Member Since: 10th May 2004
26th Aug 2019
Basil, I can only speak from our own personal experience whereby my company breached the £230k threshold during one particular quarterly VAT period, based upon a 12 month rolling average. HMRC wrote saying as from a certain date in the following quarter (mid month) that we would cease to be in the FRS. Fortunately having argued that the previous quarter was exceptionally high due to a non continuing contract,, and by the Year End the level of Turnover would be likely to be below the £230k threshold, HMRC accepted this reasoning and reversed their decision
21st Aug 2019
Most interesting, however, without being pedantic, my understanding is if as per example 1 the T/O of £240K exceeds the FRS of £230K will not this builder be forced to join the Standard VAT reporting Scheme
1st Feb 2018
Wanting/needing to learn about coding, but I can't even find the link, despite all the previous hints/tips!! Perhaps this is the first hurdle to sort out those for whom like me, it may not be really suitable
11th Mar 2013
RTI Director Salary one payment
Like so many of other respondants I am the only paid Director of a SME Ltd Co, and am remunerated by way of Salary/ Dividend. In the normal course of the year I take monthly drawing the debit entry going to my Drawings/Current A/c, depending upon the credit balance of this A/c, and of course the profitability of the company,requisite Dividends are paid monthly/quarterly. In an attempt to keep administration and reporting to a minimum, this year (2012/13) Monthly salary, below the LEL and the secondary NI threshold has has been paid directly and identified as payroll costs to my personal Bank A/c the totals of which will be reported through the normal end of year payroll submissions to HMRC.
In 2013/14, I propose to carry out the same drawings proceedure but instead of the payroll payment each month, just make my normal monthly drawings say £600 more, and making a salary payment in March 2014, having previouly notifying HMRC that this Director is on an annual payment schedule, thus only needing to do maybe one or two RTI submissions.
Firstly is my understanding/application of the rules correct or is there some massive hole I'm falling into, secondly, by marginally paying a higher Dividend say between £7000-8000, to compensate for no or a lower salary mean a higher Corp Tax bill
3rd Oct 2012
RTI small Payroll
Hi puzzel Don't quite know who the query was aimed at. I unaware of the reporting deadlines for employers with a payroll in excess of 5000. The HMRC Basic Tools PAYE software I refer to is for those with a payroll of 9 or less employees, which I understand will be upgraded before the April 2013 payroll is run and RTI is submitted.
Your statement in "All schemes/employers " seems to support my understanding, why larger employees have a longer or undefined period to comply, I can only guess is because of the sheer number of employees and nodoubt the queries involved for alignment of the required information
2nd Oct 2012
Basic PAYE Tools
JS Thanks agaiin, for the benifit of those who likewise maybe following this topic, I contacted HMRC - Basic Tools on line service , who confirmed that RTI wll be included in the Basis Tools PAYE upgrade of the software, however no date was given, otherthan it will be in time for the April 2013 payroll reporting deadline! - little regard applied by HMRC, to all the advice being given to emloyers to get their records in line before the big switch!
2nd Oct 2012
Basic PAYE TOOLS
JS, thanks this is most reassuring. Could you please let me know whether this is the official HMRC reponse and if so, when are they proposing release the software/upgrade, or whether you have gleened this information from some other source, and thus awaiting HMRC notification
1st Oct 2012
RTI - Small Payroll
I like the above IRSK, run the payroll for two/three Directors who are paid between the LEL and the Primary Threshold and have used the HMRC Basic PAYE Tools and Employers Database, which has been updated on an annual basis. The HMRC software is perfectly adequate for my purpose and provides the necessary completed forms for the annual payroll Returns and employee notification ie P45',s and P60's. Does the new reporting proceedure as outlined for RTI mean the HMRC Basic Tools software will become redundant at the end of the 2012/13 financial year,is it likely it willbe replaced by some other form of software by HMRC, or should I begin looking for some other provider of payroll software for these three emplyees /Directors
2nd Jul 2012
Mortgage Interest on let Property
I have a small outstanding repayable mortgage on a property which was my main only residence, I now let this property (having moved in with partner) Reading the points relating to the purpose of the initial loan, I assume the now miniscule interest payments will be considered allowable as a chargeable expense against the residerntial letting businsess. Further if I were to obtain a Buy to Let mortgage against this property on the recognised lending criteria of 125% -130% rental, and if the release of funding which this would create, were to be used toward the funding of a another property(daughter's or my main residence) would the then ensuing interest be capable of being a chargeable expense against the income of the let property.