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. You’ll need their P45 (which will i...
What to prepare for sole trader set up It’s worth noting that if you earn under £1000 from self-employment within a tax year, you’re not required to register with HMRC. You can save time during the application process by having everything ready and on-hand; here’s what to prepare...
Before you employ anyone you’ll need to let HMRC know you’re planning to do so³. You can do this up to 8 weeks before you pay anyone for the first time. It takes up to 15 days to get your employerPAYE reference number- so make sure you leave enough time for all the paperwork...
In business, any edge can help you get ahead. It’s not always easy to know everything you should all at once. By understanding how to claim your mileage from the HMRC, you are one step closer to getting the most out of your tax rebate. Utilizing a reliablemileage tracker app, such ...
Pay As You Earn (PAYE) Brands based outside of the UK will need additional or other resources, including a proof of VAT compliance in their own country, passport copies, and proof of UK business activities. HMRC will then review and process the application. If it is successful, they will...
Step 3: Download the NIC Election document as well as the option holder’sfullysigned option agreement. Make sure the Election file is named 'Blank NIC Election'. Step 4: Send both the NIC Electionandfully signed option agreement to HMRC using this email address: shareschemes@hmrc.gov.uk. ...
Once your application has been received, HMRC will send you a letter with a 10-digit Unique Taxpayer Reference (UTR), which you’ll use on tax payments. You can also add it to other taxes you’ll need to pay, such a VAT. You’ll also be enrolled for Self-Assessment, with which you...
HMRC investment The Autumn Budget also unveiled plans to invest significantly in both personnel and technology to support HMRC. Though these plans may impact your business directly in a few ways, they’ll likely have a more significant effect on accountants. ...
If you are going toemploy other people, you will need to set up a payroll and deduct NICs and PAYE from your employees at the source. For all these taxes, you will need to register separately with HMRC (although you will already have registered to pay income tax via the self-assessment...
Completing your Self Assessment can be daunting. Read this guide on submitting a tax return for sole traders or self-employed and learn all you need to know.