Since RTI was introduced by the HM Revenue and Customs, most businesses have started outsourcing their payroll processing.
New National Minimum Wage and National Living Wage rates take effect from 1st April 2017
25 and over New rate £7.50
21 to 24 New rate £7.05
18 to 20 New rate £5.60
Under 18 £4.05
Apprentice £3.50
The end of the personal tax year is now only a month away. It is time to ensure that your tax affairs are put into order before 5 April 2017.
Two things to consider are:
1. Salary
Each taxpayer has a personal allowance of £11,000 for 2016-17. Where taxpayers have no other taxable income (such as rent) to use up their allowance it is worth ensuring that all working directors and other family members working in the business have sufficient income to make use of their personal allowance. Wages and salaries for 2016-17 must be paid before 5 April 2017.
2. Dividends
Under current tax rules all taxpayers may receive £5,000 of dividend income free of tax, irrespective of the extent of their other income.
If your company has distributable reserves then you may wish to vote additional dividends before 5 April 2017.
Subject to (very important) non tax considerations, you may wish to consider the transfer of shares to your spouse or to adult children so that they may receive a tax free dividend before 5 April 2017.
By choosing our services, you can reap the benefits of a complete payroll processing team without worrying about time and overhead costs. You can rely on us for:
Real Time Information (RTI) filing
Setting up PAYE schemes
Whether you wish to outsource all or part of your payroll processing, JND Accounting are here for you. We cater to businesses throughout the East Midlands.
We can ensure your payroll processing is compliant with the current HM Revenue and Customs legislation. Rest assured that your payroll processing data will be treated with the utmost privacy.
Need more time to focus on your core business? Leave your time-consuming payroll processing to our experienced and trained payroll specialists at JND Accounting.
Are you looking to draw up a business plan to obtain funding for your start-up company? JND Accounting are here to assist. From drawing up business plans to setting up accounting systems, we can do it all.
Business start-up accounting