Changes to the PAYE Tax system using Real Time Information HMRC have announced that from the end of May 2017 they will be using Real Time Information (RTI) to make adjustments to employee tax codes in-year as and when the need arises. HMRC states that this change in procedures will: offer more certainty to employers […]
Investment Bond launched National Savings and Investments (NS&I) has recently launched a government-backed Investment Bond. The main details of the Bond are as follows: minimum deposit of £100 balances on the account must be between £100 – £3000 applications can only be made online and up to April 2018 applicants must be aged 16+ years fixed […]
P11D deadline approaching The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2017, are due for submission to HMRC by 6 July 2017. The process of gathering the necessary information can take some time, so it is important that this process is […]
Off payroll working in the public sector rules amended From 6 April 2017, new tax rules were introduced which potentially affect individuals who provide their personal services via their own companies (PSCs) to an organisation which has been classified as a ‘public authority’. Amendments have now been made to the definition of a public authority. […]
General Election and tax law With the announcement of a snap General Election on 8 June the time available for scrutinising proposed legislation was short so the Finance Act was rushed through Parliament. Many clauses have not made it to the final legislation due to time constraints. These include the provisions to enable Making Tax […]
Reduction in the Dividend Allowance It was announced in the Budget that the Dividend Allowance will be reduced from £5,000 to £2,000 from April 2018. Dividends received by an individual are subject to special tax rates. The first £5,000 of dividends are charged to tax at 0% (the Dividend Allowance). Dividends received above the allowance […]
Making Tax Digital for Business update Extensive changes to how taxpayers record and report income to HMRC are being introduced under a project entitled Making Tax Digital for Business (MTDfB) . MTDfB is to be introduced in stages and the government has confirmed in the Budget the deferral of some of the obligations for one year. […]
Class 4 National insurance u-turn One of the significant announcements Chancellor Philip Hammond made on Budget Day was the proposed increases to the main rate of Class 4 National Insurance Contributions (NICs) paid by self-employed individuals from 9% to 10% from April 2018 with a further increase planned from 10% to 11% from April 2019. […]
Minimum wage rises again Employers need to ensure they are paying their employees at least the appropriate National Minimum Wage (NMW) or National Living Wage (NLW) rate. The rates increase from 1 April 2017. From 1 October 2016 From 1 April 2017 NLW rate for workers aged 25 and over £7.20* £7.50 the main […]
Equality – Gender pay gap reporting The government has introduced new requirements for all private and voluntary sector employers of over 250 people relating to equal pay reporting from April 2017. The Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 (SI 2017/172) mean that large employers must calculate and publish the difference in mean […]
