We keep you updated
We provide our clients with regular updates on changes in taxation regulation, news from the world of accounting and, of course, information about the latest developments at F1 Accounting.
RTI - Real Time Information for PAYE - Are you ready?
HMRC has introduced a new way of reporting PAYE - called Real Time Information, or RTI.
From April 2013, employers are legally required to report PAYE in real time. This means that information about all PAYE payments needs to be submitted to HMRC online each time a payment is made as part of the payroll process, rather than at the end of the year as has previously been the case.
If you would like any help with your payroll please feel free to contact us, our payroll staff are fully trained on the new system and are happy to help.
Limit at which people start paying tax to be raised from the current £11,500 to £11,850 from April 2018.
Higher Rate Income Tax
The government will increase the higher rate threshold from £43,600 in 2017-2018 to £46,350 in 2018-19. The NICs Upper Earnings Limit will also increase to remain aligned with the higher rate threshold.
Main rate to be cut from 20% to 19% in 2017 and then to 18% in 2020.
Approximately 450,000 small firms will pay no Employer National Insurance. The Employment allowance will remain at £3k per year.