Increase in National Minimum Wage (NMW)
Yesterday Business Secretary Vince Cable announced an above-inflation increase in National Minimum Wage (NMW) rate per hour from £6.31 to £6.50.
Coming into force across the UK on 1 October 2014, the first above-inflation rise (a real-terms cash increase) since 2008 is thought to have had a helping hand from the recommendations and influence of the independent Low Pay Commission (LPC), which…
Tax Tips and News for September 2014
This issue … Late Filing Penalties, Redress Payments, VAT On Multi-products, Travel Question, September Questions and Answers, September Key Tax Dates
Late Filing Penalties
From 6 October 2014 the HMRC computer will automatically issue you with a penalty if you submit your full payment submission (FPS) under RTI "late", or don't submit it at all for a month in which you paid your employees.…
Small Business, Enterprise and Employment Bill Summary
The Small Business, Enterprise and Employment Bill has been drawn up to “reduce the barriers that can hamper the ability of small businesses to innovate, grow and compete,” with the overarching role of the bill designed to remove and reduce unnecessary regulation that gets in the way of doing business.
Leading the Bill, Matthew Hancock, Minister of State for Skills and Enterprise claimed in an…
Tax Tips and News for April 2014
This issue ... Salary and Dividend Strategy 2014, Salaried Members of LLPs, Cross-border Services, Search for Landlords, April Question and Answer Section & April Key Tax Dates
Salary and Dividend Strategy 2014
As a director and shareholder of your own company you can decide how much salary to pay yourself each month in order to use your tax-free personal allowance in the most…
Tax Tips and News for March 2014
This issue ... Budget News, Business Journeys, RTI Penalties, Let Property Campaign, VAT on Books and Leaflets, March Question and Answer Section, March Key Tax Dates
2014 Budget News
Summary
This was a Budget for bingo-playing baby-boomers who have not started to draw their private pensions. George Osborne announced some sweeping reforms to the taxation of pensions and halved bingo…
Tax Tips and News for January 2014
This issue ... New RTI Relief, Capital Allowances on Fixtures, Disguised Employment, Partly-exempt Businesses, January Question and Answer Section, January Key Tax Dates
New RTI Relief
Have you been struggling to send full payment summary (FPS) reports under RTI to HMRC on or before the days on which your employees are paid? This is particularly difficult when your workers receive irregular…
HMRC Proposes EFRBS Settlement by 31 December
HMRC has proposed the EFRBS Settlement offering employers a direct opportunity to settle the tax arising on Employer Financed Retirement Benefit Schemes (EFRBS).
HMRC recently announced this settlement opportunity by writing to affected customers giving them the chance to settle open enquiries without the need to engage in time consuming litigation – an offer, HMRC claim, intended to minimise…
What is RTI?
Real Time Information: New Changes to PAYE
From April 2013, HMRC is introducing a new way of reporting Pay As You Earn (PAYE). The new RTI system is designed to improve the accuracy of returns, and to ensure that employers are paying the correct amount of tax.Read more