VAT FLAT RATE SCHEME : ALL CHANGE

As you may be aware HMRC decided to curb on businesses who use the Flat Rate Scheme and introduced “Limited cost businesses” from 1 April 2017 If you’re a limited cost business, you should use the flat rate of 16.5%. There’s a simple calculator available to help businesses work out whether they’re a limited cost […]

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National Minimum Wage (Oct 2016)

National Minimum Wage rates from 1 October 2016 will be: £6.95 per hour – 21-24 yrs old £5.55 per hour 18 – 20 yrs old £4 per hour – 16-17 yrs old £3.40 for apprentices under 19 or 19 or over who are in the first year of apprenticeship. National Living Wage There will be no change […]

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People with significant control (PSC)

The below email arrived in our inbox today from Companies House       Dear customer Important changes are coming that will affect your company. This email explains the changes and tells you what you need to do. People with significant control (PSC) From 6 April 2016 you need to start keeping a record of […]

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BUDGET 2016

The below is the summary of the Budget as announced by the Chanellor of exchequer (HM treasurer) on 16 March 2016 Rates and allowances 2016/17 2015/16 £ £ Income tax rates – (non-dividend income) 10% lower rate tax – savings rate only Up to 5,000 Up to 5,000 20% basic rate tax Up to 32,000 […]

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HMRC RATES AND ALLOWANCES 2016/17

The below are the rates and allowances as confirmed by the Chanellor of exchequer (HM treasurer) per his budget on 16 March 2016 2015/16 2016/17 £ £ Income tax rates – (non-dividend income) 10% lower rate tax – savings rate only Up to 5,000 Up to 5,000 20% basic rate tax Up to 31,785 Up […]

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National Living Wage

In April 2016 the Government’s new National Living Wage will become law. All workers aged 25 and over are legally entitled to at least £7.20 per hour.Take these four steps to be ready for the change: Check you know who is eligible in your organisation. Find out on GOV. UK’s employment status page. Take the […]

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Marriage Allowance

Key points The marriage allowance came into force on 6 April 2015. Up to 10% of a spouse’s or civil partner’s unused personal allowance can be transferred. Individuals must register an intention to claim on GOV.UK.   Marriage Allowance lets you transfer £1,060 of your Personal Allowance to your husband, wife or civil partner. Your […]

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Information sharing when applying for loans/mortgages

A couple of days ago, the below flew into my mailbox from HMRC; Documents to support loan and mortgage applications- Update In our last communication we told you about the work we have been doing with the Council of Mortgage Lenders to improve our online documents. In particular how we have improved the Tax Calculation […]

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Budget 2015 – “Post Election”

George Osborne delivered his seventh Budget as chancellor on 8 July 2015 Personal taxation and pay New national living wage will be introduced for all workers aged over 25, starting at £7.20 an hour from April 2016 and set to reach £9 by 2020 – giving an estimated 2.5 million people an average £5,000 rise […]

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