Parents will gain greater flexibility in how they share the care of their child in the first year after birth as new regulations regarding Shared Parental Leave (SPL) came into force 1 December 2014. The new rules, which apply to couples with babies due or children matched or placed for adoption on or after 5 April 2015, will allow parents to...
New proposals to tackle late payment
New proposals obliging large and listed companies to publish detailed information about their payment practices and performance were unveiled 27 November 2014 by the Business Minister Matthew Hancock. The proposed changes will provide robust information making it easier for small businesses to compare the role models with the less reputable. Specifically, the average payment time; the proportion of invoices paid beyond...
Government names employers who fail to pay the National Minimum Wage
Employers who owe their workers thousands of pounds for failing to pay them the National Minimum Wage (NMW) have been named by Business Minister Jo Swinson. On the 27 November 2014, a further 25 employers who failed to pay their workers the National Minimum Wage were named under the revised naming scheme - introduced in October 2013. The scheme was...
Overtime and holiday pay
In the past companies have tended to base holiday pay payments on a worker’s basic pay, excluding overtime. In a recent landmark case an Employment Tribunal has ruled that past, non-guaranteed overtime should be included in the calculation of holiday pay. Here’s what ACAS have to say: “Non-guaranteed overtime is where there is no obligation by the employer to offer overtime but...
Don’t file a paper tax return
The online filing deadline for 2013-14 Self Assessment tax returns is 31 January 2015. However, if you are still filing a paper version of the return, the 2013-14 deadline was 31 October 2014. As the 31 October paper-filing deadline has passed, even if you have no tax to pay, or you eventually pay your tax on time, and if you file...
Personal tax summaries
HMRC have started to distribute personal tax summaries that set out how much tax you have paid and how the revenue collected is spent by government. According to a recent press release: 1.Personal tax summaries show you how your tax is calculated and what it is spent on Personal tax summaries show you how much Income Tax and National Insurance Contributions (NICs)...
Tax Diary December 2014/January 2015
1 December 2014 - Due date for Corporation Tax due for the year ended 28 February 2014. 19 December 2014 - PAYE and NIC deductions due for month ended 5 December 2014. (If you pay your tax electronically the due date is 22 December 2014.) 19 December 2014 - Filing deadline for the CIS300 monthly return for the month ended 5 December...
Muras Matters: HMRC to target Solicitors
HMRC to target Solicitors Background This morning HM Revenue & Customs (“HMRC”) have launched a new initiative, the “Solicitors’ Tax Campaign” (“the Campaign”), aimed at solicitors who they believe have not declared all their income or capital gains to HMRC. The Campaign, which is intelligence led, is aimed specifically at solicitors. Previous campaigns have targeted medics, plumbers, tutors, online traders and landlords and, according...
Autumn Statement 3 December 2014
Economic indicators Employment Employment is at a record high of 30.8 million, up 1.7 million since the Government came into office, and more than 1 million above its pre-recession peak. Since 2010, employment has increased faster in the UK than in any other G7 country, and the working-age labour market participation rate has risen to levels last seen over 20 years ago. Growth UK...
Autumn Statement 2014 First Class Stamp
Autumn Statement 2014 First Class Stamp The Chancellor has just sat down from delivering the 2014 Autumn Statement speech. The two major surprises were the abolition of Entrepreneurs’ Relief (ER) for goodwill on incorporation and big changes to the Stamp Duty Land Tax on residential property. The main tax and savings matters referred to in the speech were as follows: Entrepreneurs’ Relief: • ER not available...