Paid annual leave is a legal right that an employer must provide. Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as statutory leave entitlement or annual leave). An employer can include bank holidays as part of statutory annual leave. Self-employed workers aren’t entitled to annual leave. Most workers who […]
RTI Penalties Delayed Again!
HM Revenue and Customs have recently announced that the start date for penalties on PAYE schemes that have fewer than 50 employees will now be delayed until 6 March 2015! HMRC have said that the extra time will give smaller employers more time to adjust their processes to comply with RTI requirements. It will also […]
Agency workers and PAYE
Changes in the Finance Act 2014 have tightened up the rules for “self-employed” workers supplying their services through UK agencies, employment businesses and other intermediaries. From 6 April 2014 the agency must decide whether the way in which the worker does their work is subject to (or to a right of) supervision, direction or control […]
100% tax relief for a Porsche!
As you may be aware motor cars used in a business that emit no more than 95g CO2 per kilometre qualify for a 100% capital allowance. This threshold reduced from 110g back in April 2013 and there are now fewer cars that qualify for this generous tax relief. However, if your business can afford one, […]
Protect Your Pension from 55% Tax Charges
HMRC has just issued a reminder that the deadline to protect large pension funds from the decrease in the lifetime allowance is fast approaching. Lifetime allowance. There is a limit to the size of a pension pot that qualifies for tax breaks. If your pension fund exceeds this limit, the lifetime allowance, then there will be […]
The Employer’s £2,000 NIC Allowance
This valuable allowance is due to start for all businesses on 6 April 2014, and simply exempts the employer from the normal employer NICs of 13.8% of the earnings paid. The mechanics are that the allowance will be obtained via standard payroll software and HMRC’s RTI system. A facility will be added to the RTI […]
High Income Child Benefit Charge (HICBC)
The HICBC was introduced on 7 January 2013 and applies to couples where: One partner has received Child Benefit payments after 7 January 2013, and Either partner has income in excess of £50,000 a year. The person with the highest income, if both are over £50,000, will be liable to pay the charge. It will […]
Coding Out Tax Debt
HMRC are looking to increase this activity, which involves the collection of tax debts by way of reducing your Code Number used when calculating PAYE deductions on earnings. There would be no change to the current £3,000 maximum that can be coded out for individuals earning less than £30,000, and the current coding out limit […]
100% Tax Write-off for a Low Emission Car
If you buy a new car for your business that has CO2 emissions of no more than 95g/km, you can claim a full deduction against your business profits. There are approximately 30 cars that fall into this category, but the list is growing. If you run your business as a limited company, the private use […]