Operating a business tax efficiently is a key concern to all clients. The choice of a suitable business medium, for example, sole trader, partnership or limited company may have a substantial impact on the level of reliefs, allowances and tax levied on you and your business. It is therefore essential to review the key issues to enable you to minimise tax liabilities. The briefing also introduces the issues which impact on changing your business structure fromunincorporated to a company.
Please read the full Client briefing on incorporation PDF here.
If your holiday entitlement year runs from 1st April to 31st March then the new holiday entitlement will become 5.6 weeks. For example if you work 3 days a week then you will be entitled to 5.6 x 3 = 16.8 days statutory holiday (which includes statutory bank holidays). However if your holiday year runs from a different month to April, then you may find that it spans the previous statutory entitlement with the new statutory entitlement. If this is the case you will be able to calculate how much holiday you are entitled to using our Holiday entitlement calculation chart
Statutory payments for the tax year 2009/2010 are now as follows:
Statutory sick pay – £79.15 per week
Statutory maternity pay – First 6 weeks 90% of average weekly earnings
Next 33 weeks The lower of £123.06 or 90% of average weekly earnings
The statutory holiday entitlement is being increased to 5.6 weeks including bank holidays from 1 April 2009. This means a person working a 5 day week will be entitled to 28 days statutory holiday per year inclusive of the 8 bank holiday days.