HMRC has been trialing a new service called Your Tax Account since May 2014 and is set to formally replace the Business Tax Dashboard during 2015. Your Tax Account is essentially a personalised homepage which gives you quicker and simpler access to everything you need to manage your tax affairs including links to key transactions Read more about Business Tax Dashboard to be replaced[…]
A new online payment service was introduced on 15 December 2014 for the payment of Self Assessment or VAT bills by debit card. This is a trial known as a beta service and HMRC is working in partnership with Worldpay. You can still pay HMRC using the Billpay service, however this new service will eventually Read more about HMRC’s new online payment service[…]
Contact HMRC as soon as possible if you are having difficulty paying your bill. You may be given more time to pay the outstanding amount or perhaps pay it by installments. If you have missed the payment deadline you must contact us immediately to possibly avoid enforcement action being taken. Don’t waste any time.
From 6 April 2015 employers will no longer have to pay Class 1 secondary National Insurance contributions on earnings up to the Upper Secondary Threshold (UST) for employees under 21 years. The Abolition of employer National Insurance contributions for under 21’s section of GOV.UK has been updated and now includes more detailed guidance for employers, Read more about Employers’ National Insurance contributions for under 21s[…]
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 2015/16?[…]
Several changes to tax and NI was announced in the 2014 Autumn Statement. Tax Code Changes The basic personal allowance will rise by £600 to £10,600 from 6 April 2015. Therefore, unless you receive an amended code notification for an employee, all “L” suffix codes will need to increase by 60 for 2015/16, e.g. code Read more about Tax Code and NI Changes for 2015/16[…]
The Pensions Regulator (TPR) has handed out the first penalties for auto-enrolment failures. The first penalties issued in the latest quarterly report revealed that TPR has issued its first three fixed penalty fines of £400, between July and September and also issued 163 compliance notices (these give employers a deadline by which they need to Read more about Auto-Enrolment – What employers commonly get wrong[…]
The Chancellor has presented the Autumn Statement to Parliament – here’s a summary of what was announced. 1. The UK has the fastest growth in the G7 and the deficit is forecast to be halved – but there is still more to do The UK has the fastest growth in the G7, there are more Read more about Summary of The Autumn Statement 2014: 16 things you should know[…]
At the moment accessing records of businesses held by Companies House costs you £1 per search. Companies House has announced that t is to make all f its digital data, including accounts information and that on appointments and charges, available free of charge from the second. This should make its cheaper for your business to Read more about Free company data[…]
Some businesses that are currently classed as medium-sized for accounting purpose would be considered small under plans to enforce the new EU Accounting Directive in the UK. This is because the department for Business, Innovation and Skills (BIS) is proposing to use the EU’s maximum thresholds for defining s small company instead of the minimum. Read more about Small company limits to increase[…]