This evening HMRC shared the latest information about the Coronavirus Job Retention Scheme, which included updates to guidance and the online service based on your feedback, and how to avoid common mistakes that can lead to a wrong or delayed payment. Save and return option now added In response to feedback from users of the Read more about Coronavirus Job Retention Scheme – Update for employers[…]
HMRC have updated their guidance for the Job Retention Scheme. How much you can claim You’ll need to claim for: 80% of your employees’ wages (even for employee’s on National Minimum Wage) – up to a maximum of £2,500. Do not claim for the worker’s previous salary. minimum automatic enrolment employer pension contributions on the Read more about Update – Job Retention Scheme – How you can claim and how much[…]
Payments received by a business under the scheme are made to offset these deductible revenue costs. They must therefore be included as income in the business’s calculation of its taxable profits for Income Tax and Corporation Tax purposes, in accordance with normal principles. Businesses can deduct employment costs as normal when calculating taxable profits for Read more about Tax treatment of the Job Retention Scheme[…]
HMRC have updated their guidance for the Job Retention Scheme Who can claim All UK companies are eligible: limited companies, sole traders who employee people, LLPs, partnerships, charities. You must have: created and started a PAYE payroll scheme on or before 28 February 2020 enrolled for PAYE online – this can take up to 10 days a UK bank account Read more about Update – Job Retention Scheme – Who Can Claim[…]
The thresholds and rates from 6 April 2020 are: • Student Loan Plan 1 – £19390 • Student Loan Plan 2 – £26,575. Plan 1 and Plan 2 repayments are calculated at 9% of the income above the threshold. • Postgraduate Loan – £21,000. Postgraduate Loan repayments are calculated at 6% of the income above Read more about Student Loan & Postgraduate Loan (PGL) thresholds and rates from 6 April 2020[…]
The situation for Covid-19 is changing quickly, this information will help keep you up to date with current government advice and guidance, helping you quickly get to the facts. The information below was last updated on 20 March 2020. The Chancellor has set out a package of temporary, timely and targeted measures to support public services, Read more about Covid-19 – Support for Businesses and Self-Employed[…]
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 2020/21?[…]
The National Live in wage and the National Minimum Wages is set to rise in April 2020. Rates per hour depend on your age and whether you’re an apprentice – you must be at least school leaving age to get it. New rates, which come into effect from April 2020: Year 25 and over 21 Read more about National Minimum Wage and Live In Wage rates from April 2020[…]
From 6 April, there are two loan types in operation. Employers will now receive either a Student Loan (SL1) and/or Postgraduate Loan (PGL1) start notice, asking them to start taking deductions. It is important that the notice is checked for the loan or plan type and that deductions are taken correctly and recorded on the Read more about Student/Postgraduate loans notices[…]
Choosing tax and national insurance efficient types of income to draw from your company can make a big difference to its worth to you. The Options Salary – As a rule of thumb, salary within of the national insurance threshold (£8,164 for 2017/18) is the most efficient option Dividends – This option became less Read more about Director’s – Salary, Dividends or perks?[…]