Statutory Maternity and Paternity Pay

What you can reclaim As an employer, you can usually reclaim 92% of employees’ Statutory Maternity (SMP), Paternity and Adoption Pay. You can reclaim 103% if your business qualifies for Small Employers’ Relief. You get this if you paid less than £45,000 in Class 1 National Insurance in the last Read more…

Government launches Pension Wise service

Pension wise will offer free and impartial guidance to people on the new pension freedoms which come into effect in April 2015. Pension wise will be a first port of call for consumers, offering free and impartial information and guidance to people with a defined contribution pension approaching retirement. From Read more…

Top ten excuses for late filing

As most self employed persons, certain pensioners and high income earners will be aware their self-assessment tax returns for 2013-14 have to be filed by the end of January 2015 in order to avoid late filing penalties                                    There are also other costs (possible interest and further penalties) if you fail Read more…

Employing staff for the first time

 According to the tax office there are six things you need to consider when you are employing staff for the first time. They are: Decide how much to pay someone – you must pay your employee at least the National Minimum Wage. Check if someone has the legal right to Read more…

The New Enterprise Allowance

ver 450 new businesses every week have been set up over the last year thanks to a government scheme which helps people on benefits to become their own boss. The New Enterprise Allowance (NEA) helps jobseekers, lone parents and people on sickness benefits with a good idea to set up Read more…

Tax Diary January/February 2015

 1 January 2015 – Due date for Corporation Tax due for the year ended 31 March 2014.  19 January 2015 – PAYE and NIC deductions due for month ended 5 January 2015. (If you pay your tax electronically the due date is 22 January 2015.)  19 January 2015 – Filing Read more…

Topping up your State Pension

 The Government has indicated that it wants to offer more to existing pensioners and people who reach State Pension age before 6 April 2016 when the single-tier pension is introduced.  To achieve this a new Class 3A voluntary contribution will be available from October 2015 to April 2017.  The Class Read more…

Is your income approaching �100,000

 If you estimate that your taxable income for 2014-15 will marginally exceed £100,000, perhaps for the first time, you should consider your options.  If your income does exceed £100,000 then for every £2 that your income exceeds this amount your personal tax allowance will be reduced by £1.  As the Read more…

Planning your business year end

Most of the tax planning that can be employed to reduce your business tax liabilities need to be considered and implemented prior to your year end date. If you are in business, you should consider at least one planning meeting with your professional advisor before the end of the tax Read more…