New Support Announced by the Chancellor in His Summer Statement

On Wednesday 8 July 2020, the Government held an emergency mini budget to minimise the pain as the economy faces the challenges of the past few of months. The main priority on the agenda was unemployment rates, with the Chancellor announcing that he wants to ‘protect, support and create jobs.’ What’s changing? Furlough Scheme With … Continue reading New Support Announced by the Chancellor in His Summer Statement

How to Claim Employment Allowance

The reporting of employment allowance is changing. From April 2020, eligible employers are entitled to claim up to £4,000 off their employer national insurance costs. However, where their claim would previously be rolled over into the new tax year, now, due to Brexit the process has changed. Employment Allowance is now classed as a State … Continue reading How to Claim Employment Allowance

An Update on Holiday Pay

The government has recently been circulating adverts promoting the holiday pay awareness campaign. ‘Holiday pay: it comes with the job’ is part of the modern Industrial Strategy, which aims to give employers and workers a better understanding of both workplace rights and responsibilities. Recent research suggests some 1.8 million people currently do not receive the … Continue reading An Update on Holiday Pay

OTS Calls for Review of PAYE System

In a new report, the Office of Tax Simplification (OTS) has called for the Pay as You Earn (PAYE) system to be reviewed, to ensure tax agents can 'see relevant client information' and 'access a number of key services'. The report suggested that tax agents 'don't always have full access to their clients' PAYE records'. … Continue reading OTS Calls for Review of PAYE System

Considering the National Minimum Wage

Getting minimum wage obligations right can be challenging for employers, as indicated by the findings of a recent report by the Low Pay Commission. The report found considerable levels of minimum wage underpayment. Overall, the report revealed that underpayment has been steadily increasing since the introduction of the National Living Wage in 2016. Here, we … Continue reading Considering the National Minimum Wage

Reviewing the Changes to Pensions Auto-Enrolment

From 6 April 2019, minimum employer and total contributions into pension schemes rose. Here, we review these changes, and analyse the pensions auto-enrolment scheme in greater detail. Auto-enrolment: an overview Under the pensions auto-enrolment scheme, employers must automatically enrol eligible workers into a qualifying pension scheme. Employers’ duties include assessing the types of workers in … Continue reading Reviewing the Changes to Pensions Auto-Enrolment

New Tax Year, New Tax Rules: Are You Up-To-Date?

The start of the new tax year brought significant changes to legislation. It is also P11D season: these need to be completed soon. Increasing minimum wage From April 2019, the National Minimum Wage (NMW) and the National Living Wage (NLW) rates increased. From 1 April 2019, the hourly rates of pay are as follows: Age … Continue reading New Tax Year, New Tax Rules: Are You Up-To-Date?

What’s on Your Payslip?

New legislation came into force this month regarding employees’ payslips. There are two issues which are being amended: Firstly, under the new system employers will need to provide itemised payslips to every worker on their payroll, not just those classified as ‘employees’. Currently, employers are not obliged to issue payslips to contractors, freelancers, and other … Continue reading What’s on Your Payslip?

New Rules for Personal Service Companies

The 2018 Autumn Budget announced changes to the ‘off-payroll’ working (or ‘IR35’) rules, which are set to apply from April 2020. This may affect you if you work on a contract through a personal service company (PSC) in the private sector, or hire or place such workers. Similar rules already apply in the public sector. … Continue reading New Rules for Personal Service Companies

Increase to Directors Salary

Further to the publication of the rates and thresholds from HMRC, from 6 April 2019 we are advising our clients that directors will be able increase their current salary with no tax or national insurance deductions. Directors of Limited Companies will be able to increase their salaries from £702.00 to £719.33 per month, or weekly … Continue reading Increase to Directors Salary