Monday, 8 December 2014
Thursday, 4 December 2014
Autumn Statement 2014
The Chancellor of the Exchequer pulled out a few surprises in his Autumn Statement. The most eye-catching is the reform of stamp duty land tax (SDLT), which is payable by purchasers of land and property. The changes should reduce the SDLT payable on 98% of transactions which complete from 4 December 2014 onwards.
Small businesses should be pleased with the £1,500 business rate discount for small high street shops, cafes, pubs and restaurants. All employers will benefit from the zero rate of employers' national insurance for workers aged under 21, which is to be extended to apprentices aged under 25 from April 2016.
Monday, 1 December 2014
Tuesday, 25 November 2014
Small Business Saturday December 6th
Businesses across the UK are gearing up for the second annual Small Business Saturday, taking place on December 6. The day-long event, which is supported by all political parties, was launched to shine a spotlight on the nation’s 4.9m small and medium-sized companies and encourage consumers to switch their shop from a chain to an independent business.
Monday, 3 November 2014
Saturday, 11 October 2014
Payroll / operating a PAYE schemeA brief introduction to the Pay As You Earn Scheme:
The PAYE regime is the system of tax collection where employers deduct income tax and national insurance contributions (NICs) from an employees wage. This can be deducted weekly or monthly.
The PAYE system was originally designed to be a simple method of collecting tax at source, however over the years is has become increasingly more complicated with a variety of tax codes being introduced. Cases of employees paying too much or too little tax has become more common in recent years.
Wednesday, 1 October 2014
Wednesday, 24 September 2014
Why do we love Xero?
Because Hillmans Ltd and Xero are on the same team. Read more. We both work together to provide timely advice to our small business clients, using the latest (and greatest) technology available.
Hillmans Chartered Accountants are Xero Certified Advisors, so it’s safe to say we know our way around the software!
Monday, 1 September 2014
Friday, 1 August 2014
Paying statutory maternity pay (SMP) is not optional. It must be paid if your employee qualifies, but the good news is that a small business can recover 103% of the SMP paid from HMRC. A business that pays less than £45,000 of class 1 NICs in one tax year is defined as "small" for this purpose.
In a family business there may be scope for maximising the SMP payable for the first six weeks of maternity leave, and hence getting the Government to refund that SMP with a bit extra to cover the employer's NICs due. Let's see how this could work.