The new National Minimum Wage (NMW) rates were announced just ahead of the Autumn Budget. The hourly rate for the minimum wage depends upon an employee’s age and whether they’re an apprentice. Current rates 21 and over 18 to 20 Under 18 Apprentice April 2024 (current rate) £11.44 £8.60 £6.40 £6.40 The rates from 1 …
Following Labour’s victory in the General Election, Rachel Reeves became the first female Chancellor to deliver a Budget on 30 October 2024. It is the second Budget of 2024 (after Jeremy Hunt’s Budget on 6 March 2024) and was a tax raising Budget. The following is a summary of the main points which affect small …
If you are an employer, you may be affected by the changes to the National Minimum Wage (NMW). These come into effect from 1 April 2024. The hourly rate for the minimum wage depends upon an employee’s age and whether they’re an apprentice. Current rates These rates are for the National Living Wage (for those …
Most people are aware that HMRC will charge you for paying tax late. It’s not always called the same thing – interest, penalty, surcharge – and it’s different depending upon the tax it relates to, but that’s the essence of what happens. However, if you are a limited company, you can be paid interest by …
On 6th March 2024, the Chancellor delivered his Budget, probably the last one before the anticipated 2024 General Election. The following is a summary of the main points which affect small businesses (our client base). NB some of the details are still being developed or announced, so not all of the information may be available …
As mentioned in a previous blog, and trailed in the media for the last couple of years, the rate of corporation tax has changed from 1st April 2023. For the last few years, corporation tax for small companies has been relatively simple, there has been a single rate of corporation tax, which was 19%. From …
As part of HMRC’s ambition to become a modern, trusted tax authority, it is changing the way penalties are issued for submitting late VAT returns and paying VAT late, which will affect all VAT registered businesses from 1st January 2023. The new penalties replace the default surcharge system and now also apply to clients who …
On 23rd September 2022 Kwasi Kwarteng, the new Chancellor, delivered a ‘mini’ Budget with some quite significant changes to the tax system. There have been a lot of changes in respect of tax increases announced by the previous Chancellor (& Prime Minister). The following is a summary of the changes which impact small business. National …
On 3rd March 2021, the Chancellor Rishi Sunak delivered the 2021 Budget, which had the task of balancing potential tax hikes to pay for the massive cost of support during the Coronavirus pandemic with helping to kick start a fragile economy coming out of lockdown. There were some interesting announcements, some which will be helpful …
European VAT Changes from 1st January 2021 The UK left the EU officially on 1st January 2021, when new rules will come into force. Businesses will have to comply with these rules in order to import or export goods from EU member states. From 1st January 2021 Acquisitions and Dispatches will now be called Imports …