This months edition includes:
- Expenses and Benefits deadline
- Employment lasw backed
- Staff fear working after 65
This months edition includes:
This months edition include:
This months endition includes:
Yet again small business owners are targeted by the government !
Read about the Winners and Losers in our guide to the 2017 budget!
Bedtime reading for things to know about before and after the tax year end.
This months edition covers:
Making Tax Digital!
Working Pensioners increase income
Late payment new rules
The Apprenticeship Levy
Our summary of the latest budget, the first since Brexit! Download here
What is a benefit in ind? What is a tax free benefit and how do you report them?
This issue details:
New minimum wages rates, New Apprenticeship funding, Property wealth v savings and pensions, IHT receipts
Common tax codes include ‘BR’, ‘1100L’, ‘NT’, and ‘D0’, but what do these mean and what if they are wrong? HMRC expects everyone with a PAYE code to check it but do you and your employees (if you have them) realise this, and know where to start?
– In amongst playing pranks on your nearest and dearest, 1st April 2016 also sees changes to the National Minimum Wage (NMW) and introduction of the National Living Wage (NLW) for employees aged 25 and over.
From 1st April 2016 the minimum rates of pay are
– Age 25+ – £7.20 per hour (the National Living Wage)
– 21-25 – £6.70 per hour
– 18-21 – £5.30 per hour
– <18 – £3.87 per hour
– Apprentices – £3.30 per hour
In addition to these changes, the penalty payable by employers who underpay is being increased from 100% to 200% of the underpayment due to each worker.
National Insurance employment allowance increased to £3,000 from April 2016
Extension of the doubling of small business relief rates to April 2017 (good news – make sure you have this if you operate from an office)
3% additional stamp duty land tax will be charged on second homes or investment properties purchased from April 2016, which in added to the reduced relief for interest previously announced from April 2017 is a double hit for active investors
3% differential on Benefit in Kind for diesel cars retained from April 2016 for 5 more years
Capital gains tax due to be paid within 30 days of completion of any disposal of residential property from April 2019. This ties in with the introduction of digital tax accounts for most taxpayers.
If you have any queries or concerns arising from the autumn statement, contact our team at Morrell Middleton on 01904 691141.
Xero Online Account – How to keep your books sitting on a beach in Hawai whilst drinking cocktails!
Morrell Middleton have teamed up with Ardent Financial advisers to discuss the in’s and out’s of implementing the Governments solution to the pensions crisis – Auto Enrolment.
The rules will apply even to individuals who employ just one person, such as a nanny or gardener. Employers will have to enrol workers who are classified into 3 areas, Entitled Worker, Non-Eligible Jobholder and a Jobholder. Who is which and what you have to do for them is all in our notes!
While a declaration of compliance and other tasks remain a necessity, the 2 new Q&A released, remove a significant burden/red tape from business owners across the country.
The TV programmes of many of our youths conjured images of the year 2020 seeing us living a life of plentiful leisure time, a fashion of shiny silver suits and an army of robots taking care of all our needs.
It is clear (to most of us at least!) that this isn’t how 2020 will look, however we do know how some key aspects of our businesses will look.
– Apprentices * – £3.30 (up from £2.73) – up 20%
– Under 18’s – £3.87 (up from £3.79) – up 2%
– 18 to 20 year olds – £5.30 (up from £5.15) – up 3%
– 21 years and older – £6.70 (up from £6.50) – up 3%
If you have any queries on the minimum wage or running your payroll, please don’t hesitate to contact our team.
It also confirmed that, as a direct result of the legal challenge, the scheme is now expected to launch from early 2017. The existing Employer‑Supported Childcare scheme will remain open to new entrants until Tax-Free Childcare is launched.
Xero is the UK’s best Online accounting solution so for those people who operate on the move, have different locations for staff or just want less hassle in their book keeping lives then this may be a solution for you.
Any tax deductions from PAYE income will be limited to a legislative 50 per cent overriding limit.
Collection of tax by this method continues to only be an option if the relevant Tax Return is submitted by 31 December after the tax year end.
With effect from 6 April 2015 employers with employees under 21 years old will no longer have to pay Class 1 secondary National Insurance contributions (NICs) on earnings up to the Upper Secondary Threshold (£815 per week) for those employees.
You will need to record a different NI category letter for any such employees. Current category A will be replaced by category M until the employee’s 21st birthday.
There is no effect on the NICs payable by the employee.
This will effect both parents and employers, and it is important that both understand the potential benefits and obligations they have to keeping within the regulations.