Newsham & Co Hull Chartered Accountants
Newsham & Co Hull Chartered Accountants

Free Pension Auto Enrolment update course for small businesses 28 April 2015

In the next couple of years all UK employers have to automatically enrol their staff into a workplace pension if they meet certain criteria. The law on workplace pensions has now changed and every employer must comply.  You will shortly receive a letter from the Pension Regulator to inform you of your duty to offer pensions to all your staff.

It is key that businesses understand the rules in advance so that they can set up schemes where applicable and budget the costs when considering salary increases or taking on new staff.

As this is a complicated and important area, Newsham & Co is holding a free update course (in association with Taxwise) where there will be an expert who will explain the Pension Reform in detail and how you need to prepare your business.   Please email heather@newshamandco.com if you would like to attend.

The course is on Tuesday 28th April at the Village Hotel on Priory Park

Breakfast & Registration 9.30am - 10.00am

Event 10.00am - 12.15pm

Lunch & Close 12.15pm to 13.00pm

 

Marriage allowance

HMRC are asking married couples to register their interest in claiming the new Marriage Allowance due to start after 6 April 2016.

If one person's total income is going to be less than £10,600 in the 2015 to 2016 tax year, they may be able to reduce their husband, wife or civil partner’s tax by up to £212.

The allowance can be claimed if the spouse or civil partner has an annual income of between £10,601 and £42,385.

The relief is not available to higher rate payers.

If this applies to you, then you can register your interest with HMRC at www.gov.uk/marriage-allowance.

If you would like to discuss if you are entitled to this allowance then please do not hesitate to contact me at heather@newshamandco.com or 01482 650297.

Stamp duty changes

The chancellor has announced changes today which could bring big savings to those buying a new property. 

From midnight on 3rd December, the new rates of stamp duty will only apply to the amount of the purchase price that falls within the particular duty band, making it more like income tax.

In other words, someone buying a house for £200,000 will pay nothing on the first £125,000, and then 2% of the next £75,000, giving them a bill of £1500. Previously they would have paid 1% on the total purchase price, giving them a bill of £2,000.

The new rates are 

Up to £125,000 : 0%
£125,001 to £250,000 : 2%
£250,001 to £925,000 : 5%
£925,001 to £1.5m : 10%
Above £1.5m : 12%

Also those people who are in the middle of purchasing a property and have exchanged by midnight tonight but not completed will be able to choose whether to use the old or new system. This could give an unexpected bonus of hundreds to thousands of pounds.

Please contact Newsham & Co if you require any clarification on the changes.
email heather@newshamandco.com
or 01482 650297

£2,000 Employment allowance

From the 6 April 2014 you can get the Employment Allowance which could reduce your employer's Class 1 National Insurance Contributions (NICs) by up to £2,000 every year.

 

Who is eligible?  Almost every employer who is a business or charity (including a Community Amateur Sports Club) that pays employer Class 1 NICs on their employee's or director's earnings will be eligible.

 

How do I apply? If you're eligible all you need to do is claim it using your 14-15 payroll software. This will depend on your package, but will most likely be a box you have to tick.  If Newsham & Co process your payroll we will claim this automatically on your behalf.

 

Up to 1.25 million businesses and charities will benefit from the Employment Allowance and around 450,000 will not have to pay any Class 1 NICs at all in 2014-15.

 

Contact us if you would like Newsham & Co to process your payroll and to find out how much national insurance your business could save.

RTI penalties in 2014/15

The Real Time Information (RTI) reporting system for PAYE was introduced in April 2013. New automatic penalties for late filing and late payment under RTI were due to start on 6 April 2014. 

HMRC has decided to stagger the start of the new penalties to give employers more time to adapt to reporting in real time.

The new timetable will be: 

  • April 2014 – in-year interest on any in-year payments not made by the due date
  • October 2014 – automatic in-year late filing penalties
  • April 2015 – automatic in-year late payment penalties

Introducing in-year late filing penalties from 6 October means that employers who bring all their submissions for the period 6 April to 5 October 2014 up to date by 5 October will not face any in-year late filing penalties.

RTI filing concession for small employers extended

There is a concession available until 5 April 2014 for employers who employ less than 50 employees. The concession is the employer does not have to submit their weekly pay figures until on or before the last pay day in the tax month (5th Month). For example if the last weekly payment in the tax month was 28th February, then the weekly RTI submissions for the full month would be due by 28th February.

 

From April 2014 this concession will now only be available for existing employers who employ 9 or fewer workers and will be available until 5 April 2016.  All new employers, as well as existing employers with 10 or more employees, will need to report PAYE information in real time from 6 April 2014.

 

If you need any assistance with your payroll affairs please contact Newsham & Co.

 

SSP recovery percentage threshold scheme abolished

The statutory sick pay (SSP) percentage threshold scheme (PTS) is to be abolished at the end of the 2013/14 tax year. The PTS compensates employers for higher-than-average sickness absence and smalll employers. An employer is entitled to recover some of the SSP paid to their employees if the total SSP paid in a tax month is greater than a set percentage of their gross Class 1 NICs (employers' and employees') liability for that month. 

Child Trust Funds

From April 2015 it will be possible to transfer savings kept in a child trust fund (CTF) to a junior ISA. This was announced by the government on 23 December 2013.  This will affect children born between 1 September 2002 and 2 January 2011.

 

The government has set out the benefits of making a transfer which include those transfering a CTF may get better returns on investment, pay lower charges and have a greater choice of products by transferring to a junior ISA.

See here for more details.

Office hours - flexible to suit you

Address

Newsham & Co

11 Allanhall Way

Kirk Ella

Hull

HU10 7QU

Making an appointment

If you have any queries or wish to make an appointment for your free initial consultation please contact us:


Tel: 01482 650297

Email: heather@newshamandco.com

 

Alternatively, please use our contact form.

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© Newsham & Co |Newsham & Co is the trading name of Newsham & Co Ltd. Registered in England 6895508. Registered Office 11 Allanhall Way, Kirk Ella, Hull, HU10 7QU