P45 vs P60

HMRC P45 vs P60

P45 vs P60 Understanding the differences between the P45 and P60 forms is crucial for UK business owners and employers, as both play significant roles in the payroll and tax processes. Here’s a breakdown of each form and how they differ: HMRC Form P45 HMRC Form P60 Key Differences Both forms are vital for maintaining…

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HMRC Form P45

P45 information for employee leaving work.

Understanding the HMRC Form P45: A Guide for UK Business Owners and Employers As a UK business owner or employer, it is essential to understand the HM Revenue and Customs (HMRC) Form P45, a crucial document in the realm of employment and taxation. This guide aims to provide you with comprehensive insights into what Form…

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PAYE (Pay As You Earn) – Glossary of Terms

Understanding PAYE: A Glossary of Terms.

PAYE Glossary for UK Business Owners and Employers Welcome to Mercian Accountants’ PAYE (Pay As You Earn) Glossary, your essential guide to understanding payroll and taxation terms that are vital for UK business owners and employers. This resource is designed to clarify key concepts and ensure compliance with HM Revenue and Customs (HMRC) regulations. A.…

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The 2024 Holiday Entitlement Changes: A Guide for Employers

The 2024 Holiday Entitlement Changes

The 2024 Holiday Entitlement Changes It is imperative for employers to turn their attention to a series of significant changes in the UK’s employment law, particularly concerning holiday entitlements. These changes, primarily stemming from the Retained EU Law (Revocation and Reform) Act 2023 and the consequential amendments following the Harpur Trust v Brazel decision, are…

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EMIs Unlocked: Maximising Growth with Enterprise Management Incentives

A woman in a business suit standing in front of a group of people, discussing Enterprise Management Incentives and maximizing growth.

Introduction In the dynamic world of small and medium-sized enterprises (SMEs), attracting and retaining top talent is crucial for growth and success. The Enterprise Management Incentive (EMI) scheme, a government-backed initiative, offers a tax-efficient way to motivate your key employees through share options. With over 15,000 UK companies already benefiting from EMIs, it’s time to…

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A Comprehensive Guide to P60s: Understanding Your End-of-Year Certificate

A desk with a calculator and a cup of coffee, alongside an End-of-Year Certificate.

Understanding P60s At Mercian Accountants, we understand that navigating the complexities of financial documents can be daunting. That’s why we’re here to help. As part of our commitment to providing clear, accessible accounting guidance, we’re pleased to present our comprehensive guide to understanding P60s. This article will delve into the essentials of the P60, an…

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Client and Supplier Entertainment – Is It Tax Deductible?

Dining table with plates and cutlery

Entertaining clients and suppliers is an important part of many companies’ marketing budgets, in order to maintain and grow business relationships. However, the tax rules on business entertainment are frequently misunderstood. In most cases, these expenses, along with business gifts, are not tax deductible, so you must add them back to Corporation Tax computations –…

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Staff Entertainment – Tax Exempt or Benefit-in-Kind?

Staff meal

Do you provide occasional entertainment to your employees? There’s a common misconception that staff entertainment is automatically exempt from tax – and with a lack of clear guidance from HMRC, many businesses are under-reporting it for benefit-in-kind (BiK) purposes. In this article, we’ll help you understand when entertainment is and isn’t taxable, so you can…

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