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National Minimum Wage increases from 1st October 2016
As they do every year, the National Minimum Wage (NMW) rates will increase on 1st October 2016. If you run a business and employ staff, you need to be aware of the changes and introduce them in your first payroll period following the introduction. The Government regularly name and shame employers paying less than the minimum wage. Worse […]
Continue ReadingDid you know you can make over £37k a year without paying tax?
Up until 5th April when the Government abolished the 10% tax credit on dividends in favour of a new £5,000 allowance, it was easy to earn £37,000 a year without paying tax. However, you typically needed to own your own (profitable) company. The mechanism in this instance was to take a salary equivalent to you […]
Continue ReadingTax return submitted? Time to start planning for next year’s.
So another 31st January deadline has been and passed. Your tax return is filed and the whole subject of tax can be ignored for another year. Well, not quite. There are quite a few changes to Income Tax being introduced from 6th April 2016. Leaving everything until then means that you’re at the mercy of […]
Continue ReadingChanges to taxation of savings income can benefit owner-managed businesses
From the 6th April 2015, individuals deriving their income from interest on savings will notice a marked reduction in the amount of tax they are likely to suffer on this income. The Chancellor announced in his Budget 2014 speech back in March that the starting rate of tax for savings would be reduced to 0% […]
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