Rothmans Salisbury is happy to advise on all aspects of tax and accounting, including the new RTI scheme.
If you take a small annual salary from your company together with monthly dividends you will not have to make a monthly declaration to the Revenue under their new RTI scheme.
You can instead register as an annual scheme as you meet the necessary criteria, which are as follows:
- all the employees are paid annually
- all the employees are paid at the same time/same date
- the employer is only required to pay HMRC annually
Once your business is registered as an annual scheme, no submissions will be required for the 11 months of the tax year where no salaries are paid.
You need to contact HMRC to register your scheme as annual but in the meantime you should make a “period of inactivity” submission until the registration has been accepted as an annual scheme.
There is a lot of information on HMRC’s website regarding RTI but if you need help or advice on this or your remuneration strategy please contact us.