Accounting Services Newsletter February 2013

Our Accounting Services Newsletter provides practical guidance to small and medium sized companies and non-incorporated businesses on a variety of issues that are relevant to owner managed businesses. Some of the key topics are discussed below.

Are you aware of the Key Compliance Dates in the Forthcoming Quarter? Some important notes on key dates include:

– Real Time Information (RTI) – 2012/13 will be the last P14 and P35 you will be required to submit by 19 May 2013. All employers will be legally required to join Real Time Information (“RTI”) from April 2013.

– P46 (car) deadline – you must complete form P46 (Car) by 2 May 2013 if you provide an employee or director with a first or additional car, available for private use, if an employee whom you provide with a car becomes chargeable on benefits, either because they start earning a rate of £8,500 or more per year, or become a director, or if you withdraw (and don’t replace) a car provided to an employee or director.

In today’s challenging business climate, the burden on your Finance Department has never been higher – is your Finance Department up to the job? Outsourcing has become more and more popular with business owners because it allows them to concentrate on their “core” business function, grow the business and foster valuable customer relationships.

Is staff retention stunting your company’s growth – EMI Share Option Scheme a solution? One way of retaining employees and motivating them to grow the business is to offer them an option to purchase shares in the company – a “Share Option”. Amongst smaller UK companies, there is currently a rapid growth in the use of share option schemes, due in part to the attractive tax incentives now on offer through the Enterprise Management Incentive Scheme (EMI).

Salary Exchange is an arrangement that adds value to an employee’s remuneration package whilst saving the employer money. Typically used for regular pension contributions, it is also available for alternative benefits which makes it an effective tool for staff retention.

Don’t hesitate to contact us for more information