Failing to meet the self-assessment filing deadline almost certainly results in a £100 penalty from the government. However, HMRC will not enforce penalties for anyone who submits their 2020/21 tax…
As your accountants we collect and process all of your payroll information so there is nothing you need to do differently. The most important thing is to make sure you have updated us with all your details so the information we submit matches the information held on you by HMRC.
Our updated payroll systems have allowed us to seamlessly transition to RTI PAYE payroll. The bonus for contractors is that you don’t have to chase for P45s any more as this information will already be up to date at the time you start any new role.
‘Employers will retain new starter forms P45 and P46 but will not be required to send them to HMRC. The P46 (Expat) form ceases and the future of the P46 (Pen) is also currently under consideration.’*
There are no changes in the way your Limited Company is run, or the way your dividends and salary are taken. RTI will be beneficial for you because your remittance advice will be accurate and the information held by HMRC will all be correct meaning no nasty surprises, no confusion and hopefully faster processing from the HMRC. If you would like to update your personal information, please contact: RTI@churchill-knight.co.uk
* Diana Bruce from CIPP presented on Accounting Web
Churchill Knight was established in 1998 and has been engaged by several thousand freelancers and contractors during that time. Our experience will enable you to find the most suitable business set-up. All you need to do is tell us what your circumstances are and what you’re looking to achieve.