When taking on a new employee you will need to obtain certain information from them in order to set them up on the payroll correctly and to determine the correct tax code to use.
New employee, what do you need to do?
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Underpaid State Pension
Could you be at risk from underpaid state pension? If you were entitled to HRP between 1978 and 2010, it is strongly advised that you review your National Insurance record.
New Business Challenges
What are the new business challenges? Setting up a new business is not a project for the faint of heart let’s look at a few of the roadblocks you are likely to encounter on your new business journey.
July filing deadlines
There are a number of July filing deadlines approaching. These dates are when taxpayers must undertake certain tasks, such as filing returns and paying tax, by certain dates.
Self-assessment PAYE threshold
HMRC has revealed that the self-assessment PAYE threshold for taxpayers will increase from £100,000 to £150,000 for the 2023/24 tax year.
HMRC tax return helpline closes
Any taxpayer hoping to contact the HMRC tax return helpline for help with their self-assessment tax return will now have to use digital services, this is until 4 September 2023.
Company diesel car
You must use the correct key letter in order to let HMRC know if a company car is a petrol or diesel car. For company diesel cars you must state whether or not the 4% diesel car supplement applies.
Child Benefit
Child Benefit can now be claimed via the HMRC app. It is often claimed from the day after you registered the birth of your child, however, don’t forget the High Income Child Benefit Charge.
P11D filing
P11D deadlines are approaching. If you provided expenses and benefits to your employees during the 2022/23 tax year and did not payroll those benefits, you will need to tell HMRC.
Disclosure of overseas income or gains
HMRC’s nudge letters advise recipients on the disclosure of overseas income or gains which might be subject to UK tax or face penalties and potential legal action.
Letting a room in your home
Have you considered letting a room in your home? Do you like the idea of letting a room and the additional income but worry about the tax implications?
How did the Spring Budget affect your business?
How did the Spring Budget affect your business? Now is a good time to remind yourself of the announcements and how they could affect you. Here’s what you need to know
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