Bookkeeping probably sounds like something out of another business era. It conjures up images of a business owner or accountant in a back room somewhere trying to organise their receipts and invoices, surrounded by mountains of paperwork and pulling their hair out.
Setting up your own business was a huge step and you are rightly very proud of having taken the leap to do it! The next steps are to focus on building up that business, getting new clients, and delivering on your promises to them. Hard work, no doubt, but fairly straightforward in theory. More and…
The management of generating invoices has revolutionised over the past decade. More and more businesses are switching to cloud platforms to manage their online accounting process, and are reaping the rewards. As a business owner, you might be a great entrepreneur, but the chances of you being a good accountant too are very rare. So,…
A zero hours contract is generally understood to be a contact between employer and a worker where: The employer is not obliged to provide any minimum working hours and, The employee is not obliged to accept any work offered As of 2015 regulations removed The Exclusivity Terms, which used to prevent workers on zero hours contracts…
As of 1st April 2018, employers will be required to pay their workers aged 25 and over a new minimum pay rate of £7.83 per hour, called the National Living Wage (NLW). The national minimum wage is still in place for people under the age of 25.
Age Group Apr-17 Apr-18 Increase National Living Wage (25+) £7.50 p.h. £7.83 p.h. 33p/4.4% NMW(21-24) £7.05 p.h. £7.38 p.h. 33p/4.7% NMW(18-20) £5.60 p.h. £5.90 p.h. 30p/5.4% NMW(16-17) £4.05 p.h. £4.20 p.h. 15p/3.7% Apprentice NMW £3.50 p.h. £3.70 p.h. 20p/5.7% Accommodation Offset* £6.40 per day £7.00 per day 60p/9.3%
As of April 2016 apprentices under 25 years of age were no longer required to pay (employer) NIC or secondary class 1 contributions on earnings up to the Upper Earnings Limit (UEL) – which is £43K per annum, or otherwise known as (AUST) Apprentice Upper Secondary Threshold. This is a significant benefit and the objective…
Childcare vouchers are a government initiative aimed at helping working parents. Parents can receive up to £243 per month of childcare vouchers from their employer, free of tax and national insurance. Most childcare vouchers are provided through salary sacrifice, which means the employee’s gross salary is reduced by the amount of the childcare voucher, before…
There are two different types of sick pay one is Statutory Sick Pay (SSP) and the criteria for this is: Earnings have to be at least £112 per week before tax Employee has to be sick for at least 4 days in a row, and SSP is only payable from the 4th day of sickness…
The Chartered Institute of Payroll Professionals has indicated that they are not yet aware of any direct changes to payroll regulations caused by the UK’s decision to leave the EU. The truth is that we do not yet know what impact this will have on payroll regulations. The payroll industry is continually bombarded with changes…