Collection of Class 2 NICs

Collection of Class 2 NICs   Collection of Class 2 NICs to be changed from 5 April 2015 Class 2 NICs are currently collected by monthly direct debit, or by 6 monthly invoice in arrears.  From April 2015, this method of collection will cease. For the 2015/16 tax year, the self employed will pay their  Class2 [...] Read more »

Tax Implications of 2015 Budget For Individuals

Tax Implications of 2015 Budget For Individuals Personal Savings Allowance From April 2016, the government will introduce an allowance for savings income. This will remove tax on up to £1000 of savings income for basic rate taxpayers and up to £500 for higher rate tax payers. Additional rate taxpayers will not receive an allowance. From [...] Read more »

Auto-Enrolment

Auto-Enrolment   Most small employers have a staging date for enrolling eligible employees into a workplace pension scheme between 2015 and 2017.  The advice that we are getting from the pension providers is that you need to start planning for  your companies  auto-enrolment 12 MONTHS before your staging date. This involves: 1. Assessing all  employees [...] Read more »

Common PAYE Errors/Misconceptions

  COMMON PAYE ERRORS/MISCONCEPTIONS Following recent enquiries by HMRC we have highlighted three common areas where some employers may not be fully compliant with PAYE regulations. This applies to all businesses that employ staff even those not operating a PAYE scheme. We are certainly not trying to imply that you have done anything wrong  but [...] Read more »

Income Tax allowances table 2013 – 14 and 2014 – 15

Income Tax allowances table 2013 – 14 and 2014 – 15 Source: HMRC.gov.uk Income Tax allowances 2013-14 2014-15 Personal Allowance (1) N/A N/A Personal Allowance for people born after 5 April 1948 (1) £9,440 £10,000 Income limit for Personal Allowance £100,000 £100,000 Personal Allowance for people aged 65-74 (1)(2) N/A N/A Personal Allowance for people [...] Read more »

My Tax Return Catch Up

HM Revenue & Customs (HMRC) are offering you a quick and straight forward way to bring your tax affairs up to date. This campaign is for you if HMRC have sent you a Self Assessment tax return or notice to complete a tax return for any year up to 2011-12 and you have not yet [...] Read more »

National Minimum Wage

From 1st October 2013, the National Minimum Wage rate is as follows:   Age 21 and over             £6.31 Age 18-20                        £5.03 Under 18                          £3.72 Apprentice  *                   £2.68 * This rate is for apprentices under 19 or in their first year.  If the apprentice is over 19 and past the  first year, then the relevant age [...] Read more »