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 £9,440 65 to 74 £10,500 75 and over £10,660 For every £2 your income is Read more about Personal allowances, rates and bands 2013-2014[…]
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 £8,105 65 to 74 £10,500 75 and over £10,660 Your Personal Allowance goes down by Read more about Personal allowances, rates and bands 2012-2013[…]
The HMRC expects companies to keep accurate and up to date accounting records especially details of transactions between a company and its directors – the “directors loan account” (DLA). Where you use software to keep your financial records you can set up a DLA in the way you would a bank account and post transactions Read more about Record keeping for directors’ loan account[…]
If you provide entertainment to reward your employees for good work or to maintain and improve staff morale, this is considered to be for business purposes and so you can claim back the VAT. Examples could include staff parties, team building exercises, staff outings and similar events. However, you cannot claim back the VAT in Read more about Employee entertainment[…]
HMRC have created a single page version of form P46 called P46 (Short) which enables employers to collect necessary information from new employees who do not have a form P45. Employers are required to submit the details electronically to HMRC so the form is used to gather the necessary information in order to make the Read more about HMRC launch new P46 for employers[…]
These rates apply to all journeys on or after 1 September 2012 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do Read more about Company cars – advisory fuel rates from 1 September 2012[…]
The Government has approved this year’s National Minimum Wage rates, which will come into effect on 1 October 2012. The rates will be as follows: • For workers aged 21 and over: £6.19 an hour (up from £6.08 an hour in 2011) • For workers aged 18-20: £4.98 an hour (no change) • For workers Read more about National Minimum Wage confirmed for 2012/13[…]
HMRC is introducing a new way or reporting PAYE: Real Time Information (RTI). Under RTI, information about PAYE payments will be submitted throughout the year as part of the payroll process, rather than at the end of the year as they are now. Every time you process your payroll, your software will collect the necessary Read more about Pay As You Earn (PAYE) Real Time Information (RTI)[…]
Just weeks to go! What is RTI? Real Time Information (RTI) is the biggest change since PAYE was introduced in 1944 and is a new initiative from HM Revenue & Customs (HMRC) to improve the administration of PAYE and to enhance the operation of the forthcoming Universal Credit Scheme (coming in October 2013). RTI is Read more about RTI (Real Time Information)[…]
In contrast to standard VAT accounting, there are several alternative ways you can account for VAT that could save you time and money. Some of these VAT accounting schemes have been designed for specific trade sectors. Others have been designed to deal with more general business issues. Some of the schemes can be used together. Read more about VAT Accounting Schemes[…]