Entries by Lisa Compton

Are you paying enough?

From the 1st October 2015 the new National Minimum Wages (NMW) will come into force Year 21 and over 18 to 20 Under 18 Apprentice 2015 (from 1 October) £6.70 £5.30 £3.87 £3.30 2014 (current rate) £6.50 £5.13 £3.79 £2.73   With a further increase in April 2016 for over 25’s to £7.20 per hour. […]

Dividend tax following the Summer 2015 Budget

One of the major announcements in the Summer Budget, affecting owner managed businesses was the proposed changes to dividend taxation.  Very little was announced on Budget Day but the Government have now published a factsheet providing further details on the Dividend Allowance which also provides examples of how the new tax allowance will work when […]

Summer Budget 2015

Following the General Election, the Chancellor presented a second Budget to the House of Commons on 8 July 2015. The Budget contained some important announcements and confirmed a number of changes planned for the coming years. Some unexpected changes in the extraction of profits from Limited Companies will mean that dividend policy needs to be […]

HMRC fails to answer more than a quarter of phone calls

We all know its very frustrating trying to get through to HMRC on their phone lines – this weeks news reveals how bad things really are  – according to BBC news : HMRC fails to answer more than a quarter of phone calls – BBC News <link href=”http://static.bbci.co.uk/news/1.75.0364/icons/generated/icons.fallback.css” rel=”stylesheet”> More than a quarter of phone calls […]

Changes to National Insurance

The Government has recently introduced a number of changes to national insurance and further measures affecting both employers and individuals are in the pipeline. Our factsheet provides an overview of some key changes, as well as offering advice on a range of strategies to help minimise your national insurance bill.

HMRC Target online sellers

Thousands of online sellers will need to get their tax affairs in order as HMRC wields its expanded powers to get user information from online marketplaces like Amazon, Gumtree, Ebay and Etsy. The Revenue has sent 14,000 letters to traders suspected of running a business and failing to declare this on their tax returns. Of […]

London Marathon update

26 April 2015 – 26.2 miles run around the streets of London and was over the finish line in 3 hours 55 mins and 21 seconds.  The provisional results are showing my position as 350 in my category and 2646 overall – I’m not sure at the moment how many in each of those categories […]

MAXIMISE TAX RELIEF FOR CAPITAL EXPENDITURE

MAXIMISE TAX RELIEF FOR CAPITAL EXPENDITURE Those running a business should take advantage of the temporary increase in the Annual Investment Allowance (AIA) to £500,000. 5th April 2015 is not relevant for this tax break as the limit continues until 31 December 2015 when it is scheduled to reduce to just £25,000. AIA provides a 100% tax write off […]

Do you employ anyone under the age of 21?

If you employ anyone under 21 years old you will no longer have to pay Class 1 secondary National Insurance contributions on earnings up to the new Upper Secondary Threshold (UST) for those employees.  This comes into effect from 6 April 2015 so be prepared to change the NI Category letters of those employees to […]