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 read more
Interest on taxation
HMRC cut the rate of interest on underpaid Income tax, NIC, CGT, Stamp duty and certain other taxes from 3.5% to 2.5% as of 23 March. For underpaid corporation tax the rate was reduced from 2.5% to 2% as of 16 February and from 2% to 1.5% from 16 March The rate of interest on overpaid Income Tax, NIC, CGT, read more
Change to statutory payments!
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
New tax year, new tax rates
The new tax rate bandwidths are as follows: Basic Rate (currently 20%) on all taxable income from £1 to £37400 Higher rate (currently 40%) on all taxable income over £37400 The income tax personal allowance has increased from £6035 to £6475 for 2009/2010. Please note employee & employer national insurance is payable on income over £5715.
Employers, have you updated your employees tax codes?
As from 6th April 2009 all L suffix tax codes should be increased by 44 points to 647L.
08/09 tax year Pension contribution deadline approaching!
Do you want to make a pension contribution and receive tax relief for the year to 5th April 2009? If so remember the contribution must actually be paid by the 5th April 2009!
Worried about meeting your tax payment?
If you’re worried about being able to meet tax, National Insurance, VAT or other payments owed to HM Revenue & Customs (HMRC), or you anticipate that payments coming due will cause you problems, you can call the Business Payment Support Line below seven days a week. They will review your circumstances and discuss temporary options tailored to your business needs, such read more
Old P45 no longer be valid from 6 April.
The old A5 version of the P45 form will no longer be valid as from 6 April. It is being superseded by the new A4 version which was first introduced in October last year. The new P45 includes details of the employee’s date of birth and their gender. HM Revenue and Customs (HMRC) said that any back stock of the read more
Statutory holiday entilement is changing!
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.