Businesses will have an extra year to prepare for the digitalisation of income tax, HM Revenue and Customs (HMRC) has announced today. Recognising the challenges faced by many UK businesses and their representatives as the country emerges from the pandemic, and having listened to stakeholder feedback, the government will introduce Making Tax Digital (MTD) for Read more about Making Tax Digital for Income Tax to be delayed until 2024[…]
Yesterday the government announced tax changes to fund £12 billion a year to be spent on the NHS and social care across the UK. National Insurance contributions (NICs) will increase by 1.25% for one year only for employees, employers and the self-employed from April 2022. This will cover both Class 1 (employee and employer), Class 1A Read more about National Insurance contributions are to increase[…]
HMRC is urging young people to check if they have a hidden pot of gold – in the shape of a Child Trust Fund (CTF). It is now one year since the first account holders started turning 18 and around 55,000 Child Trust Funds mature every month. This means their owners can withdraw funds or Read more about Thousands of teenagers missing out on Child Trust Fund cash[…]
The government has ‘named and shamed’ 191 companies that have broken National Minimum Wage (NMW) laws. Following investigations by HMRC, the named firms have been fined for owing £2.1 million to over 34,000 workers. The breaches took place between 2011 and 2018. Named employers have since been made to pay back what they owed, and Read more about Employers ‘named and shamed’ for paying less than minimum wage[…]
The national roll-out of the new £100 spending limit for contactless card payments will begin from 15 October 2021, banking trade body UK Finance has confirmed. The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority (FCA) following a public consultation and discussions with Read more about Contactless limit set to increase to £100[…]
New company car advisory fuel rates have been published and took effect from 1 September 2021. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or Read more about Advisory fuel rates for company cars[…]
HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA). Read more about HMRC outlines changes to late payment penalty regime[…]
The Accounting Excellence awards which are now in their eleventh year saw a record number of entries, and despite this fierce competition we are delighted to have been shortlisted for such as prestigious award, Payroll Team of the Year. We’ve been providing payroll services to organisations for over 10 years and our experienced team currently support Read more about Nicholson & Co shortlisted for Payroll Team of the Year Award[…]
While the vast majority of employers pay their employees at least the National Minimum Wage, HM Revenue and Customs (HMRC) has today released some of the most absurd excuses used for not paying the legal minimum. Last year (2020 to 2021) HMRC helped more than 155,000 workers across the UK recover more than £16 million Read more about HMRC reveals absurd excuses for not paying National Minimum Wage[…]
From August, employees will still continue to received 80% of their salary for hours un worked, but the Coronavirus Job Retention Scheme grants will cover 60% of employees’ usual wages for the hours not worked, up to a cap of £1,875.50. Employers will need to continue to pay their furloughed employees at least 80% of Read more about Coronavirus Job Retention Scheme – upcoming changes from 1 August 2021[…]