Key tax dates and deadlines for 2018/19
It is an inevitable reality that, for anyone earning a livin...
By Jonathan London on 22nd January 2013
Boox is well on the way to gearing up for HMRC’s new RTI legislation from April 2013. Below are some details and important information about what RTI is and how it will affect you as a Limited Company Director.
Real-Time Information, or RTI, is a shift in the way payroll information is submitted to HMRC.
As the name suggests, all payments relating to a company’s payroll will need to be submitted to HMRC in real-time from April 2013, with the legislation requiring all UK registered companies to be compliant.
It’s been labelled the biggest change to HMRC’s payroll reporting since World War II.
Prior to RTI, Company Directors were able to withdraw a salary from their companies throughout the tax year, with the company declaring the total of this information at Year End on the P35 form (due by 19 May each year).
This process, including the P35, is being abolished in April. This results in the need for a Directors Salary to be reported to HMRC either on the same date, or before, payment is made from your business bank account to your personal bank account.
Updates to our Boox App, and in particular how we deal with payroll, will be rolled out in the coming weeks to ensure compliance with RTI before the deadline.
These updates will require clients confirm the level of salary payment are making to themselves each week / month. Note that once this is confirmed each time payroll is processed, we will not be able to change it.
Keep your eyes peeled for further updates.
Take a look at our recent blogs below.
As a business owner, your time is way too precious to spend hours dealing with HMRC or Companies Hou...
Published: 14th May 2018
“Never do tomorrow what you can do today. Procrastination is the thief of time” Charles Dicken...
Published: 11th May 2018
Congratulations! The very fact you clicked this far shows you are considering employing staff, and t...
Published: 17th April 2018
It is out with the old and in with the new when it comes to tax relief on childcare costs from April...
Published: 9th April 2018
The Boox accounting app has always been at the forefront of helping our clients understand their com...
Published: 26th March 2018
Spring has officially sprung and the start of the 2018/19 tax year is just around the corner –...
Published: 23rd March 2018
If your business is employing staff, you should already have a workplace pension in place, under the...
Published: 23rd March 2018
At this time of the year we are used to seeing the Chancellor holding aloft the red box ahead of the...
Published: 15th March 2018
A dispute has erupted between the BBC and 170 of its presenters over their tax arrangements and thei...
Published: 12th March 2018
The rush for taxpayers to file their 2016-17 self-assessment tax return is over for another year, an...
Published: 27th February 2018
If you are in the process of setting up a limited company or you are already the owner of an incorpo...
Published: 16th February 2018
If you need a little help to find the right accountancy service, don’t worry.
Get in touch with our friendly team for a FREE service consultation.
Thousands of contractors, freelancers and locums turn to Boox for help and advice with their limited company accounting. They love our personal service and app.
Specialist accounting for sole traders and the self employed, Boox combines easy online tools with expert support to take away the stress of handling your accounts.
Our combination of market-leading accounting software and expert personal advice gives you greater financial control and more time to grow your business.