The National Minimum Wage is increasing by 15 pence from 1 October 2011 to £6.08. Full details are as follows: Main rate – Workers that are 21 years old and over, will increase to £6.08, an increase of 15p from last years rate of £5.93 Minimum wage for workers between 18-20 years old increases to [...]
Wednesday, March 16, 2011
If you are a higher rate taxpayer next tax year (earning more than £42,475 gross per year) the rules for exemptions within Childcare Voucher schemes are changing for you. If you have not joined an approved Childcare Voucher Scheme with your employer or a third party yet, you should hurry to join before the end [...]
Tuesday, March 15, 2011
According to HSBC a large amount of consumers (82 percent) are in the dark about the amount of tax free allowances they are entitled to. This is more prevalent with those who are within the group of lowest earners – people who most likely would pay little or no tax. Some CIS Subcontractors who pay [...]
Thursday, March 10, 2011
With the UK Budget date looming ever closer, Chancellor George Osborne is being put under fresh pressure to ease the tax burden of higher earners by removing the top 50 percent tax rate, as well as other taxation restrictions aimed at top earners. The Adam Smith Institute, a free market think-tank, published a report warning [...]
Tuesday, March 1, 2011
According to a Tax Action Report by online financial advice website unbiased.co.uk, nearly £13.5 Billion was unnecessarily paid to the revenue over the past 12 months. The report was commissioned to investigate the amount of money wasted due to errors people make with their personal finances – in particular, mistakes which end up costing more [...]
Thursday, February 10, 2011
The new tax codes for the 2011/2012 tax year are being issued between January and March 2011. These will determine your allowances and tax rates for the pay you receive between 6th April 2011 and 5th April 2012. Please make sure you check these tax coding notices for any errors – you can use our [...]
Thursday, February 10, 2011
It has now been confirmed that the Default Retirement Age (DRA), currently 65 for both men and women is to come to an end. ACAS have create a PDF guide for employers to refer to here. The DRA will be completely removed by 30 September 2011. Details on how the plan to phase it out [...]
Wednesday, January 12, 2011
From April 2011 all company tax returns (for accounting periods ending after 31st March 2010) must be filed online – in the XBRL Format. Payments must also be made electronically from April. These changes affect all companies/associations that pay corporation tax. XBRL is a special format for financial data that makes all financial details computer [...]
Wednesday, January 12, 2011
Following on from last years criticism where six million taxpayers were taxed incorrectly, HMRC have now revealed further errors in their PAYE tax collection mechanism. 450,000 people are to face demands for a total of £180 million after errors from the 2007/2008 tax year have shown tax underpayments. HMRC has already written off any underpayments [...]
Wednesday, December 8, 2010
Students working over the festive season are reminded that they can claim the tax back on holiday jobs where the total income for the year is below the annual personal allowance of £6,475. To take advantage of this and make sure no tax is deducted from their earnings, students are advised to complete the Form [...]
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Saturday, April 9, 2011
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