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Are your workers employees?

Employee status continues to be in the spotlight. The Government are consulting on proposals to address non-compliance with the off-payroll working rules in the private sector. Earlier in the year they consulted on employment status, including the possibility of introducing a statutory employment status test. It is important that the status of workers is correctly…

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Employment allowance – have you claimed it?

The employment allowance is a National Insurance allowance which is available to qualifying employers. The allowance reduces employers’ (secondary) Class 1 National Insurance by up to the £3,000. The allowance is set at £3,000 or, if lower, the employers’ secondary Class 1 bill for the tax year. Who can claim? Most employers, whether a company…

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Tax-free income from renting out your drive

Your drive may not normally warrant a lot of attention— however, it may have the potential to generate a tax-free income. Parking near to town centres and stations is always limited, and parking is always needed for events. Owning a drive, field or land that can be utilised for parking provides the opportunity to earn…

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Paying family members

Many small businesses, whether incorporated or not, pay family members for working for the business. However, as a recent case shows, it is easy to make mistakes which can prove costly. The case in question, Nicholson v HMRC (TC06293), concerned the payment of wages by a sole trader to his son while at university. Mr…

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Free Fuel – Is It Worthwhile?

Where an employer meets the cost of fuel for private journeys in a company car, an additional benefit in kind charge arises in respect of the provision of the `free’ fuel (unless the employee makes good all the cost). Working out the fuel benefit charge The fuel benefit charge is found by multiplying the appropriate…

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Bits For The Anoraks – New Accounting Standards

BITS FOR THE ANORAKS            – New Accounting Standards   Small and micro entity reporting The Financial Reporting Council (FRC) has issued amendments to UK accounting standards, ushering in a new financial reporting framework for small and micro entities. The changes will come into effect for accounting periods beginning on or after 1 January 2016.…

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Holiday Pay

Holiday Entitlement for Employees It has become increasingly noticeable that we are getting more and more questions about holiday pay. Some people have got employment contracts which quite clearly state what the  entitlement is.  Others have what is known as the statutory entitlement laid down in law. Some people have fixed hours, some have flexible…

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New Dividend Tax

Does this affect you? In the budget it was confirmed that tax on dividend income is changing. You may now be required to submit a Self-Assessment Tax Return even if you have not been required to do so in the past. Starting from 6th April 2016, only the first £5,000 of dividend income in each…

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National Living Wage

From 1st April 2016 the new National Living Wage will come into force. All employees aged 25 or over (and not in the first year of an apprenticeship) will be legally entitled to at least £7.20 per hour. That’s a 50p increase from the National Minimum Wage. If you’re an employer, you’ll need to make…

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