Tax-free childcare roll out

The implementation of Tax-Free Childcare, the new government scheme to help working parents with the cost of childcare, is being rolled out to eligible parents in stages. The scheme first made its debut in April 2017 and although there have been initial systems problems, HMRC's aim is to have the scheme open to all eligible… Continue reading Tax-free childcare roll out

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

The Right to work in the UK

Do you know how to carry out a ‘right to work in the UK check? The Immigration, Asylum and Nationality Act 2006 places a duty on employers to carry out checks to confirm someone’s right to work in the UK before employing them. Punishments for employing an illegal worker are: £20,000 for each illegal worker… Continue reading The Right to work in the UK

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

The New Marriage Allowance

  The marriage allowance allows you transfer £1,100 of your Personal Allowance to your husband, wife or civil partner – if they earn more than you. This reduces their tax by up to £220 in the tax year (6 April to 5 April the next year). In order to benefit as a couple, you (as… Continue reading The New Marriage Allowance

A day in the life of a junior accountant

Some of you may think that training to become an accountant involves going to university and graduating with a degree - but this is not always the case. Here is my day as a junior accountant: It’s the dreaded Monday morning and I’m waking up nice and early so that I can attempt to miss… Continue reading A day in the life of a junior accountant