Make sure to not miss the upcoming changes effective from 1 April 2017 as the new National Living Wage and National Minimum Wage rates come into force.
National Living Wage
From 1 April 2017 the National Living Wage that applies to workers 25 and over will be £7.50 per hour.
National Minimum Wage
From April 1 2017 the main national minimum wage rate for workers aged 21 to 24 will rise from £6.95 to £7.05 an hour.The youth rate for those aged 18 to 20 will be increased from £5.55 to £5.60. The Government has also said that the rate for workers aged 16 to 17 years should...
Watch this short video to find out more about the online accountancy software, Xero.
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For more information on Xero, follow this link to see Stephen speak to clients Makemeafilm.com about the accounting software http://ow.ly/1iw8300BXSm.
Watch this video to find out about the recent changes to Property Tax which have been introduced from 6 April 2016.
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In this short video, Stephen will explain the recent changes to Dividends that have been introduced from 6 April 2016.
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Make sure you don’t miss the upcoming changes effective from 1st October 2015.
The main national minimum wage rate for workers aged 21 and over will rise from £6.50 to £6.70 an hour.
The youth rate for those aged 18 to 20 will be increased from £5.13 to £5.30. The Government has also said that the rate for workers aged 16 to 17 years should increase from £3.79 to £3.87 and the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship will increase to £3.30 an hour.
If we can be of any assistance or you would like clarification of any of the above,...
Half a million more small employers will have to enrol workers in automatic enrolment pensions than previously estimated because of more new businesses and fewer businesses closing.
The figures published by The Pensions Regulator (TPR) show that 1.8 million small and micro employers will need to meet their pensions duties over the next three years, compared to the previous estimate of 1.3 million.
The estimates shows the Summer of 2017 will see a peak of 350,000 small and micro employers whose AE duties will come into effect.
This confirms the need to be organised early, check your...
Directors and Auto enrolment
As more and more businesses enter Auto enrolment it is worth taking a moment to consider the position of your limited companies and the position of yourself as a director(s) of the same.
Is a director a worker?
A director of a company is not classed as a worker unless:
The individual works for the company under a contract of employment AND
There is at least one other person working for the company under a contract of employment.
A director who is not working under an employment contract is never classed as a worker. These rules also apply if there...
Pension Changes (April 2015 – April 2016)
From 6 April 2015
Do you have a defined contribution scheme?
If you have a defined contribution scheme and are at least 55 years old you can make withdrawals up to the value of the funds invested in the scheme. The first 25% will be tax free and you can choose whether to have the 25% tax free element applied to each withdrawal or to allocate it to one withdrawal. The remainder should then be moved within six months into one or more funds that allow income to be withdrawn (e.g. monthly, quarterly, yearly or irregular withdrawals).
If the rest...
What is Auto-Enrolment?
As you will probably know, the law on workplace pensions has changed and now every employer with at least one member of staff will have new pensions duties. This means that employers must automatically enrol eligible staff into a workplace pension scheme and make contributions towards it.
To view an introduction to automatic enrolment click here.
Updates from the Pensions Regulator
Companies with no staff
Companies with no staff other than directors may not have any automatic enrolment duties. Click here for guidance on what to do if you don’t...