Philip Hammond has delivered his first Autumn Statement as chancellor. These are the key points. Public borrowing/deficit/spending Government finances forecast to be £122bn worse off in the period until 2021 than forecast in March’s Budget Debt will rise from 84.2% of GDP last year to 87.3% this year, peaking at 90.2% in 2017-18 Office for Budget […]
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More than two-thirds of employees do not realise that the minimum amounts they need to save into their workplace pension are set to increase, a survey has found. Scottish Widows found 68% of people are unaware that the minimum contributions under automatic enrolment will increase over the coming years. Under the auto-enrolment scheme, employees contribute […]
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As part of Making Tax Digital, HMRC has set out the priorities for its plans to make near real time adjustments to taxpayers’ tax codes so they pay the right amount of tax within the current tax year HMRC plans to introduce these changes in time for the 2017-18 tax year. The PAYE system is […]
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What are your ongoing duties as an employer? Every time you pay your employees, you should do the following: Monitor Earnings and Ages of Staff You’ve Employed If you have employees under you, it is important to check their age, earnings and also, if you must add anyone to your pension scheme. If you do […]
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Setting up as a sole trader is without doubt the simplest way to start a business. All you need to do is inform HMRC that you are working as ‘self employed’, and account for your business activities through the annual self assessment tax process. Starting up in business as a limited company involves a more complex […]
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We all need to keep financial records for various reasons. If you fill in a tax return, VAT return or claim benefits or tax credits, there are some special rules. Here we tell you about: • how keeping accurate records helps you • why you need to keep records • the records you need to […]
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The first ever fixed-rate mortgage charging less than 1pc goes on offer today as lenders ready themselves for fallout from Thursday’s poll. The deal, a two-year fixed rate at 0.99pc from HSBC, flies in the face of earlier suggestions that loan rates could rise in market turmoil triggered by the poll – regardless of the result. Instead, […]
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Every small business owner knows that you have to juggle a lot of different roles – not just the expert in your industry field but taking on roles such as admin, marketing and handyman! But one role that business owners should invest in, to make a difference in your company’s growth, is an accountant. Firstly, an […]
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New tax changes come into effect at the start of each financial year. Here’s a list of things coming into effect in April 2016. 1. The personal allowance will increase to £11,000 and the higher rate threshold will increase to £43,000 The personal allowance is the amount of income you can earn before you start […]
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There is only one week to go until the Government’s new National Living Wage becomes law. If you’re working and aged 25 or over and not in the first year of an apprenticeship, you’ll be legally entitled to at least £7.20 per hour. That’s an extra fifty pence per hour. The Government is committed to increasing this every […]
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