The optimum directors salary 2020/21 will be £8,788 per annum, which equates to £732 per month or £169 per week. This is the most tax efficient amount for the majority of directors to pay themselves. Owner managed businesses can typically decide how to pay themselves. This can be either a salary, dividends or a mixture …
The National Minimum Wage will rise in April 2020 to £8.72 per hour for those aged 25 and over. Lower rates are applicable for those aged under 25. The April 2020 Minimum Wage increases in full The following rate increases are to be applied from April 2020: Aged 25 and over will be entitled to …
Supply chain fraud can manifest itself in many forms. Here we will concentrate on payroll services. Due Diligence when Choosing a Payroll Provider HMRC have recently issued a warning in their Employer Bulletin 78. The warning relates to supply chain fraud in payroll services/providers. It warns employers to undertake the following. Sufficient and proportionate due …
Re-enrolment into workplace pension scheme must be completed by employers every 3 years. Even if the staff member has opted out they must be re-enrolled. Compliance with the Pension Regulator Since the introduction of the workplace pension scheme, all staff had been given the opportunity to opt out of auto enrolment. This is still the …
In April 2020 there will be IR35 changes for the private sector. As a result a large number of contractors will be affected. Why are the IR35 Changes for the private sector happening? Despite HMRC’s best efforts and many changes to IR35 over the years since its introduction. The Government still claim that too many …
The National Minimum Wage 2019 will increase to £8.21 per hour for adults aged 25 and over. Different rates apply to those aged under 25. National Minimum Wage 2019 rates The rate increases are as follows: workers aged 25 and over will see an increase to £8.21 per hour (previously £7.83) those aged between 21 …
The auto enrolment pension increase 2019 will typically mean employees pay 5% and employers pay 3% into the pension scheme. When auto enrolment was first announced back in 2012 a phasing of contributions was setup. The phasing was set up so that minimum contributions were increased over time. In 2017 the minimum was 2%. In …
When do you need to register as an employer? When is registration not required? We will explain the steps you need to follow to register as an employer. The failure to register can incur significant penalties so follow this guide to ensure you are compliant. When you must register as an employer? You would assume …
Tax code BR is one of the most popular tax codes but very few people seem to know what it is? We explain how tax code BR affects your take home pay? Why you might have a tax code BR? And how to change tax code BR if it is incorrect? What is tax code …
The UK national minimum wage changes every April. From the 1st April 2018 the new hourly wage is up to £7.83 but this varies depending on age. The maximum fine for non-compliance is £20k per worker so it is important to get the rates correct. UK national living wage The UK national living wage is …