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[…]
The Employment Allowance was introduced in April 2014 and by the end of June, HMRC have reported that 725,000 employers had already benefited – resulting in approximately £500 million in Employers National Insurance relief. If you have not applied there is still time to find out if you are eligible and apply – https://www.gov.uk/employment-allowance
So what is ‘Cash basis’ It is a way of working out your income and expenses for your Self Assessment Tax Return. You can use cash basis if you: are a small self-employed business eg sole traders and partnerships have an income of £81,000 or less a year (this is the threshold when you have Read more about Simpler Income Tax: Cash basis[…]
HMRC have confirmed that employers with fewer than 50 employees will face automated in-year penalties for late real-time PAYE returns from 6 March 2015, which is later than they had originally anticipated (6 April 2014 – https://www.gov.uk/government/news/hmrc-unveils-new-timetable-for-rti-penalties) . For those who employ 50 or more employees will face penalties from 6 October 2014. You should shortly received Read more about PAYE in-year automated penalties[…]
Next month (October 2014) HMRC will be sending out full annual tax summaries for the first time. In 2010 the Coalition promised every tax payer an annual statement of their tax position: not just the Income Tax and National Insurance paid, but also where the money was spent. Four years one and this promise is Read more about New annual Tax Statements[…]