Although the self-employed heaved a sigh of relief when the Chancellor reversed his decision to raise the rate of Class 4 NIC recently, other changes in the structure of National Insurance will give cause for concern, particularly for those with low earnings. The abolition of the self-employed stamp (Class 2 NIC) from April 2018 means … Continue reading Class 2 Voluntary Contributions
As announced by the Chancellor in the Autumn Statement, the rate of the National Living Wage is set to increase to £7.50 per hour from April 2017. In line with this, the government has accepted the recommendations of the Low Pay Commission for the National Minimum Wage and from April 2017 the new rates will … Continue reading National Living Wage and National Minimum Wage
As mentioned in the recent Budget, the Chancellor had intended to increase the Class 4 National Insurance Contributions (NIC). The NI rate for the self-employed (Class 4) was meant to increase from 9% to 10% in April 2018, followed by another rise to 11% in April 2019. This would have brought NIC for the self-employed more in line with … Continue reading Proposed NIC rise has been dropped!
With last Saturday marking the beginning of the new National Minimum Wage, it has never been so important for employers to ensure they are paying their employees the correct wages. Last month, HMRC continued its Name and Shame scheme by publishing a further 197 companies who owed a collective £465,000 in arrears. Since the Name … Continue reading Named and Shamed: The Importance of the Minimum Wage
The rates from 1st October 2016 are: £7.20 per hour – 25 yrs and over £6.95 per hour – 21 to 24 yrs £5.55 per hour – 18 to 20 yrs £4.00 per hour – 16 to 17 yrs £3.40 per hour – apprentices under 19 yrs £3.40 per hour - apprentices over 19 yrs … Continue reading The National Minimum Wage is changing – Are you prepared?
Payroll staff across the country are gearing up to celebrate National Payroll Week which runs this year from 5th to 9th September. The theme for this year’s event, ‘It pays to learn’, is aimed at encouraging payroll professionals to expand their own financial awareness as well as that of their colleagues, in an attempt to … Continue reading National Payroll Week 2016
According to a recent survey, two-thirds of business owners admit to little understanding of employee rights. A survey of 500 business from website Jobandtalent revealed that almost 66% of owners of small and medium-sized enterprises (SMEs) concede to having a poor knowledge of employee rights and regulations. 12% of owners admitted to knowing nothing at … Continue reading SME’s in the Dark over Employment Laws
According to a survey conducted online for Portus Consulting, men are more than twice as likely to be put off taking Shared Parental Leave (SPL) as women. The study of over 1,100 employees found that 16 per cent of men would be put off taking SPL due to concerns their employer could not afford them … Continue reading Men Less Likely Than Women To Take Shared Parental Leave
For any small business, the need to hire an employee is a good sign that your business is moving in the right direction. However, there are various factors to consider in order to avoid unanticipated problems, and many business owners struggle to understand the real cost of bringing an employee on board. Here are the … Continue reading Ready For Your First Employee?
Once again we find ourselves in P11D season, that joyous time in the tax calendar where expenses and benefits provided by employers to their employees are dissected for inclusion on the P11D. Employers will no doubt have the same conversations they have with their accountants each year concerning the chargeability of benefits and expenses and … Continue reading It’s HMRC On The (Mobile) Telephone