Whether you’re the sole director of a limited company or a business looking to take on its first employee the prospect of being registered as an employer is one which can be daunting but is genuinely easy if done properly.
One of the common pitfalls we find with new clients – particularly the one’s who are a newly registered company – are that they become employers with HMRC without actually owing any tax or national insurance.
This in itself is not a problem. However, you will soon be receiving monthly letters from the tax man if you don’t inform them that no PAYE liability is due. You can do this by either ringing them with your accounts office reference number or by using the following link:
In relation to this make sure that if you’re registered as a contractor for the Construction Industry Scheme you make nil monthly returns where applicable – otherwise you will get a £100 automatic penalty.
Better yet – get your accountant to do it, it’s their job!
Haven’t got an accountant? Save yourself the stress. Contact us to see how we can help.