HMRC are currently consulting with interested parties (the accounting profession and associated professional organisations) to re-vamp the UK’s system for taxing employee benefit in kind and expenses. Changes are planned to simplify this process in accordance with recommendations made by the Office of Tax Simplification. Consultations commenced 18 June 2014 and due to be completed 9 September 2014. The four Continue Reading
Read more
A new range of apprenticeships under the Trailblazer scheme.
Skills and Enterprise Minister Matthew Hancock announced a new range of apprenticeships that will be developed by employers under the Trailblazer scheme on 27 June 2014. He also called for expressions of interest from groups of employers to become part of the third phase of Trailblazers. The Apprenticeship Trailblazers, launched in October 2013, have gone from strength to strength. The Continue Reading
Read more
Prepare for auto enrolment
The law on workplace pensions has changed to make it easier for people to save for their retirement. Automatic - or auto - enrolment means every employer must enrol eligible staff into a qualifying pension scheme. Both you and the employee contribute to the pension, as does the government in the form of tax relief. Find out your staging date Continue Reading
Read more
Is my State Pension taxable or not?
The State Pension is part of a pensioner’s taxable income. The problem is, it is paid gross, without deduction of tax. If your sole source of income is the State Pension then this should cause no problem as the State Pension is usually below the annual tax-free personal allowance. What can, and does, cause a problem is if you have Continue Reading
Read more