Employment Allowance 16/17 – what does it mean to a sole director of a limited company?

As mentioned in a previous blog, there are a few changes to the Employment Allowance this year (2016/17), that you need to take note of: The allowance has increased from £2,000 to £3,000 Eligibility – one of the main changes is if you are the directors and only paid employee, you are no longer eligibility Read more about Employment Allowance 16/17 – what does it mean to a sole director of a limited company?[…]

National Minium Wage and Live In Wage rates from 1 April 2016

Live in wage comes into effect from 1 April 2016 and will replace some of The National Minimum Wage rate per hour depends 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 1 April 2016: Year 25 and Read more about National Minium Wage and Live In Wage rates from 1 April 2016[…]

Personal allowances, rates and bands 2016-2017

Most people have a Personal Allowance – an annual amount of tax-free income. The rates of Income Tax you pay depend on how much taxable income you have above your allowance. Personal Allowance for 2016/17 = £11,000 Income Tax Bands Band Taxable income Tax rate Personal Allowance Up to £11,000 0% Basic rate £11,000 to Read more about Personal allowances, rates and bands 2016-2017[…]

As a director, what should I pay myself in 2016/17?

Such a simply question, you would think, however it produces a complicated answer. For this calculation, we have assumed the following: The director wants to preserves their entitlement to state benefits, and The director wants a salary which saves the most tax and national insurance. First of all let us look at preserving your entitlement Read more about As a director, what should I pay myself in 2016/17?[…]

National Minimum Wage rates from 1 October 2015

The National Minimum Wage rate per hour depends on your age and whether you’re an apprentice – you must be at least school leaving age to get it. Year 21 and over 18 to 20 Under 18 Apprentice* 2015 (current rate) £6.70 £5.30 £3.87 £3.30 2014 £6.50 £5.13 £3.79 £2.73 2013 £6.31 £5.03 £3.72 £2.68 2012 Read more about National Minimum Wage rates from 1 October 2015[…]

Pension schemes – step by step guide for small businesses

A new step-by-step guide to help small businesses get ready for their automatic enrolment duties has been launched by The Pensions Regulator. The 11-step guide takes employers through the tasks they need to complete and includes the information they require to comply with the law. The online guide also contains information tailored for employers who Read more about Pension schemes – step by step guide for small businesses[…]

Introducing a tax-free childcare scheme

Department for Education survey data shows that nearly a quarter of employed mothers would increase their working hours if they could arrange good quality childcare which was convenient, reliable and affordable. The scheme will be available to children under the age of 5 from autumn 2015, and all working parents with children under 12 will Read more about Introducing a tax-free childcare scheme[…]

Personal allowances, rates and bands 2015-2016

Most people have a Personal Allowance – an annual amount of tax-free income. The rates of Income Tax you pay depend on how much taxable income you have above your allowance. Personal Allowances: AGE AMOUNT Up to and including 64 £10,600 65 to 74 £10,500 75 and over £10,660 For every £2 your income is Read more about Personal allowances, rates and bands 2015-2016[…]