Last year, we saw a change to the way P11Ds could be submitted to HMRC. From 6th April 2023, the forms could only be submitted online and not in paper format, except in circumstances where the employer was deemed as being digitally excluded. This has posed several challenges…see below👇 1.      Benefits Not Payrolled: Some benefits cannot currently be processed via payroll. P11Ds must be submitted for these benefits, even if other benefits are processed in real time. This dual process can be cumbersome. 2.      Cashflow Impact: Real-time tax on benefits may affect employees accustomed to paying tax through their tax code in the following year. Employers need to communicate this change effectively to prevent financial hardship. 3.      Paid P11D Services: Payroll providers often charge extra for P11D services. While not HMRC’s responsibility, this change could impact revenue and service levels for providers. Get prepped ahead of the deadline on the 6th July 2024!! ⏰ 💪✨Stay informed #P11DChallenges #PayrollChanges #P11D #Payrolling

Attention! 🚨 The Employee Retention Tax Credit (ERTC) is a lifeline for businesses, offering a refundable tax credit on employee wages to offset federal payroll taxes. Beyond cost reduction, it supports employee retention, preserves company culture, and ensures business continuity. In times of uncertainty, ERTC is crucial for stability and long-term sustainability. 💼💡 #ERTC #BusinessSupport #StabilityMatters 🌐 hormefinancial.com 📞 8888505592 📧 [email protected] #FinancialAdvice #BusinessConsulting #FundingSolutions #SmallBizSupport #EntrepreneurTips #MoneyMatters #StartupFunding #FinancialConsultant #CashFlowBoost #InvestSmart #BizGrowth #FinancialPlanning #BusinessFunds #ProfitableMoves #ConsultingSuccess

The government will mandate the reporting and paying of income tax and class 1A national insurance contributions (NIC) on benefits-in-kind (BIK) via payroll software from April 2026. HMRC has announced that payrolling benefits and paying class 1A NIC on BIK via payroll will be mandatory from April 2026. The aim is to reduce administrative burdens by simplifying and digitising reporting and paying tax on all employment benefits, removing the need for four million P11D returns and forms P11D(b). https://lnkd.in/ezk-DD_k

AWCC made the following submission to The Treasury in response to their public consultation on Exempting lump sum payments in arrears from the Medicare Levy. Although this proposed change specifically addresses the amount of the Lump sum payment in arrears tax offset claimed by taxpayers for impacted prior financial years, our submission focuses on how payroll and employment technology can assist taxpayers by ensuring that valid Lump Sum E amounts are accurately reported in Single Touch Payroll Phase 2. Many employers and payers consider the ATO threshold amount for Lump Sum E of $1,200 relates to each payment. It doesn’t: it’s an annual threshold amount. Read our submission to find out how employers and payers may get this right, with the assistance from payroll professionals and employment technology. https://lnkd.in/edmx-fH8 #payroll #dsp #etpa

Payroll and Employment Technology can make a difference to ensure taxpayers who may be eligible to claim the Lump sum payment in arrears tax offset get the information they need to support them. And special thankyou to Deanne Windsor for putting this submission together. #tax #superannuation #payroll #employtech #payrolltechnology #industrialrelations #HRPayroll #payrollmanagement #payrolltips #payrollcompliance #payrollprocessing

Dive into the world of temporary work payments with our latest post: "Navigating PAYE vs. Umbrella Pay: What's Best for You?" Whether you're a temp work pro or just starting out, understanding these methods can shape your financial journey. https://lnkd.in/egZx5v7S #PAYE #UmbrellaPay #FinancialTips #WorkSmart #NLGBlog

Curious about the 'PAYE' system in payroll? 🤔 It's a method of paying income tax and national insurance contributions where your employer deducts them from your wages before paying you. Need help navigating it? Visit our website and book an appointment. #PayrollClarity 👉🏻 mjb.co.uk

💡 Guidance on rates and thresholds for employers from 2023 to 2024: Are you an employer navigating the tricky terrain of tax codes, National Insurance contributions, and statutory payments? Our new blog post guides you through the complexities of payroll management and tax compliance. The guide discusses the seven key rates and thresholds set by HMRC for the 2023-2024 financial year. Staying informed on these changes is important for making sure payroll is processed accurately and is compliant with HMRC regulations. Dive into our guide for a clear and concise overview, tailored to help you manage your responsibilities as an employer with ease and confidence. 💡Check out the post now and step into the new financial year prepared and informed > https://bit.ly/4aicv2h #PayrollManagement #TaxCompliance #HMRCUpdates #EmployerGuidance #FinancialYear2024

Introducing Variable Direct Debits - a breakthrough in simplifying your financial transactions with HMRC. No more fixed payments; now pay exactly what's on your return, with adjustments for overpayments. Stay ahead in payroll efficiency! Curious to learn more? Dive into our latest blog for all the details. Discover more. - https://hubs.li/Q02ktRWT0 #PayrollSolutions #PAYE

The Employee Retention Tax Credit: A Lifeline for Struggling Businesses How to claim the ERTC? To claim the ERTC, eligible businesses must report qualified wages and the amount of the credit on their quarterly employment tax returns, Form 941. If the amount of the credit exceeds the employer's payroll taxes, the excess credit will be refunded to the employer. Why is the ERTC important? For struggling businesses, the ERTC can provide a much-needed lifeline. By incentivizing employers to keep employees on the payroll, the ERTC can help prevent layoffs and keep workers employed. IT'S COMPLICATED LET OUR PROFESSIONALS FIND OUT FOR FREE!!! Don't Wait To Apply Now: www.raertcrecovery.com Contact Me: 612-458-9782 I am here to help set up the appointment on my calendar!! https://bit.ly/3EJTNU1 #business #taxes #erc #ertc #ertctaxcredit #professionals #rebate #recovery #employee #claim #restaurantowners #caresact #rebate #smallbusinessowner #w2 #pandemic #Eligibility