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02 March 2017

It is not long until the end of the current 2016-17 tax year and employers have to complete their final PAYE submission for the tax year. It is also very important that employers remember to provide employees with a copy of their P60 form by 31 May 2016. A P60 must be given to all employees that are on the payroll on the last day of the tax year – 5 April 2017.

The P60 is a statement...

28 February 2017

The Employment Rights (Increase of Limits) Order 2017 has been laid before Parliament and will come into force from 6 April 2017. The Order increases the limits applying to certain awards of employment tribunals and to other amounts payable under employment legislation. The main changes are:

  • Maximum amount of a “week’s pay” which is used for the purposes of calculating statutory...
24 February 2017

1 March 2017 - Due date for Corporation Tax due for the year ended 31 May 2016.
2 March 2017 – Self

24 February 2017

1 March 2017 - Due date for Corporation Tax due for the year ended 31 May 2016.

2 March 2017 – Self Assessment tax for 2015/16 paid after this date will incur a 5% surcharge.

19 March 2017 - PAYE and NIC deductions due for month ended 5 March 2017. (If you pay your tax electronically the due date is 22 March 2017.)

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23 February 2017

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1

23 February 2017

The new Lifetime ISA will be available from April 2017. The Lifetime ISA is designed to help those aged

23 February 2017

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates are due to come into effect on 1 April 2017. This is the first time that the NMW and NLW rates will be uprated in parallel. Historically, the NMW increased annually in October and explains the smaller than usual increase in the NMW as the last increases were only effective on 1 October 2016.

The hourly rate of the...

23 February 2017

The new Lifetime ISA will be available from April 2017. The Lifetime ISA is designed to help those aged between 18 and 40 to save for a new home or for their retirement. The new scheme will see the government provide a bonus of 25% on yearly savings of up to £4,000 and these benefits continue until the saver's 50th birthday. This could mean an extra £1,000 for every £4,000 saved annually from...

23 February 2017

HMRC has used the publication of a new corporate report to announce new support services to the 170,000 mid-sized businesses operating in the UK. These businesses play an important role in developing entrepreneurship and creating new jobs. Mid-sized businesses are defined as those that have a turnover of more than £10 million and/or more than 20 employees. HMRC estimates that 19% of the UK...

23 February 2017

HMRC has issued an advisory note to let employers know that it is in the process of emailing an employer alert. These emails are headed Important information for employers and refer to Employer Bulletin 64. These emails are genuine and include valid links to pages on the GOV.UK website.

Taxpayers still need to be mindful of the many phishing emails that are purported to come from HMRC....

23 February 2017

HMRC’s Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities, whether due to misunderstanding the tax rules or because of deliberate tax evasion.

There are three main stages to taking part in the campaign, notifying HMRC...

23 February 2017

Automatic enrolment for workplace pensions is intended to encourage employees to start making provision for their retirement with employers, with government contributing to make a larger pension pot.

The timetable for employers to begin enrolling their staff started with the UK’s largest businesses in 2012, followed by medium, and then small and micro companies. It is expected that all...

16 February 2017

The new Apprenticeship Levy comes into effect from April this year at a rate of 0.5% of the employer's 'pay bill'. To exclude smaller employers a £15,000 annual allowance can be claimed. The effect of this limit means that only employers with a pay bill in excess of £3 million will be required to contribute to the levy. The £3 million limit also applies to companies who are connected to other...

16 February 2017

Automatic enrolment into workplace pensions has been rolling out across the UK since 2012 beginning with the largest employers in the country. The first batch of small and micro employers started to enrol in the scheme in mid-2015. There are estimated to be 1.8 million small and micro employers in the UK.  It is expected that all employers will be part of the scheme by early 2018.

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16 February 2017

HMRC’s Credit Card Sales campaign targets individuals and businesses that accept credit and debit card payments and have not paid the right amount of tax due. The campaign offers the opportunity for anyone affected to bring their affairs up to date and in doing so take advantage of the best possible terms. Any individual or company that accepts credit and debit card payments should be...

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