What is the National Minimum Wage? The National Minimum Wage (NMW) is the minimum amount of pay per hour most workers are entitled to by law. The rate will depend on the worker’s age and if they are an apprentice. Points to note The compulsory National Living Wage (NLW) is the national rate set for […]
Jane Ellison, finance secretary to the Treasury, has recently confirmed that the introduction of Making Tax Digital (MTD) for the majority of businesses will be delayed to 2019 to allow them more time to prepare. HM Revenue & Customs have released six consultations setting out plans for the transition to MTD covering businesses, self-employed, individual […]
The Government’s R&D tax relief is one of the biggest funding sources for innovative UK companies, and a recent survey found that R&D tax credits have proven a major boost to British business. However, recent studies show that many businesses are still unaware they can claim the credits to help fund R&D. Some businesses that […]
HMRC has published new ‘advisory fuel rates’ (AFR) for company cars, which apply to journeys from 1 September 2016. Advisory fuel rates are set by HMRC so that employers can use these rates to reimburse company car drivers for business fuel. These rates can also be used if employees are required to repay the cost […]
From 2018 onwards, small businesses, the self-employed and landlords with annual income of £10,000 or more will be required to keep track of their tax affairs digitally, under HMRC’s Making Tax Digital (‘MTD’) initiative. Businesses will have to use digital tools such as software or apps, to keep records of their income and expenditure. These […]
