HMRC's Basic PAYE Tools
Posted: March 7th, 2020, 11:54 am
Hi All,
I hope this is the best place to ask this question.
My wife & I are the sole directors of a very small limited company with no employees other than us. We pay ourselves only the minimum for no tax and pay the rest of the annual profits if any, as a company contribution to our SIPP's. As directors are employees we obviously have to operate a PAYE scheme. We pay ourselves annually so make only one submission per year which has to be filed online on or before payment under RTI legislation.
When RTI started we found that the HMRC's free Basic PAYE Tools software couldn't handle an annual submission but found BrightPay had a free version for a limited number of employees like us. I must say it is a brilliant program. Unfortunately from the 2019-20 tax year, they are now charging £50 + vat plus the same again for the end of year instructions. £120 for ten minutes of use a year, sounds rather a lot, but of course, I understand that they need to make a profit.
I have downloaded this year's version of HMRC's Basic PAYE Tools which now appears to have an annual filing option. My question is: has anybody out there use it for annual filing as in my situation without any problems?
Thanks for any help.
S4M2
I hope this is the best place to ask this question.
My wife & I are the sole directors of a very small limited company with no employees other than us. We pay ourselves only the minimum for no tax and pay the rest of the annual profits if any, as a company contribution to our SIPP's. As directors are employees we obviously have to operate a PAYE scheme. We pay ourselves annually so make only one submission per year which has to be filed online on or before payment under RTI legislation.
When RTI started we found that the HMRC's free Basic PAYE Tools software couldn't handle an annual submission but found BrightPay had a free version for a limited number of employees like us. I must say it is a brilliant program. Unfortunately from the 2019-20 tax year, they are now charging £50 + vat plus the same again for the end of year instructions. £120 for ten minutes of use a year, sounds rather a lot, but of course, I understand that they need to make a profit.
I have downloaded this year's version of HMRC's Basic PAYE Tools which now appears to have an annual filing option. My question is: has anybody out there use it for annual filing as in my situation without any problems?
Thanks for any help.
S4M2