Downloads & Guidance
Please see below, detailed guidance on our main services.
Guidance
Kashflow Connect
Stay in complete control of your books the easy way with IRIS KashFlow's online accounting software. VAT is automatically updated & can be submitted directly to HMRC.
Modulr
Set yourself apart with Embedded Payments fit for every business, payment and account functionality integrated directly into your business. Move money in and out with a single set of flexible and scalable APIs.
Companies House
Find and update company information service makes with all of the public data HMRC hold on companies available free of charge. You do not need to register to view the company information through this service.
HMRC Services
Once you've registered, you can sign in for things like your personal or business tax account, Self Assessment, Corporation Tax, PAYE for employers and VAT.
BrightPay
BrightPay is an award-winning payroll software that makes managing payroll quick and easy.
ACCA Global
The Association of Chartered Certified Accountants the global body for professional accountants.
Frequently Asked Questions
Note: Please note that the content of the below information is solely for the purpose of awareness and are information in nature. The content is designed to understand the importance of the compliance rules and shall not be considered as a replication of the rules. RJ Financial does not own any responsibility whatsoever for any unpleasant event that may arise to the misinterpretation of a specific part or whole of information.
Employee Pension Contributions
-
All employers must offer a workplace pension scheme by law. You, your employer and the government pay into your pension.
Your employer must automatically enrol you into a pension scheme and make contributions to your pension if you’re eligible for automatic enrolment.
If your employer does not have to enrol you by law, you can still join their pension scheme if you want to. Your employer cannot refuse.
However, they do not have to contribute if you earn these amounts or less:
• £520 a month
• £120 a week
• £480 over 4 weeks
When you’re enrolled into their pension scheme, your employer must:
• pay at least the minimum contributions to the pension scheme on time - usually by 22nd of each month
• let you leave the pension scheme (called ‘opting out’) if you ask - and refund money you’ve paid if you opt out within 1 month
• let you rejoin the scheme at least once a year if you’ve opted out
• enrol you back in at least every 3 years if you’ve opted out and you’re still eligible for automatic enrolment
-
Your employer can delay the date they must enrol you into a pension scheme by up to 3 months.
Your employer must:
• tell you about the delay in writing
• let you join in the meantime if you ask to
-
As the boss of your own limited company, you can contribute to a company directors pension both as an individual and as a business. These are known as employee and employer pension contributions.
You do not need to be automatically enrolled into a scheme. The absolute maximum a company director can contribute to a pension and still get tax-relief – including both employer and employee contributions is £60,000 per year or 100% of your salaried earnings, which is lower. This is known as the pension annual allowance.
We can give you details of pension providers we use for current clients, but you are free to choose your own if you wish.
P30 documentation
-
The P30 is the payslip you receive also known as your tax bill, along with the payments you need to make before the 22nd of the month to HMRC.
P30 is a monthly or quarterly return of PAYE. The P30 is the total of the tax deducted from the pay (PAYE) of all employees less any tax refunded to them plus the total PRSI contributions (the amount deducted from pay plus the amount payable by the employer).
0t tax codes
-
The "0T" tax code is essentially a default tax code used by HMRC when one or more of the following happens;
• when your personal allowance has been used up.
• when you've started a new job and your new employer does not have your tax code details. Therefore, without the necessary details to assign the correct tax code, an employer may use a 0T tax code.
-
This tax code means that you won't have any personal allowance remaining, and thus, all income will be taxed from the first pound earned. So, it`s vital that you`ve got to fix it if you see a 0T Tax Code on your payslip.
Despite its immediate implications, the 0T tax code should be seen as a temporary measure.
The 0T tax code is not considered an emergency tax code in the traditional sense. An emergency tax code refers to a temporary code that is assigned when your employer does not have enough information to calculate your tax correctly. In contrast, the 0T tax code occurs when one's personal allowance has been exhausted or when starting a new job, and necessary details are not available. Therefore, while it may feel like an emergency at first glance, it is not classified as an official emergency tax code.
It is simply a temporary measure used to ensure that you are paying the correct amount of tax until your employer can assign your actual tax code. However, it's important to act promptly to fix the 0T tax code to avoid overpaying your taxes.
-
To rectify a 0T tax code, you should ensure that your employer has all the necessary information, including your P45 from your previous job. Providing these details will allow your employer to assign the correct tax code.
Can`t find your P45? You, then should contact HMRC`s Income Tax Department at 0200 300 3300.
UTR numbers
-
A UTR number (Unique Taxpayer Reference) is a 10-digit code issued by HMRC that helps identify taxpayers for filing their tax returns. Every taxpayer in the UK has a UTR number. It is required for various tax affairs, such as applying for a tax rebate or filing self-assessment and company tax returns.
