Reclaiming Your Statutory Payments

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As an employer, you may already know that you can reclaim 92% of your statutory payments such as Maternity, Paternity and  Adoption Pay. However, you may not be aware that you can actually claim 103%!

Yes, you heard correctly. If the total of your employees and employers Class 1 National Insurance in the previous year is less than £45,000, you can actually claim an additional 3% on top of the statutory payments you have to make.

Known as Small Employer’s Relief, it is a welcome relief to many employers. And if you know you will struggle to make statutory payments, you can even claim in advance for funding of the whole amount.

To find out more visit gov.uk here  or contact us at Green & Co.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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Sharing The Responsibilty with Shared Parental Pay

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With more and more ‘hands on’ fathers across the country, the introduction of Shared Parental Leave and Shared Parental Pay has been seen as a welcome addition.  However, many employers are still coming to terms with the complexities of the process.

Here is a brief overview of what it may mean for you:

When does it apply from? For couples whose baby was due on or after 5 April 2015, or adopters of children placed for adoption on or after the same date, it gives much greater flexibility.

How does it work? Birth Shared Parental Leave can take affect after the mother has taken at least two weeks maternity leave and pay, meaning that up to the remaining 50 weeks leave and up to 37 weeks’ pay can be split between the parents. The flexibility is in that the leave must be taken in weekly blocks and must all be taken by the child’s 1st birthday. It can be stopped and started, and you can take up to three separate blocks each. Employees are still required to give their employers a notice period of at least 8 weeks, although there are special rules for an early birth.

Who is eligible? As with maternity and paternity pay, there are several conditions that must be met in order to qualify. For instance, the mother must qualify for maternity pay or maternity allowance. The other parent must have the joint main responsibility of caring for the child, have worked for their employer for at least 26 weeks at the ‘qualifying week’, and earned enough over a given period.

How does it work for adopters? The same principles and conditions apply as above, although rather than the mother, the adopter must take the first 2 weeks before the remaining allowance of the adoption statutory pay and leave can be split between the two partners.

Where can I go for more information? There is a wealth of information on the subject on the GOV.UK website which can be found here – or contact us at Green & Co.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Image courtesy of David Castillo Dominici at FreeDigitalPhotos.net

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20% Of Employers ‘Going It Alone’ For Auto Enrolment

The Pensions Regulator has published guidance to assist the 20 per cent of employers who are looking to ‘go it alone’ for Auto Enrolment.

Recent research suggests that up to 290,000 employers will not be seeking advice when choosing or setting up a pension scheme to comply with auto enrolment. While 10 per cent do not know how to choose a scheme, or think it will be very difficult.

The regulator will be updating the wealth of information that it currently has online in order to help make the process as straight forward as possible for employers with little or no experience. It can all be accessed here.

If you would like help with your Auto Enrolment, give us a call at Green & Co.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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Free SAGE Seminar: New Sage 50 Accounts

We are pleased to invite you to our next Sage seminar, to be held on Wednesday 16 September 2015 at the Parkway Hotel, Cwmbran.

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Seminar Agenda:

9:00 – 9:30am Registration, coffee and biscuits

9:30 – 9:45 am Introduction and welcome

9:45 – 10:45 am Presentation by a Sage specialist

10:45 – 11:00 am Bespoke session

11:00 am Finish

sageflyer-backaugust15_001Come along and discover how to get the most out of your Sage package. Reserve your place on this free seminar by phoning 01633 871122, or email jody@greenandco.com

For further information relating to the workshop, contact Jane Wootton on 01633 833507, or email jane@greenandco.com

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Autumn 2015 Newsletter

forest-meadow-leaves-autumnSummer may be dwindling, and while we don’t want to wish it away any faster, here is our Autumn 2015 Newsletter!

Green & Co Autumn 2015 Newsletter

This edition focuses on:

  • Tax Free Childcare
  • A Van By Any Other Name…
  • Internet Trading
  • Tax Round Up
  • Reminders For Your Autumn Diary
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Machine Games Duty (MGD)

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Machine Games Duty (MGD) is a tax that needs to be paid over on games machines if at least one of the prizes on offer is cash and greater than the smallest cost to play the game to start with. This also includes machines such as quiz machines and other skill machines.

All pubs with gaming machines and other machine games need to be covered by an MGD registration and should have already registered with HMRC.  You will be liable to penalties if you have a dutiable machine available for play and you haven’t registered!

If you own a machine that does not offer cash prizes you will not need to pay MGD. The same is true if there are cash prizes but they are less than the cost to play. You may however still need to pay over VAT.

There are, since March 2015, three rates of MGD:

Machine Type Cost to Play Prize Rate of MGD
Type 1 (Lower rate) 20p or less £10 or less 5%
Type 2 (Standard) 21p to £5 £11 or more 20%
All others (Higher) Over £5 Any 25%

If your machine has games which cover more than one type, then the rate for all the games will be whichever is the highest. For example, machines with both standard and higher rate games, will be charged at the higher rated 25%

If you pay MGD on your games machines, then the income is exempt from VAT.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

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National Minimum Wage Changes ahead

ID-10029711The National Minimum Wage is the minimum hourly rate most workers are entitled to, and is reviewed annually with changes usually occurring from October.

From 1st October this year the rates for National Minimum Wage are:

  • £6.70 per hour for workers aged 21 years and over
  • £5.30 per hour for workers aged 18 to 20 inclusive
  • £3.87 per hour for workers aged 16-17 above compulsory school leaving age
  • £3.30 per hour The apprentice rate, for apprentices under 19, or 19 or over and in the first year of their apprenticeship

HMRC can take employers to court for not paying their employees the National Minimum Wage.

Announced in the chancellor’s budget and set for introduction in April 2016, is a new Living Wage, due for over 25’s and currently set at £7.20, but set to rise to up to £9 by 2020.

Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.

Image courtesy of dan at FreeDigitalPhotos.net

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