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Topic Archives: HMRC

HMRC [Her Majesty’s Revenue and Customs] is the government’s body that is in charge of taxes in the U.K., Read our HMRC related blog posts for further information.

what is flat rate scheme (frs)

VAT Flat Rate Scheme

What is VAT Flat Rate Scheme (FRS)? This is a special VAT scheme designed for contractors, freelancers and small businesses with turnover below £150,000.  It allows you to still charge 20% VAT on invoices, but only pay HMRC back at a smaller percentage – depending on your business category. Who is it for? As part [...]

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Changes in PAYE – Introduction of Real Time Information (RTI)

RTI: what you need to know You may or may not be aware of the introduction of RTI [Real Time Information] by HM Revenue & Customs, which will become compulsory in April 2013.  It will require employers and pension providers to submit more information to HMRC each time they are paid. This is one of [...]

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