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 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
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[…]
Are you prepared? All employers are legally required to automatically enrol their employees into a qualifying pension scheme by their ‘staging date’. This is set according to the number of employees you have on 1 April 2012. Don’t be like Dunelm Soft Furnishings Ltd who missed its staging date and didn’t make the required pension Read more about Don’t ignore your staging date![…]
From 06 April 2014, HMRC will charge in-year, rather than annual, interest on all unpaid: PAYE tax, Class 1 National Insurance, and Student Loan deductions including specified charges (estimates HMRC makes in the absence of a PAYE submission) Construction Industry Scheme (CIS) charges In-year late filing penalties, which start from October 2014 In-year late payment Read more about Changes to the way HMRC charge interest on PAYE from 2014 onwards[…]
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* 2014 (current rate) £6.50 £5.13 £3.79 £2.73 2013 £6.31 £5.03 £3.72 £2.68 2012 £6.19 £4.98 £3.68 £2.65 2011 Read more about National Minimum Wage rates from 1 October 2014[…]
In the government Autumn statement last year, it was announced that from 6 April 2014, employers would be refunded the first £2,000 of their employers’ NIC (Class 1) each tax year. More on this has now been announced… You can only claim the £2,000 employment allowance against one PAYE scheme even if your business has Read more about Employment Allowance[…]
Such a simply question can produce a complicated answer, but 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 entailment to state benefits. Read more about As a director, what should I pay myself in 2014/15?[…]
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 £10,000 65 to 74 £10,500 75 and over £10,660 For every £2 your income is Read more about Personal allowances, rates and bands 2014-2015[…]