From 5 April 2016 workers in the UK aged 25 and over are entitled to earn a minimum of £7.20 per hour under the National Living Wage legislation. This is an increase of 50p per hour over the previous National Minimum Wage. Over a million workers in the UK should directly benefit from the increase, […]
As part of our continued expansion programme, Magma has appointed a new payroll manager Lee Reynolds. Lee will support the existing payroll team. Lee is a qualified professional with CIPP (Chartered Institute of Payroll & Pensions) with over 20 year’s payroll management experience. Working at a senior level for a number of large payroll departments […]
Currently many small trusts do not have to file a self assessment tax return with HMRC. The new rules for banks and building societies to pay interest gross from 2016/17 mean that some trusts will be faced with the prospect of having to notify HMRC, complete a tax return and pay income tax for the […]
Millions of people will escape having to pay tax on savings interest from today, thanks to the Personal Savings Allowance (PSA). Basic rate taxpayers will have a PSA of £1,000, and higher rate taxpayers £500. Savings interest within your PSA won’t be taxed. Additional rate taxpayers will not get a PSA. A client recently queried […]
