Government announces October increases in the national minimum wage
The government have announced the October increases in the national minimum wage. From October the new rate for 21 year olds and older will increase by 19p an hour to £6.50, an increase of 3%. At the same time the rate for 18 to 20-year-olds will go up by 10p to £5.13 an hour, and … Continue reading Government announces October increases in the national minimum wage
HM Revenue and Customs have announced they’re staggering the start of the penalty regime under Real Time Information (RTI). Originally, “in year” penalties, interest for late filing and late payments were all meant to be introduced at the start of the new tax year in April. However, the new timetable is as follows: Interest on … Continue reading RTI Penalty Delays
From April 2014, eligible employers will benefit from a reduction of up to £2000 per year in their employer Class 1 NIC’s liability. Throughout the UK over 1 million businesses and charities will gain from the new Employment Allowance and the smaller employers will benefit the most pro-rata. In fact, roughly 450,000 of the smallest … Continue reading Employment Allowance: Can you deduct £2000 from your employers NIC liability?
Auto enrolment is on its way, and means that from the “staging date” all employees meeting the criteria must be enrolled in a compliant pension scheme unless they voluntarily “opt out”. The “staging date” is dependent upon a number of factors including the number of employees in the PAYE scheme. It is already in force … Continue reading Auto Enrolment Is On Its Way
If you are an employer, you’ll know all about PAYE. RTI (standing for Real Time Information), is the biggest reform to the PAYE system since 1944, when it was introduced. It has been introduced in order to support the Government’s new Universal Credit system, making it easier for people’s entitlement to be assessed. What is … Continue reading What does RTI mean for PAYE?