Yours 4 A Day
Yours 4 A Day Ltd. The Working Persons Accountant

Late Payroll Filing Penalties

Late Filing Penalties

From 6 October 2014 the HMRC computer will automatically issue you with a penalty if you submit your full payment submission (FPS) under RTI "late", or don't submit it at all for a month in which you paid your employees.

So what makes the FPS "late"? HMRC say the FPS must be submitted on or before the day the employer pays the employees (the "payment date"). But is that the day the funds leave the employer's bank account or the day the employee receives the money?

In fact the "payment date" for RTI purposes is neither of these dates. It is the date contractually agreed between the employer and the employee to be the date on which the employee is to be paid. If the funds happen to be passed to the employee on an earlier or later date, perhaps due to a bank holiday, that doesn't change the "payment date". This is explained in HMRC's RTI guidance on non-banking days.

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PAYE Explained

You need to set up a Pay As You Earn (PAYE) system if you have employees, or if you are a limited company (as you are counted as an employee). Make sure you've registered as an employer with HMRC before you set it up.

What is PAYE?

  • PAYE is the system used for deducting tax and National Insurance Contributions (NICs) from your employees' wages to pay to HMRC.
  • You have to deduct income tax for all employees earning more than £7,475 a year in tax year 2010/11.
  • You have to deduct NICs for all employees aged 16 years or over and under state pension age who earn more than £110 a week in tax year 2010/11.
  • You apply PAYE to all wages, all payments made in cash (including expenses payments made in cash) and some benefits in kind 
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Staff Profiles

So who are we all?

Jenny- started Yours 4 A Day in 1997 ago with a vision to create a flexible, friendly and personal accounts service to businesses ranging from sole traders to larger limited companies. Jenny is a Fellow Member of the Association of Accounting Technicians (FMAAT). This means that she is fully qualified to attend to your business needs. She has 35 years' experience in accountancy services, 25 years of which have been in a managerial role or as a company director. She is a keen horserider and loves all animals.

Jodie- fully AAT qualified Jodie has 12 years experience in bookkeeping and completes quarterly VAT returns as well as all aspects of client book-keeping. She is also a keen horserider and mum to young son.

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A Guide to Auto Enrolment

Automatic Enrolment

What is it?

UK businesses who employ one or more workers have to put them into a pension scheme if they meet certain criteria

Who does this apply to?

You must automatically enrol everyone working for you:

  • who is aged between 22 and state pension age

  • who works in the UK

  • for whom you deduct income tax and National Insurance contributions from their wages
  • who is likely to have a gross earnings over £10,000 per annum
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Spring Clean Your Business

The daylight hours are getting longer which means that now is the time to start thinking about how you can do some much-needed business Spring cleaning.

But instead of just papering over the cracks or carrying out some minor cosmetic touch-ups, could this be the year that your Spring clean helps revolutionise the way that you work and add real value to your business?

Change your infrastructure

If you’re starting out running a business, using a spreadsheet can be a cheap way of keeping your figures together. But once a business is established, it may not be the best idea to cling onto spreadsheets.

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