Update – Job Retention Scheme – How you can claim and how much

HMRC have updated their guidance for the Job Retention Scheme. How much you can claim You’ll need to claim for: 80% of your employees’ wages (even for employee’s on National Minimum Wage) – up to a maximum of £2,500. Do not claim for the worker’s previous salary. minimum automatic enrolment employer pension contributions on the Read more about Update – Job Retention Scheme – How you can claim and how much[…]

Tax treatment of the Job Retention Scheme

Payments received by a business under the scheme are made to offset these deductible revenue costs. They must therefore be included as income in the business’s calculation of its taxable profits for Income Tax and Corporation Tax purposes, in accordance with normal principles. Businesses can deduct employment costs as normal when calculating taxable profits for Read more about Tax treatment of the Job Retention Scheme[…]

Update – Job Retention Scheme – Who Can Claim

HMRC have updated their guidance for the Job Retention Scheme Who can claim All UK companies are eligible: limited companies, sole traders who employee people, LLPs, partnerships, charities. You must have: created and started a PAYE payroll scheme on or before 28 February 2020 enrolled for PAYE online – this can take up to 10 days a UK bank account Read more about Update – Job Retention Scheme – Who Can Claim[…]

Covid-19 – Support for Businesses and Self-Employed

The situation for Covid-19 is changing quickly, this information will help keep you up to date with current government advice and guidance, helping you quickly get to the facts. The information below was last updated on 20 March 2020. The Chancellor has set out a package of temporary, timely and targeted measures to support public services, Read more about Covid-19 – Support for Businesses and Self-Employed[…]

National Minimum Wage and Live In Wage rates from April 2020

The National Live in wage and the National Minimum Wages is set to rise in April 2020. Rates per hour depend on your age and whether you’re an apprentice – you must be at least school leaving age to get it. New rates, which come into effect from April 2020: Year 25 and over 21 Read more about National Minimum Wage and Live In Wage rates from April 2020[…]

Director’s – Salary, Dividends or perks?

Choosing tax and national insurance efficient types of income to draw from your company can make a big difference to its worth to you.   The Options Salary – As a rule of thumb, salary within of the national insurance threshold (£8,164 for 2017/18) is the most efficient option Dividends – This option became less Read more about Director’s – Salary, Dividends or perks?[…]

Statutory payments announced for April 2019

The 2019/20 statutory payments have now been announced as follows:   Statutory maternity pay Statutory paternity pay Statutory adoption pay Statutory shared parental pay     £148.68 p.w Daily rate £21.24 Effective 31 March 2019 Recovery rate 92% unless your total class 1 National Insurance for the previous tax year is £45,000 or lower when Read more about Statutory payments announced for April 2019[…]

Changes to the law on payslips

From 6 April 2019 your business will have to give every worker on its payroll (not just employees) an itemised pay statement (i.e. payslip) and some new information must be provided. This is because the Employment Rights Act 1996 (Itemised Pay Statement) (Amendment) (No.2) Order 2018 comes into force. So Whats happening? It will extend Read more about Changes to the law on payslips[…]

Welsh rates of Income Tax (WRIT)

In November 2018 HMRC wrote to over two million customers, with their main residence in wales, telling them about WRIT. All people living in wales subject to Income Tax, including individuals who earn below the Income Tax threshold, should have received a letter. Employees or people who receive a pension will be given new tax Read more about Welsh rates of Income Tax (WRIT)[…]