Pension Awareness Day has come around again reminding us all that time is marching on and we should all have a mind on how we plan to live when we retire. Since the introduction of the auto-enrolment scheme, those who are employed are at least saving something for our future What pension schemes are there? […]
National Payroll Week was established by the CIPP in 1998 to raise awareness of payroll in the UK. What is Payroll? Payroll is a core part of the business generating different forms of data. Payroll data can be used to analyse and guide business strategy, as well as for reporting and making payments to HR
National Payroll Week Read More »
A limited company can pay its directors a salary, but it must be paid net of Income Tax and National Insurance contributions. Depending on the role the director plays within the company, paying a salary may not be tax efficient. Director’s role A director may work full-time in the business or classed as a non-executive
Can a Company director receive a salary? Read More »
HMRC states that anything you claim must be ‘wholly and exclusively’ for business purposes, but it isn’t always straight forward to save on your tax bill as sometimes there are different rules for the self-employed and business owners. We explain some of the allowances below. 1. Start-up costs There are unavoidable costs when starting up a
18 ways to save on your tax bill Read More »
If you are an employer and pay directors or employees any expenses or benefits which are not registered to be payrolled and are not covered by PAYE then a P11D form must be filed to HMRC annually. What are the benefits to be declared? Any benefits that you offer as an employer would include: Health
What are P11D forms? Read More »
How long you need to keep your records depends on whether you run a limited company or are self-employed. If you are an employer, whatever your business structure, you also have documents to retain. https://youtu.be/ong28VPUplg For a limited company You must keep records for a minimum of six years from the end of the last
How long should you keep business accounts? Read More »
The Easter holidays are with us and if you employ staff, particularly those with children, you may well have many employees on annual leave meaning a smaller workforce for a while. Depending on your business this could have an impact on your cash flow. It could be that production is down or that it is
The importance of cash flow Read More »
The end of a tax year is a busy time for anyone running a business or who is self-employed. Here we outline a few of the immediate deadlines and those coming up through the year. What do employers need to do at the end of the tax year? Following the end of the tax year
End of tax year for Business Read More »
The COVID-19 pandemic is still having an impact on the economy, and now with the war in Ukraine along with all the sanctions against Russia, we will be seeing changes that are going to impact us all. National Insurance increase A 1.25 percentage point increase in National Insurance rates comes into force on 6th April
New tax year for individuals Read More »
From 1 April 2022, the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase. Except for those who are self-employed, everyone is entitled to receive the NLW or the NMW depending on their age or circumstances (see table below). It is important therefore to ensure that the wages you pay your
Changes to wages April 2022 Read More »
