Why has my tax code changed?

“How do I know if my tax code is correct?” Your tax code is used by your employer to calculate how much tax needs to be deducted from your pay. HMRC tells your employer which code to use to collect the right amount of tax from you. You can check your income tax online to… Continue reading Why has my tax code changed?

National Minimum Wage – where are we now?

Falling foul of the National Minimum Wage rules can be expensive – as well as having serious implications for employer reputation. Many firms have been named and shamed for getting it wrong - are you compliant? Employer errors The National Minimum Wage (NMW) keeps appearing in the headlines. Recently the Department for Business, Energy and… Continue reading National Minimum Wage – where are we now?

14 Days left to submit your 2016/17 self assessment return

The following Tax Events are due on 31st January 2018: Personal Tax Events Deadline for submitting your 2016/17 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2016/17 liability together with the first payment on account for 2017/18 are also due. This deadline is relevant to individuals who… Continue reading 14 Days left to submit your 2016/17 self assessment return

Spring Budget 2017

I am sure that you have seen the headlines in the papers this morning about the Budget and for a detailed analysis please see the report on our website: http://www.torrwaterfield.co.uk/news/budget-report. The items that have caught my attention and I think are relevant to most people are as follows: National Insurance for the self-employed At present,… Continue reading Spring Budget 2017

Autumn Statement 2016

On Wednesday 23 November 2016 our new Chancellor of the Exchequer, Philip Hammond, delivered his first (and last) Autumn Statement.  “No other major economy makes hundreds of tax changes twice a year, and neither should we” – this is perhaps the most welcome measure announced in the Autumn Statement.  In recent years the Autumn Statement… Continue reading Autumn Statement 2016

Could you and your employees save money through salary sacrifice?

Salary sacrifice is an agreement between an employer and employee to reduce the employee’s cash salary entitlement, usually in exchange for a non-cash benefit – think of it as swapping salary for something else.  This happens as part of a change to the employee’s contract. How does this save money? Shifting remuneration from cash to… Continue reading Could you and your employees save money through salary sacrifice?