Law changes on tips for waiters

Restaurant owners are now banned from deducting money from tips earned by waiters and other staff. Tips can be paid to employees using the following methods: Cash received direct from a customer This is an allowable method of receiving tips, however the person receiving the tip is responsible for declaring and paying tax on the… Continue reading Law changes on tips for waiters

Self-employed Class 2 National Insurance will not be scrapped

The government has decided not to proceed with plans to abolish Class 2 National Insurance Contributions (NICs) from April 2019. Class 2 NICs are currently paid at a rate of £2.95 per week by self-employed individuals with profits of £6,205 or more per year. The government had planned to scrap the Class 2 contribution and… Continue reading Self-employed Class 2 National Insurance will not be scrapped

Why do I need to keep my bookkeeping up to date?

Happy New Year! This is the 1st post of the year & hopefully it will help you to start thinking about how to organise your business over the next 12 months.  As we are all aware, Making Tax Digital is fast approaching meaning you need to have bookkeeping software in place for your business that… Continue reading Why do I need to keep my bookkeeping up to date?

The Apprenticeship Levy

The Apprenticeship Levy is charged on employers’ “paybills” at a rate of 0.5%. The levy is payable through Pay as You Earn (PAYE) and is payable alongside income tax and National Insurance. To keep the process as simple as possible “paybill” will be based on total employee earnings subject to Class 1 secondary NICs. Each… Continue reading The Apprenticeship Levy

Autumn Budget 2017

Yesterday saw a budget that focused, as expected, on housing and a stormy economic forecast. Our full summary is available on our website, but the key tax developments are summarised below. Personal Tax Rates and Allowances The personal allowance is currently £11,500 and will increase to £11,850 in April 2018. The higher rate threshold similarly… Continue reading Autumn Budget 2017

HMRC’s Worldwide Disclosure Facility (WDF)

This is a facility that the Inland Revenue introduced in 2016 which allows the voluntary disclosure of any UK tax liabilities that relate to offshore income or assets, which have not previously been disclosed to the UK tax authorities, to be declared. This includes: Income arising from a source outside the UK Assets situated or… Continue reading HMRC’s Worldwide Disclosure Facility (WDF)

New Vehicle Tax Rates April 2017

We all know that there are a few things we need to consider before buying a new car. These are some common questions which are asked by clients (hopefully before they go ahead and make that major purchase): “Should I purchase a car through my business or should I use my own car for business… Continue reading New Vehicle Tax Rates April 2017