-
You can apply for a UTR number via HMRC's website. Start by creating a Government Gateway account, if you don't already have one, and then follow the instructions to complete your application. You will be automatically registered with a UTR number as soon as you incorporate your limited company or upon notifying HMRC about your self-assessment status.
The process usually takes 10 days and HMRC will send your UTR number to you by post. Once you receive it, make sure to keep it safe and secure as you will need it for future tax affairs.
-
If you have already received your UTR number, you can find it in letters or emails from HMRC
• Your personal tax account,
• HMRC app (HMRC Login) or
• In your previous letters that are related to your tax affairs.
• On your payslip or your PAYE code notice from HMRC
• In your P60
You can access it via your personal tax account if you're registered for self-assessment. If you need further assistance in accessing your UTR number, contact the HMRC helpline, they will ask you for some details such as your National Insurance Number and your personal details like your registered address etc.
-
The UTR number is used to identify taxpayers and it's essential for your tax affairs. It helps you verify your identity, apply for a tax rebate, file self-assessment and company tax returns etc. Therefore, make sure to keep track of your UTR number as you may need it in the future.
• To file a self-assessment tax return
• Corporation Tax Return
• To claim tax rebates,
• To file your CIS tax return
Maternity allowance
-
Maternity Allowance is a benefit for pregnant women who cannot get Statutory Maternity Pay (SMP) from their employer. It provides financial assistance to help those women who are not entitled to SMP or have reduced earnings due to pregnancy and childbirth.
To qualify for Maternity Allowance, you must meet certain criteria such as having worked for at least 26 weeks in the 66 weeks before your expected week of childbirth, earning above a certain amount during this time period, and being self-employed or employed by an employer who does not offer SMP.
-
The amount of Maternity Allowance you can claim depends on how much you have earned in the qualifying period. You may be eligible for a weekly rate of either £172.48 or 90 percent of your average weekly earnings, whichever is lower. The maximum payment per week is £172.48 and the minimum payment per week is £27. If you are eligible for the standard rate, you can get up to 39 weeks of payments.
-
You can claim Maternity Allowance as a self-employed person. To qualify for the standard rate of Maternity Allowance, you must have paid Class 2 National Insurance contributions during the 66-week period leading up to your expected date of childbirth, in other words, you should be registered as self-employed with HMRC for 66 weeks before the labour. If you are eligible, you can get up to 39 weeks of payments.
If you haven`t paid your Class 2 NIC, you`ll still be allowed £27 per week.
Student loan repayments
-
Student loan repayment is the amount of money that a student pays back to their student loan provider in order to meet their student loan obligations. A student loan can be issued by either a private lender or a government agency such as HMRC and will generally have an interest rate associated with it. This means that the student will need to pay back more than they originally borrowed.
When a student has completed their studies and is no longer in school, they must begin to make student loan repayments. The student will have to pay back the entire student loan balance over a period of time until it is paid off. This repayment period can vary depending on the student's circumstances, but typically students are expected to pay back their student loan within 10 years.
-
As of April 2022, thresholds of different types of student loan repayments changed as follows;
• For student loans Plan 1, student loan deductions will begin at an income of over £20,195 annually.
• For student loans Plan 2, student loan deductions will begin at an income of over £27,295 annually.
• For student loans Plan 4, student loan deductions will begin at an income of over £25.375 annually.
If the employee is on student loan plan 1 or 2, the employer will be required to pay 9% of the amount they earn over the year.
For post-graduate loans, the threshold goes down to £21,000 annually.
For you to start deducting student loans HMRC will send you student loan start notifications, also telling you what plan your employee is on. SL1 for Student Loans, PL1 for post-graduate student loans.
If your employee doesn't know what plan they were on, you can start defaulting with Plan1 until you receive an SL1 notice from HMRC.
Tax codes
-
A tax code is a collection of numbers and letters used to calculate the amount of taxes that are going to be deducted from your wages, salary, or pension. The code itself can be either simple, like 1280L, RT2, or more complex such as 777L. Typically, it will be determined by your provider and may change periodically according to your income, deductions, and other factors.
So whether you are a full-time employee or receive a private pension, understanding what your tax code means is an important step in managing your finances and ensuring that you are paying the correct amount of taxes. With the right tools and resources at your disposal, you can confidently navigate the tax code system and manage your taxes effectively.
-
Depending on your provider, you may be able to find your tax code online or over the phone. Typically, you will need to provide some basic information such as your name, address, and social security number in order to access this information. Alternatively, you can check with your employer or pension provider directly to determine your tax code. You can also find your tax code on your;
• payslip
• p60
• p45
• HRMC online services
• Pension Advice Slip
• PAYE Code Notice