News

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News 2018-01-02T15:35:24+00:00

News

201, 2018

Budget Report 2015

Chancellor George Osborne used his final Budget statement of this Parliament to announce that "Britain is walking tall again". There are many things to be positive about: Economy The economy grew 2.6% in 2014 – faster than any other advanced economy. The Office for Budget Responsibility (OBR) has revised up its 2015 growth forecast to 2.5% (up from 2.4% at the Autumn Statement in December 2014 and 2.3% a year ago). Employment Unemployment fell by 102,000 in the 3 months to January 2015 and the employment rate is 73.3% - [...]

201, 2018

Budget Report 2014

The economic backdrop to Chancellor George Osborne’s fifth Budget statement was decidedly more positive than it was when he moved into Number 11 in 2010. The economy grew by 1.8% in 2013, three times more than the Office for Budget Responsibility predicted at the Budget in March 2013. The OBR has now upgraded its growth forecast for 2014 to 2.7% and to 2.3% for 2015. Employment grew by 105,000 in the quarter to January 2014, driven by a surge in selfemployment, and the unemployment rate is down to 7.2%. But [...]

201, 2018

Tax Planning – Rules for Companies

When it comes to tax planning, running a limited company is a tax efficient way to deal with your income. However, it is important to stick to certain rules so that HMRC can easily see that you work for your limited company, and not for one of your customers! Here are some important tips to help avoid being caught by the IR35 legislation; When making a 'linked-in' profile, remember to show that you are a Director of your limited company, not that you hold a position within your customer's company. [...]

201, 2018

Paying Employees

Follow up to the new payroll legislation – RTI – the trial period has commenced now. We have now run one month for participators under the new scheme for payroll, which has been put in place by HMRC. We have found the main differences to be; The information held for each employee needs to be more complete, accurate and up to date. More information about the number hours employees are contracted to work is required. The date that employees are paid is now recorded and therefore more significant. No changes [...]

201, 2018

Child Benefit Changes

You may have heard in the media that there are changes coming with regards to child benefit. For people who have taxable income of £50,000 a year or more, your household will lose out on child benefit for all children. The Institute of Fiscal Studies estimates 1.2 million families will be affected! There are a couple of ways to avoid losing the benefit if you are an employee earning a little over the threshold – pension contributions or childcare vouchers made via a salary sacrifice can be used to reduce [...]

201, 2018

HMRC & Real Time Information

Her Majesty's Revenue and Customs (HMRC) are introducing new payroll legislation. It will affect EVERYONE that pays anyone to work for them, from April 2013. It is called Real Time Information (RTI) - it affects the way that we submit payroll/PAYE information to HMRC, on your behalf. As with most tax initiatives these days, it is backed up by threats of fines for submitting information late or incorrectly. In simple terms it will mean that every employer (however small) is going to have to: Submit monthly returns to HMRC Include [...]

201, 2018

Pensions Reform, Auto Enrolment

We are aware that the pensions reform is being discussed in the media now, and wanted to let you know that we are monitoring the issue so that we can be ready to advise you when it becomes relevant. The auto enrolment system is being rolled out from October this year, however it is only the biggest employers signing up at the moment and some payrolls will only be part of the new system in 2018. The scheme is being brought in to deal with the lack of funds available [...]

201, 2018

Websites Must Be Updated!

As a reminder to all businesses using websites and emails as a part of their trading activities, there are issues to consider when deciding on what is displayed for the public to see and why. Rules for all websites Any memberships and affiliations that are listed, must be kept up to date so if your website was written a while ago, you need to check that all the memberships are still current. If there are any 'prescribed' or 'sensitive' words on the website, you need to be able to justify [...]

201, 2018

Keeping You Up To Date

There are a few updates and changes which everyone should be aware of outlined below. If you have any questions or concerns please contact the team at Astons. National Minimum Wage rates - The adult rate of the National Minimum Wage increases from 1 October 2011 The NMW rates are reviewed each year by the Low Pay Commission and from 1 October 2011: The main rate for workers aged 21 and over will increase to £6.08 The 18-20 rate will increase to £4.98 The 16-17 rate for workers above school [...]

201, 2018

HMRC Are Getting Harsher!

We need to make you aware of the new penalties and fines being introduced by HMRC: There are now penalties for late payments on PAYE throughout the year – up to 4% of the amount which is overdue can be charged. Personal tax returns which are late will no longer have the £100 fine written off if the return shows a refund once completed. If a personal tax return is more than 3 months late, the penalty is £10 per day and by 12 months late it could be as [...]

201, 2018

Astons Announce Re-Launch

Although Astons has been in business for 27 years, now, a re-launch has been organised to modernise the image of the firm, with a new logo coinciding with the launch of the new website. The launch date is 30 March 2011 and Astons Accountants are holding an “open house” in the afternoon with a glass of bubbly for anyone who wants to come along and see it all for themselves on the day. Anyone attending will also be able to meet the website developers to chat about the whole process.