Reporting payroll information to HMRC
What to report As an employer, you are required to report details of your entire payroll via a ‘Full Payment Summary’ (FPS) each time your employees are paid. This means that if you pay weekly you will make […]
Common payroll forms explained
P60 At the end of each tax year, employers must provide all employees that were employed on 5th April with a P60. They must do this no later than the 31st May in either electronic or paper format. […]
How and when to register for PAYE
When to register As an employer there are certain tax related obligations that must be met and a primary one for almost all businesses is “Pay As You Earn”, or PAYE.  It is a legal requirement to register […]
Spring Budget 2023
National Insurance sees a further reduction The main highlight of the budget was a further 2% reduction in Class 1 employee National Insurance from 10% to 8%, effective 6th April 2024. This follows the recent reduction, announced in […]
Autumn Statement 2022
Headlines National insurance Although the current thresholds for income tax and national insurance remain frozen until 2028, the main rate of national insurance will fall from 12% to 10% from 6 January 2024. In addition, Class 2 National […]
Spring Budget 2023
Pension breaks for high earners The chancellor announced an increase in pension allowances for high earners, increasing the annual cap on tax-free pension contributions from £40,000 to £60,000. In addition to the annual increase, the tax-free lifetime allowance […]