What if I have no PAYE/NICs payment due?At the end of each month or quarter (Jul, Oct, Jan, Apr), you must make the appropriate PAYE / NIC payment to HM Revenue & Customs (HMRC). If you have set your salary level below the lower earnings threshold, no payments will become due; however, you must inform HMRC of this at the end of each quarter. If you fail to notify them that you have no payments due, you will receive payment reminders.
Annual ReturnAll companies registered in the UK must file an Annual Return at the end of each financial year. Your company's Annual Return is a legal document which provides Companies House with a snapshot about your company, including the following details:
- Name of the company
- Registered number and registered office address
- Principle business activities
- Details of company secretary
- Type of company eg: private or public
- Details of company directors
You can use Companies House's online web-filing services to submit your annual return. An online filing fee of £14 is charged for this service.
Contracting in the UK?Considering contracting in the UK can be a daunting thought, with the ever changing UK tax legislation and the number of options available to contractors, such as umbrella companies, PAYE, limited companies, or the self-employed route. It can be a confusing and an information overloaded experience!