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If you’re in the construction industry (or planning to be), you’ve likely heard people mention Construction Industry Scheme (CIS) tax. This is a separate tax scheme that all in the construction industry must follow. If you need clarification on what it is, why it exists, or how it wo...
This is called the unique taxpayer reference number or UTR. If you fall under a separate category and use the PAYE system, you won’t need a UTR. All UTR numbers consist of 10 digits, some with the letter K tacked on at the end. UTR numbers function like National Insurance Numbers in...
Brexit officially took place on January 31st, 2020, and the United Kingdom withdrew from the European Union. Consequently, the United Kingdom is not part of the free movement of goods that an EU country may benefit from. Sellers must therefore remain in compliance with VAT regulations when imp...
Changing the company’s status or dissolving the company Dealing with HMRC Companies will also need to quote their CRN in dealings with HMRC including: Registering for and paying corporation tax Filing annual accounts Registering for and reporting PAYE Informing HMRC if a company has been made...
Alipay is a popular digital wallet that is widely used in China. You can enable this payment method from Online Payments > Stripe > Advanced Settings. 2 April 2024 Temporary Note is Now Under Export and Print Preferences The Temporary Note field is now under the Export and Print Preferences ...
The status of REPAYE differs from ICR and PAYE because SAVE regulations replaced REPAYE. However, there is a strong likelihood that REPAYE could return in its original form if SAVE is eliminated. Here again, the MPN and the six-year rule of the Administrative Procedure Act provide a degree...
NT – No tax is deducted. This is only used in very specific cases, but it’s applied to you if you’re classed as self-employed and therefore not subject to PAYE. T– Tax is deducted at basic, higher and additional rates depending on the amount of taxable income. This is used if ...
Your employer will deduct Pay-as-you-earn (PAYE) on a monthly basis which is calculated on the amount of income you earn using SARS tables. Basically each month your income is multiplied by 12 and then based on that you pay tax as per the tax brackets. If you have expenses like ...
The CIS has nothing to do with payments to staff. They're covered by the Pay As You Earn (PAYE) scheme, with tax deducted at the source. CIS is all about payments made by contractors to subcontractors. Contractors are businesses that enter into contracts with clients. Subcontractors handle ...