Archives: FAQs

8) What is Real Time Updates and how does it affect my business?

Real Time Information, or RTI, is a new system that HMRC is introducing to improve the operation of PAYE. PAYE information will be collected more regularly and more efficiently as employers submit their regular payroll submissions, rather than with their end-of-year tax return. RTI will be introduced to most employers in April 2013, and by … Continue reading “8) What is Real Time Updates and how does it affect my business?”

16) Do I Have To File A Personal Tax Return?

You can see the most common reasons for needing to fill in a tax return below. You’re self-employed If you’re self-employed (including being a member of a partnership) you have to complete a return each year. You’re a company director, minister, Lloyd’s name or member You must complete a return if you’re any of the … Continue reading “16) Do I Have To File A Personal Tax Return?”

9) How Long Do I Need To Keep My Records For?

if you’re self-employed you must keep business records such as your accounts, evidence of tax that’s been paid and other records relating to your income and outgoings. You’ll need these to help you complete your tax return or to answer any questions from HM Revenue & Customs (HMRC) about a return you’ve completed. As a … Continue reading “9) How Long Do I Need To Keep My Records For?”

7) Do I Have To Register For PAYE (Pay As You Earn)?

When you need to register. As soon as you first employ someone, you will need to register as an employer with HMRC if one or more of the following is true: you’re paying them at or above the PAYE threshold the employee already has another job they are receiving a state, company or private pension … Continue reading “7) Do I Have To Register For PAYE (Pay As You Earn)?”