The Emerging Role of AI in Audit
The role of AI in audit is rapidly evolving and transforming the profession, with a wide range of applications that promise to enhance the efficiency, accuracy, and depth of audits. Below, we take a look at the emerging role of AI in the audit process. Automating Repetitive Tasks Enhanced Risk Assessment Fraud Detection and Anomaly […]
Guidance on PAYE Reporting for Early Christmas Payments
Since 2019, there has been a permanent easement for reporting PAYE information in real time. This is where employees receive their pay earlier than usual at Christmas. Reporting the Contractual Pay Date Where an employer closes on the usual (contractual) payday, such as at Christmas or on bank holidays, HMRC advises to report the contractual […]
NRB Christmas Payroll Schedule
We would like to inform all our valued clients that the payroll office will be closed for the festive period. We close on Monday, 23rd December 2024, and will reopen on Thursday, 2nd January 2025. During this time, our team will not be available to process payroll or handle any queries. Please take note of […]
Key Changes to Employers’ National Insurance
Chancellor Rachel Reeves’ Autumn Budget has introduced several notable changes to Employers’ National Insurance (NI) rates and thresholds, which will impact payroll costs for many UK businesses. Key Changes to Employers’ NI Effective from 1 April 2025, the Employers’ National Insurance rate will increase from 13.8% to 15%. Alongside this, the threshold at which employers […]
Chancellor Advocates for E-Invoicing: Beneficial To Your Business?
Recent announcements from the Chancellor include a push for greater adoption of electronic invoicing (e-invoicing). HM Revenue and Customs (HMRC) will launch a consultation aimed at promoting broader use of e-invoicing. This initiative aims to simplify business transactions, ease administrative workloads. Furthermore, and, perhaps most importantly for HMRC, reduce tax return errors, which can help […]
Autumn Budget 2024 – Main Highlights
Rachel Reeves stood up yesterday to deliver the first Budget by a woman, “in our country’s history” and stated that “the only way to drive economic growth is to invest, invest, invest.” The Chancellor introduced measures including hikes in National Insurance Contributions, Capital Gains Tax, Stamp Duty Land Tax as well as changes to Inheritance […]
Payrolling of Benefits in Kind – Mandatory from 6 April 2026
Are you aware that from 6 April 2026, employee Benefits in Kind (BIK) will have to go through your payroll? What does it mean for you? The formal payrolling of benefits allows employers to subject the taxable value of the BIK to tax via the payroll during the tax year. This can include benefits such […]
Understanding KPIs: Your Business’s Secret Weapon for Success
Are you steering your business based on instinct alone? While entrepreneurial intuition is valuable, relying solely on gut feelings might mean missing crucial opportunities for growth and improvement. Enter Key Performance Indicators (KPIs) – your compass for navigating the complex world of business management. KPIs are quantifiable measurements that reveal how well your business is […]
Don’t Miss Out: Claim Your Child Benefit Now!
New parents, take note! With September 26th being the most popular birth date in the UK, HM Revenue and Customs (HMRC) is urging all new parents to claim their Child Benefit. The process is quick, easy, and can be completed online, with the first payment potentially arriving within a week of your claim. Why Child […]
Guidelines for Compliance — Assistance with VAT Compliance Controls
HMRC has recently released its ‘Guidelines for Compliance — Assistance with VAT Compliance Controls’. These guidelines are offering businesses valuable advice on maintaining robust VAT processes. Purpose of Guidelines These guidelines are specifically tailored for UK businesses that are registered for VAT and operate under the invoice accounting system. Under this system, VAT is generally […]
