Richard Tarr & Co - Chartered Accountants

Home About Us Downloads Self Employed Company Contact

NOTE FOR YOUR DIARIES

The last date for filing your 2014-15 self assessment tax return on-line is the 31st January 2016. If you have been asked to submit a tax return and have not done so by this date, you will incur an automatic late filing penalty of £100 (whether or not there is any tax due). There are very few ways of avoiding this penalty.

Richard Tarr & Co is a small firm of Chartered Accountants, providing high quality service in all areas (we don't offer audit services or investment advice though). Our aim is to offer individually tailored advice and services to all our clients, large or small. We don't believe in complicated websites which merely serve to confuse people, and have tried to keep this website clean and tidy.

AUTO ENROLMENT - the easiest way click here

We suggest that employers register with National Employment Savings Trust (NEST) for your auto-enrolment pension. Using your online account, you will be able to access your NEST account and do whatever you need, whenever it suits you, putting you in control of managing your pension scheme. You can also set up ‘delegated access’ so your accountant or advisor can have limited access to your account. NEST is free for employers to use.

Do the new pension duties apply to me?

If you employ one or more workers in the UK then the new duties apply to you. You’ll have to set up a workplace pension and automatically enrol any workers who meet the age and earnings requirements. You’ll have to enrol any workers who ask and may have to make a contribution to the retirement pot of some or all of your workers.

THE MOST RADICAL CHANGES TO PENSIONS IN ALMOST A CENTURY

The government is introducing the most radical changes to pensions in almost a century. The changes were initially proposed by the Chancellor in his March Budget. The Government has now confirmed those changes and provided further details (21 July 2014). Please click here for our factsheet where we give the basic facts and explain how they might affect you.

2015 Budget

For a full commentary from respected accounts software provider Sage click here

PAYE REAL TIME INFORMATION

From April 2013 employers and pension providers will report their payroll information to HM Revenue & Customs (HMRC) online.

They will send HMRC information about any payments and deductions they make to employees or pension recipients each time they are made, as part of the payroll process. Payroll software will simply collect the information and send it to HMRC online.

There is no longer any requirement to complete an annual return of PAYE tax and National Insurance contributions.

The vast majority of employers will be making PAYE returns in real time from April 2013, and all employers will be routinely reporting information in real time before October 2013. For more information and guides click here

iXBRL FILING

Since 1st April 2011, all companies are required to file their accounts on-line using a format called iXBRL. We have been filing accounts on-line for some years, but this is a new standard designed (we are told) to make it easier for HMRC to compare different companies results. It is a great deal more complex than before and cannot be done using a word processor or spreadsheet as in the past.

Specialist software is required, and I am pleased to say that we now have this software to create these iXBRL files with minimal extra cost to the client.

We have now successfully converted and filed a number of iXBRL accounts to HMRC, so are delighted to report the system works!