Annual schemes can be a useful option for many- but particularly one-man limited companies like yours. An annual scheme must meet all of the following requirements:
- 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
Unfortunately, HM Revenue & Customs (HMRC) have been overwhelmed by requests for annual schemes and changes to payment frequencies. As a result, they are currently unable to process such requests. So it is unlikely you are doing anything wrong.
It states on HMRC’s website that they are working to rectify this position and will publish a further message to announce when the matter is resolved.
TaxAssist Accountants are RTI-ready and can deal with all of your payroll and RTI requirements on your behalf. Please feel free to contact us for more information or your free initial consultation.
By Jo Nockels
Disclaimer: The information provided is based on current guidance (at date of publication) from HMRC and may be subject to change. Any advice shared here is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this information, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.