10 news
Are you ready for HMRC’s Real Time Information?
From April 2013, employers and pension providers will be legally required to use HMRC’s new Real Time Information (RTI) service, writes Wilkins Kennedy’s Kelly North-McKay
What are the changes and how is RTI different to the current PAYE system?
Under the current system employers and pension providers tell HMRC what deductions they have made from pay after the end of the tax year. Only then is HMRC able to review whether the correct deductions have been made under PAYE.
Payroll operators via RTI will electronically submit details more frequently of all payments made through the payroll irrespective of the amount of pay. This also affects directors who take a small salary below PAYE reporting requirements.
But I run a manual payroll, will I still be affected?
Yes. You will need to plan ahead so that your business will be able to submit RTI data electronically to HMRC when required to do so. If you have nine employees or less you can use basic PAYE software available from HMRC, but if you have more than nine employees then you will need to call an adviser to discuss your options.
What should I do to prepare for the changes?
If you run a PAYE scheme you should begin to familiarise yourself with how to send payroll information in real time. All PAYE schemes will have to undergo employer alignment to ensure the employer and HMRC
• Previous full names (if applicable) • Date of birth.
If Wilkins Kennedy runs your payroll, you do not need to do anything, as our payroll software is set up to cope with RTI filing. If you use inhouse payroll software it will need updating so that it can process and submit RTI data, if you use any other manual payroll processing method you will need to go onto an electronic payroll system in order to align with the RTI software.
For further information on how RTI could affect your business please contact your local Wilkins Kennedy office:
www.wilkinskennedy.com
both hold consistent data on the employees in every PAYE scheme before RTI reporting begins. So you will need to check that your payroll data is correct and in the right format for RTI purposes. Your HR personnel will need to have the following on file for all employees: • National Insurance number • Full official names including middle names
Details: Kelly North-McKay 01794-515441
kelly.north-mckay@
wilkinskennedy.com
Luxury watchmaker Bremont targets international growth with £700,000 HSBC finance package
Award-winning luxury British watchmaker Bremont Watch Company has moved its full banking to HSBC Commercial Bank and secured a comprehensive finance package to help support its international growth and its recently launched London flagship boutique.
The company, based in Henley-on-Thames, is targeting continued expansion in North America and the Far East as well as launching into the Middle East. These regions are key markets in the £11 billion luxury watch sector and Bremont believes it can drive sales of its ‘quintessentially British’ brand with overseas buyers. Almost two thirds of the company’s sales are already generated from overseas markets.
Earlier this year the company launched its flagship London boutique on South Audley
www.businessmag.co.uk
Street, Mayfair, enabling it to showcase its watches and hold events featuring its brand ambassadors.
HSBC has provided a £700,000 finance package to support the company’s expansion in a deal led by Andy Farmer, senior international commercial manager at HSBC’s Dorset Commercial Centre. Bremont currently sells over 3,500 watches per year. It plans to increase its production considerably and double its turnover in the next two years through its global expansion and continued success in the UK.
Part of the funds will also be used to develop a new production facility in Henley-on-Thames for the manufacture of their watches. The facility, which will be ready by December and is based on the outskirts of Henley, will significantly
increase the company’s production capacity and will also create a number of watchmaker jobs.
Bremont Watch Company was founded in 2002 by brothers Nick and Giles English, who developed a love of watches and all things mechanical, as well as aviation, from their father Euan. The impetus for the company came following a tragic air crash involving Nick and his father in 1995 when they were training for an air show in their WWII Harvard aircraft. Euan lost his life in the accident, which proved to be a tipping point for Nick, who broke 30 bones in the incident, giving him the drive and determination to start the brand and follow a life dream.
The brothers spent five years creating a range of aviation- inspired classic English-styled watches, which could be
worn in the boardroom but had the strength to be used in the harshest of environments.
The company now offers a comprehensive collection of COSC certified automatic chronometers and its products are sold in some of the world’s leading retailers including Selfridges, Harrods and Tourneau in the USA. Its watches have become popular with public figures, with the likes of Ronnie Wood, Tom Cruise, Orlando Bloom and Ewan McGregor wearing the products.
The company was recently awarded the ‘Luxury Watch Brand of the Year’ at the 2012 UK Jewellery Awards and has also previously won ‘The Best Emerging Luxury Brand’ at the Walpole Awards. This year Bremont also picked up the People's Choice Award at The Couture Watch and Jewelery show in the USA.
THE BUSINESS MAGAZINE – THAMES VALLEY – NOVEMBER 2012
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