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Comments Off on The Revenue waters down plans to raid bank accounts

The Revenue waters down plans to raid bank accounts

The Revenue waters down plans to raid bank accounts

The Chancellor has announced a series of safeguards to protect innocent people from having their bank accounts raided by HMRC. We understand that tax inspectors will have to give people face-to-face warnings before raiding their bank accounts after well watered down controversial plans to claw back money owed to the Exchequer. The plans to give … Continued

Comments Off on Do you employ anyone under the age of 21?

Do you employ anyone under the age of 21?

Do you employ anyone under the age of 21?

From the 6 April, if any of your employees are under the age of 21 you may no longer need to pay employer Class 1 secondary National Insurance contributions (NICs) from them. The rate of employer Class 1 secondary NICs for employees under the age of 21 will be 0% up to the new ‘Upper … Continued

Comments Off on Pensions and IHT planning

Pensions and IHT planning

Pensions and IHT planning

From April 2015, it appears the over 55s will be able to use their pensions “like bank accounts” and withdraw cash to invest or spend as they wish. What are the changes? From April 2015 the rules will change: If a pension saver dies before 75 (whether or not the pension has been touched) the … Continued

Comments Off on Cabinet Office consults on raising the audit threshold for charity accounts

Cabinet Office consults on raising the audit threshold for charity accounts

The government has launched a consultation on raising the audit threshold for charity accounts from £500,000 to £1m a year. The Cabinet Office consultation, relates to the rules for charities in England and Wales. It says that the proposed changes would result in an estimated 3,800 charities becoming exempt from the requirement for a full … Continued

Comments Off on Payroll Update

Payroll Update

There are a number of changes to payroll processing which occurred during the month of October, which we have highlighted below. If you have any queries arising from any of this information, our team of payroll advisors will be very happy to help. National minimum wage increase from the 1 October Over 21 – £6.50 … Continued

Comments Off on Autumn Statement 2014

Autumn Statement 2014

Autumn Statement 2014

The Chancellor George Osborne delivered his final Autumn Statement of this Parliament amid ongoing economic uncertainty. The key indicators paint an unclear picture. The UK economy is now expected to grow faster in 2014 than any other developed economy including the Eurozone. But the pace of GDP growth slowed between the second and the third … Continued

Comments Off on Holiday pay should include overtime, tribunal rules

Holiday pay should include overtime, tribunal rules

Holiday pay should include overtime, tribunal rules

Thousands of businesses are facing additional costs after a tribunal ruled that overtime should be included in holiday pay calculations. The Employment Appeal Tribunal (EAT) ruled that employers must factor in overtime when calculating holiday pay, instead of only taking basic pay into account. The tribunal also said that employees could make backdated claims if … Continued

Comments Off on Employment Allowance benefits businesses

Employment Allowance benefits businesses

Employment Allowance benefits businesses

More than 850,000 businesses have benefited from the Employment Allowance in the scheme’s first 6 months, official figures have revealed. The Employment Allowance reduces the national insurance contributions (NICs) bill for eligible employers, who can claim a class 1 secondary NICs reduction of up to £2,000 through their payroll software. The figures reveal: 856,000 businesses … Continued

Comments Off on HMRC credit card sales campaign

HMRC credit card sales campaign

HMRC credit card sales campaign

HMRC’s latest disclosure campaign is aimed at traders who accept payments by debit and credit cards but who haven’t declared all transactions. The Credit Card Sales campaign provides an opportunity for individuals and companies accepting debit and credit cards (but have not reflected all transactions in their tax return) to bring their affairs up to … Continued

Comments Off on New tax relief for investment in social enterprise

New tax relief for investment in social enterprise

New tax relief for investment in social enterprise

The Social Investment Tax Relief scheme (SITR) introduced this year helps individuals support social enterprises, giving these enterprises access to new sources of finance. The new relief provides the investor with a deduction from their tax liability, equal to 30% of the amount invested. A £10,000 loan to a qualifying social enterprise would therefore allow … Continued