Don’t forget to make tax efficient investments ahead of the tax year end With the end of the tax year looming there is still time to save tax for 2019/20. Make full use of your ISA allowance – ISAs can offer a useful tax free way to save, whether this is for your children’s future, a first home or
Advisory fuel rates for company cars New advisory fuel rates for company car have been published which take effect from 1 March 2020. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The advisory fuel rates for company cars only apply to employees using a company car.
Minimum Wage increases The National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. There are different levels of NMW and NLW, depending on age and whether the employee is an apprentice. Minimum
IFS calls to raise taxes in upcoming Budget The IFS calls to raise taxes in upcoming Budget. The Institute for Fiscal Studies (IFS) has urged Chancellor Rishi Sunak to use the forthcoming Budget to raise taxes. The think tank stated that the Chancellor either needs to raise taxes or ‘break a fiscal rule’ in order to avoid day-to-day spending
Review confirms off-payroll working rules to go ahead from April 2020 The government has confirmed that reforms to off-payroll working rules for the private sector will go ahead from 6 April 2020. The off-payroll rules have applied to the public sector since 2017 and the government has carried out a review of the roll-out to the private sector. The
Coronavirus measure: Statutory Sick Pay from ‘day one’ The Prime Minister, Boris Johnson, has announced that when it comes to Coronavirus, sick pay entitlement for employees will begin from day one. This means employees will be entitled to Statutory Sick Pay (SSP) from day one when self-isolating rather than having to wait until day four under the SSP waiting
Changes to overdraft fees The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in April this year that it says will make the costs of overdrafts clearer and easier to compare. The rules will mean banks can only charge for overdraft users a simple annual interest rate – without additional fees and charges. According to the FCA,
New right to paid parental bereavement leave The government has confirmed that parents who suffer the loss of a child will be entitled to two weeks’ statutory leave. Under the new entitlement working parents who lose a child under the age of 18 will get two weeks’ statutory leave and where they meet the necessary conditions a legal right to
Tax relief on professional fees and subscriptions Employees are allowed to claim tax relief on their annual professional fees or subscriptions to some HMRC approved professional organisations. The costs are tax deductible generally where the individual must have membership to do their job or it is helpful for their work. Where the fees are paid by the individual’s employer this will
Off-payroll working HMRC has now published draft secondary legislation for the off-payroll working rules that are due to come into force in April this year. In 2017, HMRC introduced new off-payroll rules to the public sector, which saw some contractors’ net income cut significantly. HMRC also shifted the responsibility for compliance from individual contractors to public bodies or recruitment agencies.
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