From 1 April 2016 workers aged 25 and over will be entitled to a new minimum pay rate of £7.20 per hour, called the National Living Wage (NLW).
HMRC are hosting a number of webinars for employers to find out about the changes and what needs to be done before 1 April 2016 to avoid penalties.
The ‘starting-rate’ of tax for savings income is cut to 0% for the first £5,000 of savings income from April 2015.
As a result most people with a total income of less than £15,600 will not pay any tax on their savings.
People with income over £15,600 may have some of their savings interest eligible for the 0% starting
The new Marriage Allowance for married couples means a spouse or civil partner who is earning below the basic rate threshold (£10,600) can transfer up to £1,060 of their personal tax-free allowance to a spouse or civil partner as long as the recipient does not pay more than the basic rate of income tax.
Personal allowance and basic rate limit 2016-17 and 2017-18. As announced at Budget, legislation will be introduced in Finance Bill 2015 to increase the income tax personal allowance to £10,800 for 2016-17 and £11,000 for 2017-18. The higher personal allowance for those born before 6 April 1938 will be removed with effect from 2016-17, so that everyone
Shortly the Pensions Regulator will be writing to all UK small and micro businesses to tell them about their new legal duties to automatically enrol their staff into a workplace pension.
The letter tells employers when their staging date is. This is when their automatic enrolment duties come into effect and is set in
The annual tax on enveloped dwellings (ATED) is aimed at making it less attractive for corporate entities to own high-value UK residential property to avoid or minimise taxes on a subsequent disposal
What is ATED
ATED is a tax payable by a company, a partnership where one of the partners is a company, or a 'collective
If you provide expenses and benefits to employees the deadline for submitting the relevant expenses and benefits forms to HMRC is 6 July.
Hooper & Co is an electronic filer for HMRC and can assist clients in meeting short notice
If you sell goods and services to consumers, you are likely to be affected by changes in legislation coming into force in June 2014. Those selling online or off-premises will see the biggest change.
The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 will apply from the 13 June this year and set out
Second Incomes Campaign
HMRC has announced its latest Disclosure facility. The Second Incomes Campaign provides an opportunity for individuals in employment who also have additional income that is not taxed through their main job to disclose this extra income to HMRC and pay any additional tax.
Examples of areas considered ‘second income’ by HMRC include:
Devil is, as always, in the details but the headline changes in the 2014 budget were:
For 2015 to 2016 the personal allowance for those born after 5 April 1948 will increase to £10,500 and the basic rate limit will be £31,785 for 2015 to 2016.
For 2015 to 2016 the starting rate for savings