RTI and directors - can anyone spot a flaw in this plan?
I am a sole practitioner and within my client base there are 35 payrolls where only directors are on the payroll. Currently I send out a monthly payslip, which has proved useful in the past as it means directors know exactly where they stand. Nonetheless in the past 3 months 3 clients have informed me of some PAYE work they've had outside their limited companies. In 2012-13, no problem - just re-jig the salaries. But this would clearly not work in 2013-14 if submissions had already been made.
I want to keep my fees unchanged but feel going to just one payroll run in March 2014 is a bridge too far, also would cause problems for those clients who sail close to the wind on their loan accounts. It seems that, as at present with "no PAYE due" submissions, we'll need to do something every quarter to keep the PAYE record alive.
So my plan is to run a payroll process - and send out a payslip - in week 11,24,37 and 50. In other words, once a quarter halfway through the last month in the quarter. As with everything I do, all clients will be informed about this in advance and offered the option to choose a different approach.
Please see if you can spot problems with this, all criticisms welcome.
- Accountant won't release working papers 2,846 53
- Entrepreneur - want to submit accounts by myself 341 6
- What's the best software for this? 413 4
- Email encryption 1,401 15
- Auto enrolment confusion 1,197 22
- Next Move 739 21
- Zoho Books 168 1
- Separate companies same Director buy from each other 251 3
- Self-assessment statistics 2,496 59
- Transmission of ISA 143 2
- Bench-marking software, any ideas? 221 2
- Not renewing AAT 693 9
- CGT of shares gifted 389 6
- New dividend taxation 539 3
- Co purchase printed materials from EU - VAT 189 1
- Company car v company allowance 315 1
- Furnished Lettings - expenses normally bourne by tenant 444 9
- Company formation and bank account 469 9
- Owning overseas property 373 2
- MLR and benefitting from the disclosure 295 1
- Self employed and HMRC Worldwide Subsistence Rates 673
- Acrobat Checkbox Help for New 64-8 412
- Property letting & CAs 406
- 2015 tax year end 401
- Interest paid - do new rules affect Tax Credits? 399
- FCA regulated company in a small group 349
- Self employed consultant working in Ireland 324
- Market Invoice (P2P invoice discounting) tax treatment 244
- Costly Accounting Software contract 232
- DTA tie-breaker issue 221