A number of recent court judgments need to be considered when calculating holiday pay and the rules employers and workers must follow to calculate holiday pay may need to be updated.
Below are some of the points your business may need to be aware of when calculating holiday pay:
Following a judgement in 2004 guaranteed overtime must be included with the calculation for holiday pay.
A new report published by insurance and pension provider Standard Life has revealed the key drivers of success for UK SMEs over the next five years.
Having polled both SME leaders and employees, the report highlights the fundamental trends of collaboration, empowerment and adaptability as central to growth.
SME leaders said the number one priority is to empower the workforce, by building an environment that encourages creativity and innovation.
It has been estimated that more than 1.7 million self-employed workers now earn below the new National Living Wage.
According to the Social Market Foundation’s (SMF) research this number will eventually rise to 1.9 million by 2020, affecting the 14 per cent of the UK workforce who are self-employed.
The SMF’s annual Family Resources Survey (FRS) also found that 49 per cent of the UK’s self-employed workforce were low paid on an hourly basis –
The Chancellor used his latest Budget announcement to deliver a raft of changes to the personal tax regime.
George Osborne said that his latest Budget would be a statement for the next generation and he delivered on this promise by introducing a new Lifetime ISA.
The announcement of a Lifetime ISA could prove a boon for savers aged 18-40 and will see the government contribute £1 for every £4 saved up to a maximum of £4,000 per year.
The move to tax loans to participators at a higher rate was not announced by the Chancellor in his main speech to Parliament.
However, further investigation of the Budget documents has revealed that from this month, the rate of tax payable by a company on any balances lent to an individual participator or related unincorporated business will increase from 25 per cent to 32.5 per cent.
In the last year the buy-to-let sector has been hit by a number of new government measures aimed at increasing the Treasury’s tax take from the sector.
However, landlords may not be aware of the HM Revenue & Customs (HMRC) Let Property Campaign; a scheme that offers an amnesty to individuals who have failed to disclose income from residential rental in previous tax years.
Directors have been told that they now have only four months to save their company from being struck-off from the Companies House Register if they do not reply to formal letters from registrars.
In a warning to directors, Companies House has said that those who are late in filing their company accounts, and don’t reply to formal letters to comply will be struck-off the register and will subsequently cease to exist.
On 16th March 2016, the Chancellor George Osborne stepped up to the despatch box to deliver his eighth Budget.
This was arguably one of the most challenging speeches he has had to deliver since he took charge of the Treasury almost six years ago, made in the shadow of economic uncertainty and an imminent referendum on Britain’s EU membership.
A comprehensive survey conducted by the British Business Bank has revealed that lending to small and medium-sized businesses in the UK is growing for the first time since the financial crisis began.
The Government-backed lender welcomed the renewed availability of bank debt in its Small Business Finance Markets Report, which increased for four consecutive quarters in the year to October 2015 for the first time since 2007-8.
The creation of new business taxes risks undermining the economic recovery, the Confederation of British Industry (CBI) has warned.
The CBI said the Apprenticeship Levy (AL), National Living Wage (NLW) and the growing burden of business rates amounted to a £29 billion raid on companies over the next five years.
Speaking during their Budget submission, Carolyn Fairbairn, Director-General of the CBI,