From 28 April this year, parents with young children will be able to claim tax-free childcare against their yearly income. Continue reading Tax-free childcare coming this April
The UK’s inflation rate jumped from 1.8 per cent in January to 2.3 per cent in February, the Office for National Statistics (ONS) has revealed. Continue reading Inflation rises past BoE’s two per cent target
Taxpayers who fail to use Making Tax Digital, the Government’s all-new digital tax system, will face fines of up to £3,000, according to a consultation paper released today. Continue reading Fines of up to £3,000 for failure to comply with Making Tax Digital, says HMRC
The tax burden on the country’s wealthiest individuals has nearly tripled since the 1970s, a study has revealed. Continue reading Country’s wealthiest burdened by increasing taxes, says study
Owners of small and medium-sized businesses (SMEs) have shared what they love about running their own business
The research, published by property letting agent City Breaks, looks at the motivations of 1,000 UK entrepreneurs – whether that means calling the shots, or just running on their own schedule.
The first, and most favoured, motivation of business owners is being their own boss, with more than three quarters (76 per cent) of respondents citing this as their number one incentive.
For 64 per cent of owners, maintaining a flexible time schedule is a major draw of running their own business.
This is even more pronounced in 18 – 24 year olds, with 85 per cent citing flexible hours as a major motivation.
A slightly less, albeit sizeable chunk of owners believe that making their own decisions is a major motivation, with 40 per cent of men and 50 per cent of women citing this reason.
Meanwhile, a quarter (25 per cent) of entrepreneurs believe that being in charge of who is – and isn’t – employed is the best thing about being a business owner.
Salary benefits appeared in just 16 per cent of respondents’ answers, while just nine per cent cited choice of location and the opportunity to go on business trips.
Experts have urged businesses to “plan ahead” so that payments to staff and suppliers do not get delayed over the Easter weekend.
The call, from Bacs Payment Schemes, reminds owners that Friday 14 April and Monday 17 April are classed as public holidays, and therefore do not count as payment processing days.
For payments to arrive before the Easter weekend, it says, payments must be filed by Tuesday 11 April.
Likewise, for payments made immediately after the weekend, the latest a business can issue a payment is Wednesday 12 April.
Mike Hutchinson, of Bacs, said: “Easter is fast approaching and we don’t want businesses to be caught out with important payments being delayed because payment files have not been submitted taking those bank holidays into account. Planning ahead is essential if staff and suppliers are to be paid, and customer payments collected, on time.
“Payment files can be submitted up to 30 days in advance and a helpful processing calendar is available from our website which gives details of all the processing dates around public holidays for the rest of 2017.”
The Chancellor has today announced that the Government will not go ahead with planned hikes in National Insurance Contributions (NICs) for self-employed workers. Continue reading Parliament will not hike NICs for self-employed, says Chancellor
One of Britain’s biggest businesses was left red-faced after it announced last week that it would be reimbursing 140,000 present and previous employees, following a mistake involving its payroll.
The error could mean that Tesco pays a total of £10million to the individuals affected.
The supermarket giant had made the mistake – which meant that a sizeable section of its workforce received less than the National Living Wage – while calculating pay for staff who had contributed a portion of their salary to a pension scheme, childcare or the company’s cycle-to-work scheme.
The blunder came to light during a review which was organised as part of the introduction of a new payroll system at the FTSE 100 firm.
The BBC has reported that around a third of the current workforce have been affected, in addition to 40,000 people who had since left the business.
Matt Davies, the chief executive of Tesco UK and Ireland, said: “As soon as our own review identified this issue we took immediate action to resolve it and establish which colleagues are affected.
“We’ve apologised to our colleagues and our priority now is to talk to them about how this affects them individually, and make any necessary payments.”
Business Minister Margot James said the supermarket’s announcement showed the Government’s approach to enforcing minimum wage legislation was working.
“It is completely unacceptable for any worker to be underpaid and everybody should check their pay ahead of the national minimum and living wages rising on April 1st,” she added.
Thousands of UK families who depend on a single self-employed wage could lose as much as a sixth of their income, new research suggests. Continue reading Row rages on over tax changes for the self-employed
The Leader of the Opposition, Jeremy Corbyn, this week found himself at the centre of a spat over his tax affairs. Continue reading MP hits back following tax return row