations stopped being submitted and employers had to start sending information about their employee’s salary and associated deductions before or at the same time the payment was made using Full Payment Submission (FPS).
If you are not up to date with RTI, speak with us today. At QAccounting, we can assist with all your RTI queries.
Chancellor announces that IR35 reform will be scrapped
IR35 reform in both the private and public sectors is to be repealed, the Chancellor announced in the mini Budget, held on Friday 23rd September.
This surprise development made up just one of many welcome tax changes, as Liz Truss’s new-look government promised to start “a new era” and unleash the potential of UK business.
Why is accounting for a start-up business important?
Why do some start-ups succeed while others are doomed to fail?
It’s an often-quoted statistic that around 60% of businesses fail in their first three years – with 20% folding within just twelve months.
Why freelancers should hire an accountant
In the world of work, freelancing is an increasingly popular option. The promise of flexibility, unlimited earning potential and complete control over the way you work is a hugely attractive prospect for many.