Payroll Updates 2024-25
For the 2024-5 tax year personal allowances will yet again remain the same at £12,570.00 per annum
New Minimum Wages Increases
April 2023 April 2024
Apprentice …
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Accounts, Payroll & Bookkeeping
Accounts, Payroll & Bookkeeping
Did you know?
From April the National Living Wage Age banding is applicable to any employee aged 21, a change from 23 as it was previously.
The following NEW National Living Wage and Minimum Wage Rates will apply from April 1st 2024:
21 yrs and over = £11.44/hour
18-20 = £8.60/hour
16/17 = £6.40/hour
Apprentices under 19/over 19 (during their first year) = £6.40/hour
HMRC have announced changes to VAT penalties and interest charges.
The new penalties will impact businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7 March 2023.
The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT default surcharge, and apply to accounting periods which start on or after that date.
The penalties for late VAT returns also apply to businesses that submit nil returns and repayment returns.
The changes to VAT penalties and interest payments are:
Late submission…
Read MorePayroll Update 2022-23
For the 2022-23 tax year personal allowances will remain the same at£12,570.00 per annum
New Minimum Wages Increases
April 2021 …
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Today the Chancellor announced the introduction of the Job Retention Bonus
This is a one-off payment of £1,000 to employers that have used the Coronavirus Job Retention Scheme (CJRS) for each furloughed employee who remains continuously employed until 31 January 2021. The bonus will provide additional support to retain employees.
To be eligible, employees will need to:
earn at least £520 per month (above the Lower Earnings Limit) on average for November,… Read More
Making Tax Digital
The new making tax digital (MTD) requirements, which take effect from 1st April 2019, apply to all VAT registered businesses trading taxable supplies above the VAT threshold of £85,000. (taxable supplies are goods sold zero rated, reduced rated and standard rated. Exempt and outside the scope supplies do not count towards the threshold). Any businesses which has voluntarily registered for VAT and does not currently trade taxable supplies over £85,000 in a rolling 12-month period does not have to currently comply with MTD.
Three key requirements of MTD:
· …
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The tax year 2018/19 sees the first rise in minimum contributions for Automatic Enrolment since it started.
There is also a rise in the minimum wage and the living wage. We have listed the changes below.
If you have any questions about any of the subjects in this newsletter please contact us either on the telephone number or email address at the end of the newsletter.…
Read MoreWednesday 8th March was an important date for the Chancellor and more so for UK businesses. The spring budget has been dubbed a ‘mixed bag’ for SMEs, particularly after the Chancellor announced a rise in national insurance and then performed a swift U-turn on issue.
It has been announced that tax-free dividend allowance will be reduced from £5,000 to £2,000 from April 2018. The measure is thought to reduce the tax difference between the self-employed and those working through a company.
In other budget news, the Chancellor has pledged that landlords and small businesses who come under the VAT threshold (currently £83,000) will have an extra year to prepare for making tax digital. This w…
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