The Low Pay Commission – the independent advisory body to the Government – reviews the national minimum wage according to inflation on an annual basis. The rates that came into force from 1 October 2012 are: The adult rate for workers aged 21 and above will rise 11p from £6.08 to £6.19 per hour The…
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As you can assume from the term Bribery Act it essentially is a piece of legislation that has been produced to counter bribery from taking place within an organisation. Moreover the act also includes businesses that you deal with. It is this aspect that will become a significant issue for many business owners. What the…
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HM Revenue and Customs (HMRC) are on the lookout in 2011 for small business tax under payments and tax evasion with the HMRC’s introduction of making tax compliance spot checks on small United Kingdom businesses. These compliance spot checks are one of the last things that small UK businesses need as they try to…
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The objective of the Approved Mileage Allowance Payment (AMAP) scheme is to support the transport needs of business. Employees that use their own car for business journeys can be paid the AMAP, free of tax and NIC. The AMAP rate has been fixed at 40p per mile for what seems like forever (actually 2002!); However,…
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The issue of travel and subsistence is considered to be one of the most problematic and grey areas within small business accounting, particularly for self employed individuals. The basic reality is reasonably simple; in order to qualify for tax relief, any expenditure must be wholly and exclusively incurred for the purpose of the trade. Where…
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After telling clients and contacts to go and join the Federation of Small Businesses (FSB), I have finally got around to joining this myself. The Federation started in 1974 as a lobbying group that protects the interests of small business owners as well as the self-employed. It now has over 213,000 members
Many people rely on you if you are self-employed, a fact seldom appreciated – an increasing number of the UK’s working population are self-employed and without doubt are their business’ most vital asset. However, they do not enjoy the employee benefits of corporate medical insurance or sick pay so can less afford to be ill.…
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Many of you will have seen/ heard the recent media coverage regarding the PAYE error. Good old HM Revenue and Customs! You may get a Tax Calculation (form P800) from HM Revenue and Customs (HMRC) telling you that you’ve paid too much or too little tax for the tax years 2008-09 and 2009-10. The calculation…
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Are you ready for the pension reforms coming in 2012? As an employer are you in charge of your company’s destiny or will you be complying with the new regulations by default? All employers in the UK, other than single-person companies, will need to take action to comply with their new responsibilities under pension reform. Employers…
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