National insurance contributions (NICs) are essentially a tax on earned income. The NICs regime divides income into different classes: Class 1 contributions are payable on earnings from employment, while the profits of the self-employed are liable to Class 2 and 4 contributions. National insurance is often overlooked yet it is the largest source of government revenue after income tax.
Continue readingMost claims for discrimination in recruitment have no maximum limit. Can your business afford compensation of perhaps £20,000 because you made a simple mistake? How do you make sure you don’t break the law? We set out below the main principles involved in the recruitment of employees. We have written this factsheet in an accessible and understandable way but some of the issues may be very complicated.
Continue readingIndividuals are subject to a system of independent taxation so husbands and wives are taxed separately. This can give rise to valuable tax planning opportunities. Furthermore, the tax position of any children is important. Marriage breakdowns can also have a considerable impact for tax purposes. We highlight below the main areas of importance where advance planning can help to minimise overall tax liabilities.
Continue readingDue to the introduction of new accounting standards, commonly referred to as ‘New UK GAAP’, the form and content of company accounts has changed. The changes for non-small companies took effect for accounting periods beginning on or after 1st January 2015. In many instances companies will now show a different bottom-line profit or loss and a different total for net assets on the balance sheet.
Continue readingThe General Data Protection Regulation (GDPR) replaced the existing Data Protection Act and applies from 25 May 2018. The GDPR requires all organisations that deal with individuals living in a EU member state to protect the personal information belonging to those individuals and to have verified proof of such protection. Failure to comply with the regulation will result in significant fines.
Continue readingIt is often considered an honour to act as a trustee for a charity and an opportunity to give something back to the community. However, becoming a trustee involves a certain commitment and level of responsibility which should not be underestimated. Whether you are already a trustee for a charity, be it a local project or a household name, or are thinking of becoming involved, there are a number of responsibilities that being a trustee places upon you.
Continue readingMany businesses are totally reliant on the data stored on their PCs, laptops, networks, mobile devices and in the cloud. Some of this data is likely to contain either personal information and/or confidential company information. Here we look at some of the key compliance issues surrounding data protection and the Data Protection Act 1998 (the Act). The Data Protection Act will be superseded by the General Data Protection Regulation (GDPR) in May 2018.
Continue readingInheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime. Gifts between UK-domiciled spouses during their lifetime or on death are exempt from IHT. In this factsheet spouse includes married couples and registered civil partners. Most gifts made more than seven years before death will escape tax.
Continue readingThe National Minimum Wage (NMW) and National Living Wage (NLW) are the legal minimum wage rates that must be paid to employees. Employers are liable to be penalised for not complying with the NMW and NLW rules. HMRC is the agency that ensures enforcement of the NMW and NLW.
Continue readingIn order to avoid the danger of discriminating in some way, particularly unconsciously, employers must take care to develop and use recruitment procedures which will avoid the risk. Using sensible procedures will also inevitably improve recruitment decisions and the quality of the people taken on. Professional advice should be sought before any action is taken.
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