As one of the world’s leading economies, the UK offers a lot to internationally-minded companies, such as a stable business environment, a well-regulated legal framework, and strong international trade relatio
To expand into Malawi, you may be considering setting up a subsidiary. Learn how to set up a subsidiary in Malawi and how a global PEO can make expansion even easier.
Nick Johnson from Glaisyers says: “Sole traders have fewer administrative obligations and fewer tax issues to consider. In contrast, limited companies must file annual returns to Companies House, pay tax on the company’s profits, PAYE and NICs for any staff, and there are tax implications fo...
9. Report PAYE and NICs to HMRC in real time Use Real-Time Information (RTI) to send payroll information to HMRC on or before payday. This consists of employees’ pay, deductions and PAYE and NICs information. In addition to paying employers’ National Insurance contributions, you should also...
Do ensure that you set aside money to pay taxes, especially those collected on behalf of HMRC such as VAT and PAYE. Also take into account your annual corporation tax and/or income tax on your business profits and on any dividends that you have taken out of the business. ...
Do not panic if you overspend on Christmas festivities or inadvertently provide a taxable benefit to your employees; you may be able to set up a PAYE settlement agreement (PSA) with HMRC. A PSA allows employers to pay tax on certain benefits on an employee’s behalf, so they do not...
You need to register as an employer with HMRC before your employee’s first payday. It can take up to 5 working days to get your pay-as-you-earn (PAYE) reference number, and you can’t register more than 2 months before you start paying people. ...
If you’re hiring staff, you will need to register for PAYE. It’s important to do this quickly, as you can be fined if you register late. 5. Get insurance Insurance is another key consideration when you’re setting up a business. You’ll need to consider the following policies: ...
To begin with, understanding personal spending habits fosters a heightened sense of financial awareness. Every purchase reflects not only a transaction but also a set of values, priorities and emotions. Individuals who closely examine these underlying motivations will gain profoun...
Once you’ve submitted the relevant paperwork, your loan servicer will process the application which could take up to several weeks to get approved. Remember, being on an Income-Driven Plan, including PAYE, is not a set it and forget it arrangement. You must recertify each year by updating...