Woodwards Accountancy & Taxation Services

Author Archives: Alan Woodward

National Minimum Wage increases

From 1 April, National Minimum Wage and National Living Wage rates will increase. This is the second increase in 6 months for the National Minimum Wage, and brings the increase dates in line with the National Living Wage.

The increases are as follows:

Year                                       25 and Over        21 to 24                18 to 20                    Under 18                 Apprentice

October 2016 (Current)                £7.20               £6.95                     £5.55                        £4.00                        £3.40

From April 2017                           £7.50               £7.05                     £5.60                        £4.05                        £3.50

The Apprentice rate applies to those aged under 19, or those aged 19 or over and in the first year of their apprenticeship. After that, they become entitled to the minimum wage for thier age group.

Apart from staff on hourly pay rates, you will also need to consider whether pay for salaried staff complies with the above rates.

Spring Budget 2017

Philip Hammond delivered his final Spring Budget today – in future the Budget will be given in the Autumn. The main points arising from the budget are: Making Tax Digital will be deferred for landlords and unincorporated businesses with turnover below the VAT threshold, for a period of 12 months. There is however no changeContinue Reading

Making Tax Digital

Last year HM Revenue and Customs released 6 consultation documents relating to the plans for Making Tax Digital. They have now announced their response to the consultations. Making Tax Digital will proceed along the proposed timeline, i.e. it will come in from April 2018 for Landlords and the Self Employed Apparently, businesses will be ableContinue Reading

Making Tax Digital – The end of the Tax Return

Making Tax Digital – For Unincorporated Businesses and Landlords. At long last, H M Revenue and Customs have released their consultation documents on the future of the Tax System. With the consultation ending on the 7th November, that gives them just 16 months to take into account comments made, instruct external software companies as toContinue Reading

The National Living Wage

With effect from the 1st April 2016, the new National Living Wage legislation takes effect. Employees aged 25 or over will become legally entitled to at least £7.20 per hour. This legislation will be enforced as strongly as the current National Minimum Wage, and we can expect to see employers who fail to comply beingContinue Reading

Self-Assessment Tax Return Deadline!

It’s December, Christmas is just 3 weeks away, the last thing on your mind is probably your tax return. BUT, the deadline for filing your Tax Return is also only 8 weeks away, that’s not very long at all! If you fail to submit your Return by the 31st January, you will be liable for aContinue Reading

Auto Enrolment – Are you Ready?

Auto Enrolment – Are you Ready?

The law on workplace pensions has changed. If you have at least one member of staff you must ensure that you comply with new duties, including enrolling those who are eligible into a workplace pension scheme and contributing towards it. This is called automatic enrolment. If your employees are: aged between 22 and State Pension age earn moreContinue Reading

Changes to Class 2 National Insurance Contributions

Changes have been made to the way Class 2 National Insurance Contributions are collected. Until now, contributions have been collected either by direct debit, or by six monthly demands. However, if you are dealt with under Self Assessment and complete the Self-Employment or Partnership pages, with effect from the 12th April 2015 Class 2 NICContinue Reading

Budget 2015 – The End of the Tax Return

Is this the end of the Tax Return? Announced today in the Budget are plans to eliminate the need for millions of individuals and businesses to file annual tax returns. Starting in 2016, we are told that 5 million small businesses and 10 million individuals will have access to their own digital tax account, whichContinue Reading

Self-Assessment Tax Return Deadline!

The Deadline for submitting your Self-Assessment Tax Return is fast approaching – there are just 20 working days left, including today! If you fail to submit your Return by the 31st January, you will be liable for a £100 penalty. If you are in a partnership, and the partnership Return is also late, there isContinue Reading

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Woodwards Accountancy, Paignton, Devon TQ4 7SN T: 01803 228 628