RTI penalties to be phased in

HM Revenue & Customs (HMRC) has announced there will be a staggered start to the introduction of Real Time Information (RTI) penalties. Automatic in-year Pay As You Earn (PAYE) penalties for late filing and late payment and in-year interest – charged on tax and national insurance contributions paid late during the year – were due to start from 6 April 2014. But HMRC said on Read more…

NMW set to rise by 19p an hour

The Low Pay Commission has recommended that the national minimum wage (NMW) should increase to £6.50 an hour from 1 October this year. The increase from the current rate of £6.31 represents a three per cent rise. The commission is also recommending an increase in the rate for under-18s from £3.72 to £3.79 and for 18 to 20-year-olds from £5.03 to £5.13. Announcing the recommendation Read more…

Employers risk tougher health and safety penalties

Employers who breach serious health and safety laws are risking tougher penalties, including prison sentences, according to a new report. The report, published on 16 January, looked at the impact of the first five years of the Health and Safety Offences Act, which was passed in 2008 and took effect on January 16 2009. It found that changes introduced under the Act had led to Read more…

RTI updates issued

HM Revenue & Customs (HMRC) has issued updated guidance for employers on the Real Time Information (RTI) reporting of PAYE information. HMRC said on 16 January that the updates were designed to help employers prepare for changes they would see on payroll submissions from April 2014 and new entries they would need to make on payroll records. The updates include: a late reporting reason that Read more…

Flexible working guidance launched

Workplace specialists Acas has published new guidance to help employers prepare for a change in the law on flexible working. From April 2014, all employees who have worked for their employer for 26 weeks or more will have the right to ask if they can work flexibly. Acas has drawn up its Code of Practice and guidance on managing flexible working requests following a consultation Read more…

Changes on way for employee share schemes

HM Revenue & Customs (HMRC) has announced changes to the way that new and existing employee share schemes and arrangements are administered. HMRC said on 21 January that the changes would affect: Enterprise Management Incentives (EMI) Company Share Option Plans (CSOP) Save As You Earn option schemes (SAYE) Share Incentive Plans (SIP) any non-tax advantaged arrangements. The changes include registering all existing and new employee Read more…

Trade drive targets mid-sized businesses

Every mid-sized business in the country is to be offered tailored trade advice and an intensive support programme to help them start exporting or break into new markets. Trade Minister Lord Livingston announced on 22 January that he would personally write to all the UK’s 8,900 mid-sized businesses by this summer to ask them if they would like support from UK Trade & Investment (UKTI). Read more…

PM urges small firms to make most of support

Prime Minister David Cameron has urged the UK’s 4.9 million small businesses to take advantage of measures that could save them up to £10,000 each a year. Speaking at a Federation of Small Businesses event on 27 January, Mr Cameron highlighted government support including: a £1.1 billion package of business rates measures, with extra relief for small businesses through the extended doubling of Small Business Read more…

Avoid a Potential 55% Tax Charge on Your Pension Savings

Time is running out for individuals who have substantial pension pots to make a decision on whether or not to protect their pension savings- because the lifetime allowance is being cut from 6 April 2014. The lifetime allowance is an overall limit on the amount of tax relieved pension savings that an individual can build up over their life. A tax charge applies to pension savings above Read more…

Avoid a Potential 55% Tax Charge on Your Pension Savings

Time is running out for individuals who have substantial pension pots to make a decision to protect their pension savings because the lifetime allowance is being cut from 6 April 2014. The lifetime allowance is an overall limit on the amount of tax relieved pension savings that an individual can build up over their life.  A tax charge applies to pension savings above the lifetime Read more…