This is where we air our opinions or pass on our thoughts and comments on occasion, when the mood takes us. Usually about business matters, it must be said.
The general idea is to disprove the notion that accountants say nothing at dinner parties! We have even been known to be amusing! Read on.
£3,000 Annual Employment Allowance
As you may have seen from our regular updates and blog posts, the £3,000 Employment Allowance reduces the amount of National Insurance employers have to pay by up to £3,000 per annum and is a welcome measure for all employers who are entitled to the relief.
13-Mar-2019
£8,632 per annum is the optimum director shareholder threshold salary for 2019/20
Despite changes to the taxation of dividends in 2016/17 and 2018/19 the recommended tax position for company director shareholders continues to be to take a combination of threshold salary and dividends.
With effect from 6 April 2019, the optimum director shareholder threshold salary is £8,632.
08-Mar-2019
Small, but Worthwhile, Tax-Free Benefits in Kind
Business clients who have been with us for some time will know that the tax code provides for certain small benefits which are provided by an employer to employees (including director/shareholders), are exempt from Income Tax and National Insurance.
08-Mar-2019
Increase in the National Living Wage and National Minimum Wage from 1 April 2019
The National Living Wage and National Minimum Wage rates will increase from 1 April 2019
07-Mar-2019
Payrolling Benefits in Kind
For many years it has been the employer’s responsibility to report employees’ benefits in kind by the submission of a P11D by the 6th July following the end of the tax year that is 5th April.
Employers now have the option to collect the tax on benefits in kind provided to employees via the payroll without having to submit forms P11D to HMRC. The payrolling benefits system covers most benefits, except for living accommodation and beneficial loans.
07-Mar-2019
Payslip Law Changes from 6 April 2019
From 6 April 2019, new legislation under The Employment Rights Act 1996, means that UK employers have to provide greater detail on payslips to every worker on their payroll, not just those classified as employees. Workers may include contractors, freelancers and various other types of non-employee workers.
07-Mar-2019
Workplace Pension Minimum Contribution Increases from 6 April 2019
The minimum amounts that employers and employees will be required to pay into workplace pensions are due to increase from 6 April 2019. The new minimum amounts will be 5% from the employee and 3% from the employer. The total minimum contribution will therefore increase from the current 5% to 8% of qualifying earnings.
07-Mar-2019
Brexit – what now for businesses that trade with the EU?
There is still uncertainty around what Brexit will mean and planning for a “No Deal” scenario seems sensible right now.
Businesses that buy and sell from the EU should have contingency plans in place which will need to be flexible to cope with a variety of possible outcomes.
If a ‘No Deal’ happens after March 2019 here are some of the areas you should consider:
06-Mar-2019
Simplified Import Procedures in the Event of "No Deal"
Arrangements have been announced by the government regarding the movement of goods to and from the EU. A simplified import and export system has been implemented by HMRC - in the event of a ‘no deal’ scenario - as a mechanism to ensure that goods move to and from the UK, with a reduced administrative burden for businesses, in terms of the documentation required at the port of entry and exit.
06-Mar-2019
Treasury to review 2019 Loan Charge
The Treasury has been forced to agree to review its controversial 2019 loan charge proposals, which are designed to tackle disguised remuneration, by the end of March after a cross-party group of MPs were successful in pushing through an amendment to the Finance Bill.
11-Jan-2019
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