RTI - Setting Up 2013/14 in arrears now?
A company, newly formed in April 2013, has carried on business for the last year; the directors (the only employees) have taken drawings each month; the company has not yet registered as an employer with HMRC; the company has not therefore processed any salaries yet for the directors for 2013/14 and made no RTI entries.
The company now wishes to register as an employer from April 2013 and process salaries for each month of 2013/14 via RTI, obviously now much in arrears. The salaries are fairly low and may give rise to a small NIC liability but no PAYE liability. The salaries will be credited to the directors' loan accounts to help offset the drawings.
Is this going to be a problem with HMRC's RTI? The entries are all going to be late but there are no penalties in the first year so........? The plan is to get these entries processed prior to what used to be the P35 submission date. Will this be OK or not?
- last minute request 367 5
- Xerocon 2016 860 15
- 64-8's amazingly quick 84 3
- Website costs (intangible assets) tax relief 278 3
- Personal Tax 310 9
- VAT - Check on clients business 1,216 46
- Practical experience 880 16
- Is Xero payroll as rubbish as I suspect it is? 1,896 41
- Rent a Relief for small husband and wife run guesthouse 259 2
- Mortgage Reference 233 2
- Entrepreneurs relief after enhancement 189 3
- Buy Samsung Galaxy Note 5 445 9
- VAT 313 1
- Gift aid procedure please? 259 4
- What counts as income for the £100k 'salary' cap for free childcare from 2017? 238 1
- US tax form 1099 (misc?) 85 1
- Cash gift from India 515 13
- GP ACCOUNTS 90 1
- Write an article on latest tax changes for landlords. 504 16
- Stamp Duty based on Exchange or Completion Date 160 2