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)[…]

Workplace pension responsibilities are from day one of talking on your employee

Taking on your first member of staff is a big moment for any employer If you have recently become an employer for the first time, you will have workplace pension responsibilities from the moment your new employee starts working for you. You should use the The Pensions Regulator simple online tool to understand what you need to Read more about Workplace pension responsibilities are from day one of talking on your employee[…]

Increase in Student Loan Plan 1 and 2 thresholds

The thresholds of Plan 1 and Plan 2 student loans will be increasing from April 2019. The current thresholds (for 2018-19) are: Plan 1 – £18,330 Plan 2 – £25,000 The Department for Education (DfE) has confirmed that from 6 April 2019 the thresholds will increase to: Plan 1 – £18,935 Plan 2 – £25,725 Read more about Increase in Student Loan Plan 1 and 2 thresholds[…]

National Minimum Wage and Live In Wage rates from April 2019

The National Live in wage and the National Minimum Wages is set to rise in April 2019. 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 2019: Year 25 and over 21 Read more about National Minimum Wage and Live In Wage rates from April 2019[…]

Main points from the budget (29 October 2018)

Here are some of the key points from the budget of 29 October 2018: Savings The ISA allowance is held at £20,000. The Junior ISAs annual allowance and Child Trust Funds for 2019/20 will be increased in line with CPI to £4,368. National Savings and Investments (NS&I) have announced the minimum investment for premium bonds Read more about Main points from the budget (29 October 2018)[…]

Auto Enrolment – Change in contribution rates from April 2019

The minimum contributions that you and your staff pay into your automatic enrolment workplace pension scheme are increasing. This is also sometimes known as phasing. It is your responsibility to make sure these increases are implemented. What do you need to do next? You’ll need to ensure you collect and pay the correct contribution amounts Read more about Auto Enrolment – Change in contribution rates from April 2019[…]