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  • Tips & Advice You & Your Business - Employment allowance - claiming it correctly
    Employment allowance - claiming it correctly..New rules. Employers who are entitled to the NI employment allowance (EA) don’t have to pay employers’ Class 1 NI contributions in respect of employees’ salaries until their total NI bill exceeds £4,000. However, since April 2020 new restrictions apply so that fewer employers are entitled to claim. The new restrictions have been causing confusion so HMRC has issued new guidance to clarify what information employers should include on their payroll reports (see...
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  • Tips & Advice You & Your Business - New employment allowance rules revealed
    New employment allowance rules revealed..Draft legislation. The 2018 Budget proposed new restrictions on the employment allowance (EA) (which reduces an employer’s NI bill by up to £3,000) with effect from 6 April 2020. The government recently published draft legislation to enable the proposal. What’s changing? For 2020/21 and later years employers whose secondary Class 1 NI bill was £100,000 or more in the previous tax year will not be entitled to the EA. If your business runs through a company you must...
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  • Tips & Advice You & Your Business - State pension myths
    The single-tier state pension was introduced in April 2016. Contrary to its name, many people starting their pension will be paid at different rates. Why, and is there a way to increase what you get?
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  • 600+ Business Solutions - How to create state pension rights
    Your partner’s current job doesn’t generate enough income to earn NI credits that count towards the state pension. To get around this a friend suggested your business tops up your partner’s income. Will that work?
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  • Tips & Advice You & Your Business - Q&A - payments to a former employee
    Q&A - payments to a former employee..Q. We need to make a payment to a former employee for accrued holiday pay. What tax code should we use and how much NI is payable? A. PAYE tax. If you haven’t issued a P45 to the employee, process the payment as if they were still employed by you. If you’ve issued a P45 , apply the tax code 0T on a week 1/month 1 basis and give the employee details of the tax deducted and the tax code you used to work it out. Report the payment to HMRC on a “full payment submission”...
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  • 600+ Business Solutions - Directors - does it always pay to take a salary?
    You’ve read that for maximum tax efficiency director shareholders should take a salary of £8,424 for 2018/19. But you have more than one business, plus other income. Should you take a salary from each and if so how much?
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  • 600+ Business Solutions - Taxable perks and an NI loophole
    Benefits in kind are usually more NI efficient than salary. However, the opposite can be true for director shareholders who receive a low salary, perhaps topped up with dividends. What savings are possible and how can you take advantage?
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  • Tips & Advice You & Your Business - Don’t miss the pension top-up deadline
    April 2017 is the government’s deadline for those who need to top up their NI records to qualify for a full state pension. Is this something you should be considering?
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  • Tips & Advice You & Your Business - Employment allowance made clear
    Employment allowance made clear..Unclear rules. We previously told you about the changes to the NI employment allowance (EA) which took effect on 6 April 2016 ( yr.17, iss.12, pg.1 , see The next step ). At the time the new rules were unclear, but in the latter part of April HMRC set the record straight. One-man companies. A company in which the only employee is a director isn’t entitled to the EA. But if at any time during the tax year the company employs another person who is paid above the NI secondary...
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  • 600+ Business Solutions - Apprentices go (NI) free
    Apprentices go (NI) free..No more NI. A new government financial incentive for employing apprentices came into effect on 6 April 2016. As an employer you’re entitled to an exemption from secondary Class 1 NI contributions on wages you pay apprentices, if at the time they are under 25. The exemption only applies to employers’ contributions. Your apprentices therefore continue to pay primary Class 1 contributions at the same rates as other employees. Exemption limit. The exemption applies to earnings up to...
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