Student Loan Plan Thresholds April 2019 HMRC have announced the increase in Student Loan Plan 1 and Plan 2 thresholds from 6 April 2019 and Postgraduate Loans (PGL). The thresholds of Plan 1 and Plan 2 Student Loans are increasing from April 2019. The current thresholds for the tax year 2018-19 are: • Plan 1…
Employers are you claiming your Employers Allowance? Most employers are entitled to claim Employers allowance worth £3000 this tax year against your business National Insurance, but many are missing out. We have identified refunds worth £16,000 for new clients in April alone when setting up their payroll. Many small employers running their payroll in house appear to be unaware of this significant…
IR35 Test Case HMRC has won its first IR35 test case. The Managed Serviced Company (MSC) rules were introduced from 6 April 2007 to crack down on businesses that ignored the IR35 rules on an industrial scale. Those businesses provided tens of thousands of workers such as cleaners, drivers and security guards, with packaged service companies.…
Employers Allowance For NI We have noticed a number of new clients have not been claiming their Employers Allowance for NI through payroll. We have saved each client up to £4000 each when taking over new payrolls recently and checking if they have enabled the employment allowance claim. This is easily missed, particularly by smaller employers without…
Budget 2016 Budget 2016 at a glance Chancellor George Osborne has delivered his Budget 2016, setting out the government’s latest plans for the nation’s finances. Here are some of the key points: The personal tax allowance will go up to £11,500 from April 2017. The chancellor says this will give 31 million people a tax cut,…
Higher Rate Threshold Frozen in Scotland 2016 The increase to the higher rate threshold announced in the Budget 2016 will not be passed on under proposals by Scotland’s First Minister, Nicola Sturgeon. Instead, the higher rate threshold will be frozen in real terms and increased only in line with CPI inflation in 2017/18 and by no more than…
Payrolling Benefits In Kind Supplementary guidance for payrolling benefits in kind has been published on the Gov.uk website. You can view the new guidance here. Statutory payrolling of benefits in kind (PBIK) comes into effect on 6 April 2016. Those intending to start or continue payrolling benefits and expenses in the 2016-2017 tax year must register with…
Student Loan Changes 2016 – 2017 The new tax year means payroll will be responsible for the collection of two Income Contingent Student Loan Plan types through the payroll. Plan 1 These loans will have been taken out before September 2012 and are applicable UK wide. For 2016-17, these Loans will have an annual threshold…
HMRC Quarterly Business Tax Returns More than 100,000 small firms have signed a petition demanding a rethink on proposals requiring most businesses to file HMRC quarterly business tax returns instead of annual tax returns via digital tax accounts. The petition was started on 16 December 2015 on the Government’s own portal. It has now received over 100,000 signatures which is the…
Scottish Income Tax Rate Set 2016 Scottish income tax rate will remain the same in Scotland as in England when limited powers are transferred to Holyrood next year. The Finance Secretary John Swinney made the announcement to the Scottish Parliament as he unveiled his Scottish Budget to MSPs. Under the 2012 Scotland Act, Holyrood will…
