Pay as you Earn (PAYE) is a system for employers to pay taxes for employees. Read our posts for more info on Pay as you Earn

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How Does IR35 Affect My Business?

Are you affected by IR35 tax legislation? If so it is important to know the rules. IR35 is a set of rules concerning tax and National Insurance contributions if you work through an intermediary via a contract.

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National Insurance – the Basic Facts

Most people over the age of 16 pay it in one form or another but it is still an element of the UK tax system which can cause huge confusion among employees, employers and the self -employed.

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You will receive this letter if HMRC think that you have underpaid or overpaid tax in a previous year.

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Employers who pay their staff in a different fashion to the usual monthly payment – meaning those who pay weekly, fortnightly or four-weekly are subject to extra days in leap years.

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Changes to PAYE and NIC

Be aware of the following changes to HMRC PAYE and NIC which take effect from 6 April 2013.

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Small Employers Given More Time to Prepare for RTI

Employers who employ less than 50 staff are to be given more time to report Real Time Information (RTI) to HMRC.

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Implementation of Real Time PAYE could be Impossible

The Institute of Chartered Accountants in England and Wales (ICAEW) has said that the upcoming real time PAYE system may prove “impossible” for many businesses to implement.

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Lack of Awareness over Real Time Information

Around a quarter of small businesses are unaware that the Pay as You Earn (PAYE) system is going to dramatically change next April.

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PAYE Year End to Change

The Pay As You Earn (PAYE) system is to change from an annual to a monthly system, in a step designed to make it easier to manage for employers.

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PAYE Penalty Notices to be Sent In-Year

HMRC is planning to send penalty notices for late or missing monthly tax payments within the tax year as opposed to after April 19, which its current policy.

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