Are you ready for PAYE changes?

April 2013 sees the biggest change in the PAYE system since its introduction and one local accountancy says it will affect all employers.

Turner Peachey says the changes are necessary to support the new universal credit system which is being introduced with effect from October 2013.

Under the new system, information about Income Tax, National Insurance Contributions and other deductions must be submitted throughout the year as part of the payroll process, rather than at the end of the year as they are now.

“Every time you pay an employee you will have to submit details about the pay and deductions to HMRC online,” explained a spokesperson for Turner Peachey. “You will need to complete employee information for temporary and casual workers and employees below the national insurance lower earnings limit.”

HMRC will no longer require the end-of-year Employer Annual Return forms P35 and P14, and will no longer require submission of forms P45 or P46, instead the information will be reported in real time.

Here is some advice from Turner Peachey:

Will anything stay the same?

The way tax and National Insurance contributions are calculated will not change

A form P60 will still need to be given to employees

Expenses and benefits returns (P11D and P9D) will still need to be submitted annually

“We have dedicated knowledgeable and well trained staff that can relieve you of this burden by providing a comprehensive and confidential payroll service,” the company said.

Call their Welshpool office on 01938 552078 to discuss your requirements or book a place on any date below when dedicated staff will be available to provide FREE guidance on Real Time Information.

Tuesday 8th January                           10.30am – 12noon

Saturday 12th January                        10.30am – 12noon

Tuesday 22nd January                        10.30am – 12noon

You do not need to be an existing client.