From April 2013, employers must send, via the Internet, details of salary, tax deducted, NI, etc to HMRC each and every time they pay an employee, instead of just at the end of the tax year. One advantage to this is that you won't need to complete the end of year Forms P35 or P14.
Obviously, as these are being scrapped so are penalties for submitting them late. So new tough penalties will be imposed for missing Real Time Information (RTI) deadlines instead.
HMRC have generously decided that late notification penalties won't apply for the first year of RTI. Instead, they will work on a fair and practical way for these to be imposed from April 2014.
While employer payroll data reports, so-called Full Payment Submissions, won't be subject to fines if they're late in the first year of RTI, HMRC says that they will continue to charge penalties under existing rules on employers who make PAYE errors.
If you have queries and want more information about getting your payroll ready for RTI then contact Bookkeeping4u. Call 07792 080789 or email mail@bookkeeping4u.
Tuesday, 15 July 2014
After our visits to the arena's to watch the speeches we continued to have a wonder round to see what other stuff there was to see before we made our way to Xero village (which is the accounting software we use). Firstly we had a look at SAGE's setup (Xero's main competitor) and just like we had thought they had gone all out, they had a huge space for their display which consisted of some really flashy decoration, flat screens everywhere and of course to top It off a huge smoothie bar serving free and fresh fruit smoothies, which we did really enjoy.
With our look at everything else over, we took a brisk walk across the room to Xero Village, which I have to say wasn't as cosmetically appealing as say SAGE's setup but was definitely a lot more people friendly and helpful. They had stalls all around the village consisting of the different partners to the Xero software which they've only just started trying to push forward to current Xero users, we then started our round of visiting each stall to hear the details on what the services were and how much they cost and just exactly how they run alongside Xero.
We came away with at least three of the add-ons having been of interest to us, one of which was called RecieptBank in which you photograph receipts and there company generates the data and returns all valuable and needed information back and into Xero for you! This to us is a massive step towards eliminating the most tedious and longwinded jobs such as actual data input so we will definitely be looking into this!
In the end we had an overall really good day, gained lots of new contacts and lots of useful information, so anybody who's looking to attend the business show or Accountex I would highly recommend it!
Thursday, 10 July 2014
On Thursday the 15th May myself and my colleague Rich visited London for the day to attend the business show 2014 which itself involved many shows, but most importantly for us Accountex! A simple easy drive down to London was to be welcomed by us both as we arose at 5.30am to get ready to start the journey down there.
We arrived in London at the excel arena (never been before, must say a very impressive building) and our day began, we managed to park just down the road so after sorting the car out we made the walk to the arena to start having a look around before our first seminar started at 11am. We approached the steps to the doors to find the place already absolutely full of people and buzzing with atmosphere!
We walked in the main doors and approached the ticket bay to have our passes scanned for entry, as we approached we saw motivational speaker and author Brad Burton so that immediately set us on the track of finding out if and when he was doing a seminar that day so we would be able to attend (which we later did!) so with that pencilled in and passes scanned we headed towards the entrance to Accountex to begin our day!
First Look At Accountex
We spent the first hour or so having a general look around and speaking to the various professionals on each stand, which for a first timer like me was really interesting! After just half an hour of wondering around I began to feel like a pack mule from how much promotional produce I had already acquired!
These products included a variety of things from a light bulb shaped stress ball to some real funky M&M's with a company's logo on each individual chocolate. And apart from the Xero stuff I got later on in the day these ended up being my favourite thing id acquired all day from the stands (easily amused I know!).
By this time we were ready for our first seminar which was with Microsoft's Ex Head of Marketing about the way technology is changing business and how it has changed it and will constantly continue to change it!
We got some rather interesting look ins on some brand new technology, one example were Google Smart contact lenses which are in clinical trials now and has been designed to read the blood sugar levels from diabetics teardrops and alert them when and if they need more or less sugar, the initial design I have to say was rather ugly but never the less absolutely amazing to hear how far we have come, considering twenty years ago we didn't even have the internet! So overall was really impressed with this seminar and left feeling like I had seen and heard about technology I never thought would exist which was extremely cool.