Planning your Retirement

Whatever your age, it’s never too late to start saving to retire. It’s more important than ever to start your retirement planning from an early age, however dull a prospect that may sound to younger generations. Putting money into a pension each month will provide you with a regular income once you retire. There are three types of pension: • […]

Gender pay gap reporting becomes law

Employers with more than 250 staff are now required by law to report gender pay gaps, following the introduction of new legislation. Employers must publish the following figures by April 2018: their median gender pay gap – difference between midpoints in the ranges of men’s and women’s pay their mean gender pay gap – difference between the average of men’s […]

SME borrowing set to rise in 2017

SME borrowing is projected to rise 22% in 2017, according to Zurich. The survey of 1,000 SME owners showed that firms are planning to borrow an average of £41,770. This would see lending to SMEs rise to over £50 billion in 2017. Anne Griffiths, head of SME proposition at Zurich, said: “Borrowing can often be indicative of confidence, and increased […]

Self-assessment reminder

Self-assessment reminder The deadline to submit your online tax return for 2015/16 is no later than midnight on 31 January 2017. Here are the 5 step guide necessary to complete self-assessment on time. 1.     Information you need You’ll need your most up to date records at hand, including: business expenses PAYE records (if applicable) VAT records (if applicable) personal income […]

National insurance planning

National insurance planning An overview of the types of national insurance and advice on how to make sure you don’t pay too much. Since its introduction in 1911, national insurance (NI) has changed from a form of protection against ill-health and unemployment to include a wider range of benefits. Today it helps people build entitlement to the state pension and […]

New national minimum wage rates from 1 October

New hourly national minimum wage (NMW) rates come into effect on 1 October 2016. Employers are already legally required to pay eligible workers who are 25 or over the national living wage (NLW) of £7.20 an hour. Hourly NMW and NLW rates Age From October 2016 Until October 2016 25 and over £7.20 £7.20 21-24 £6.95 £6.70 18-20 £5.55 £5.30 […]

National living wage: employer responsibilities

Employers must now pay workers over the age of 25 at least £7.20 an hour. The national living wage (NLW) replaces the current national minimum wage (NMW) of £6.70 an hour for people who are 25 or over. This is not a simple increase of the adult rate of NMW as individuals between 21 and 24 won’t be affected by […]

RTI concessions for small employers to end on 6th April 2016

  The Government announced at Autumn Statement 2015 that the current two year temporary reporting relaxation will end as planned on 5 April 2016. The relaxation permitted employers who at 5 April 2014 employed no more than 9 employees, to report their PAYE information for the tax month ‘on or before’ the last payday in the tax month instead of […]

Preparing for the national living wage

The national living wage (NLW) of £7.20 an hour for workers aged 25 and over will come into effect on 1 April 2016. The national minimum wage will continue to apply to all other eligible workers. Although April may seem like a long way off, there are steps employers can take now to ensure they comply with the new rates. […]