Wednesday, 7 November 2012

Introduction of Real Time Information (RTI)

You may have received a letter recently from HMRC regarding the introduction of the new Real Time Information (RTI) scheme which is to be introduced from April 2013. RTI will affect all employers who have a PAYE scheme, We are fully aware of the new scheme and if we currently process your payroll then we will inform you of the changes that we will need to make to how we process your payroll closer to next April when the scheme goes live. For the moment there is nothing extra that you need to do.

What is RTI 

Real Time Information (RTI) is the biggest change to PAYE since its inception in 1944 and it has been introduced to keep HMRC more up to date with all employee payments as they happen rather than at the end of the year as we do now, this means HMRC can be more efficient with the issue of tax codes and universal credits. 

How will RTI affect your payroll 

RTI will require an electronic submission to HMRC of payroll information every time you make payments to your employees, We will undertake this on your behalf as part of the normal payroll service. However it is likely that We will require additional employee information from you that forms part of the submission, again we will contact you nearer the time when the changes are introduced.
If you currently process your own payroll you can download a free sage guide here for more help

Or for more information you can go to the hmrc website here :

If you require more help, or if you currently process your own payroll and wish for ktc to start processing this for you when the scheme goes live you can contact our offices on
01757 706706  and we will be more then happy to help in anyway possible.

Tax Return Deadline !

The deadline for tax returns to be submitted to hmrc is looming, if we currently do not have your books and records please make sure we have them a.s.a.p so we can complete your tax return ontime by the 31st January deadline.

Friday, 17 August 2012

Enterprise Event - 10th September 2012

Enterprise Event - 10th September 2012

We will be attending a local enterprise event to offer advice to anyone looking at starting a business. The event will be held at the community house in Selby from 1pm, The event is free to attend.

We hope to see you there !

Thursday, 17 May 2012



Accountancy Senior/Semi-Senior
Salary range circa.16k to 25k
A fantastic opportunity exists for an Accountant to join our practice. 
The ideal candidate need not be fully qualified but will ideally have practice firm experience. You will need to be a good communicator with sound accounts preparation skills.
 You will be involved in all aspects of accountancy work including:
  • Preparing accounts to draft stage for sole traders, partnerships and limited companies
  • Preparation of VAT returns
  • Bookkeeping for a wide variety of clients
  • Regular communication with clients both face-to-face and over the phone   
This is an excellent opportunity for a dynamic, committed and reliable person to join this small, friendly team. 
All applications received in strict confidence.
e-mail or tel. 01757-706706 

Tuesday, 3 April 2012

Budget 2012 Highlights

Budget 2012 Highlights

Key points covered in the budget

Personal tax
• Basic personal allowance will increase to £8,105 for 2012–13 and to £9,205 for 2013–14.
• Age-related personal allowances will be restricted and phased out from 2013–14.
• Additional rate of income tax will be reduced from 50% to 45% for 2013–14.
• EIS annual investment limit for individuals will be increased to £1 million from 6 April 2012.

Business tax
• Main corporation tax rate will be cut by 2%, to 24% from 1 April 2012; the small profits rate will remain at 20%.
• Main corporation tax rate will be 23% from 1 April 2013, falling to 22% from 1 April 2014.
• Bank levy will be increased from 0.088% to 0.105% from 1 January 2013 to off-set the reduction in the main rate of corporation tax.
• New reliefs will be introduced from 1 April 2013 for the production of culturally British video
games, television animation programmes and some other television productions.

Stamp duty land tax
• New 7% rate of stamp duty land tax will apply for residential properties of over £2 million.

• VAT registration threshold will increase to £77,000 and deregistration threshold to £75,000 from 1 April 2012.

• A range of anti-avoidance measures have been announced.
• Government will consult on a “general anti-abuse rule” with a view to introducing legislation in 2013

Monday, 27 February 2012

HMRC changes stance on smartphones !

 BlackBerrys, iPhones and other smartphones will no longer be viewed as benefits in kind, following a change of heart from HMRC.

As a result, employers will no longer need to record smartphones on P11Ds, nor pay Class 1A NICs on the supposed benefits of the smartphones. Employees could seek refunds on amounts paid going back to 2007-08.
for more info please see:

Friday, 3 February 2012

VAT to be submitted online from April 2012

Since April 2010 most VAT-registered businesses have been required to submit their VAT Returns online and pay any VAT due electronically. HM Revenue & Customs (HMRC) plans, from 1 April 2012, to extend this requirement to all VAT-registered businesses, apart from a very small number who will be exempt. please click here to find out more :

New Personal tax rates from April 2012

From April 2012 the personal tax rate will increase from £7475.00 to £8105.00 please click the link so see more :

Reminder : Mileage is 45p

Just a quick reminder that from 05/04/2011 the mileage and fuel allowance went up from 40p to 45p for the first 10,000 miles, however after 10,000 miles the 25p rate remains the same.

Time to bring in your books

After the January rush for tax return deadlines, if your books are ready why not bring them in now to avoid next years rush!

Tax returns on time !

As usual all of our tax returns were submitted before the deadline this year !

Thursday, 2 February 2012

Ktc News Section

Welcome to the new ktc accountants news section where we will try to keep you up to date with business news!