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?[…]
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[…]
The new version of the Company Tax Return form (form CT600 version 3) must be used for accounting periods that start on or after 1 April 2015. In addition, a new computation taxonomy has been introduced for computations that accompany the new CT600 form. The old version of the CT600 form (version 2) and computation Read more about HMRC has introduced a new version of the Company Tax Return form and its supplementary pages.[…]
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[…]
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[…]
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[…]
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[…]