Updated student loan deduction guidance

HMRC have issued updated guidance to employers on how to deal with student loan deductions via the PAYE system. Employers should familiarise themselves with the guidance which has been updated to reflect the introduction of plan 2 loans which are repayable from a different threshold but at the same nine percent basis. With effect from [...]

2017-04-27T15:46:45+00:00August 10th, 2016|Blog, HMRC|0 Comments

Budget 2016 – for contractors

The Government has published its budget for 2016. So, what does this mean for contractors working through umbrella companies and PSC's? The following extracts from the Budget 2016 outline the governments intentions: Umbrella companies and employment intermediaries Salary sacrifice – The government is considering limiting the range of benefits that attract income tax and NICs [...]

National Minimum Wage set to rise

Following advice from the LPC (Low Pay Commission) the government has set to increase the National Minimum Wage (NMW) rate by 20p to £6.70 an hour from October 2015. An increase in rates by 17p for 18 to 20-year-olds will bring rates up to £5.30 an hour. Apprenticeship rates will also jump up by an [...]

2017-04-27T15:46:46+00:00March 19th, 2015|Blog, HMRC|0 Comments

Budget 2015

The chancellor's full speech Mr Deputy Speaker, Today, I report on a Britain that is growing, creating jobs and paying its way. We took difficult decisions in the teeth of opposition and it worked - Britain is walking tall again. Five years ago, our economy had suffered a collapse greater than almost any country. Today, [...]

2017-04-27T15:46:46+00:00March 18th, 2015|Blog, for CONTRACTORS, HMRC, Tax|0 Comments

2015-16 Income Tax Rates

As with any change in tax year, new income tax rates are introduced. The forthcoming tax year will be no different and will see a change in tax payers 2015-16 Income Tax Rates. HMRC (HM Revenue & Customs) will send out a: P9T form for any employees who need a new tax code P9X form [...]

2017-04-27T15:46:46+00:00February 11th, 2015|Blog, HMRC, Tax|0 Comments

Good News for Umbrella Companies

Has the Government finally recognised the value of responsible compliant Umbrella Companies? In a response to a question from Welsh Conservative MP Guto Bebb, "To ask Mr Chancellor of the Exchequer, what steps his Department is taking to stop agencies using umbrella companies to manage the payroll function of companies within the construction industry." David [...]

2017-04-27T15:46:49+00:00February 4th, 2015|Blog, Compliance, for CONTRACTORS, HMRC, Umbrella Company|0 Comments

HMRCs Top 10 tax excuses

HMRC reveals the Top 10 tax excuses from 2014 HMRC has revealed its top 10 list of awful tax excuses. Appeals for failing to meet last years tax return deadline cover a diverse assortment of political figures, geographical locations, dometic pets and wild animals, but are unified in the fact that their ridiculousness fails to excuse [...]

2017-04-27T15:46:49+00:00January 8th, 2015|Blog, for CONTRACTORS, HMRC, Tax|0 Comments

Delayed RTI penalties for small employers

Employers with less than 50 employees are set to face automated in-year penalties for late real-time information (RTI) PAYE returns from 6th March 2015, but for those companies employing 50 or more people will face penalties from 6th October 2014. HM Revenue and Customs (HMRC) will be sending electronic messages to all employers shortly to [...]

2017-04-27T15:46:50+00:00October 2nd, 2014|Blog, Compliance, HMRC|0 Comments