Key Business Tax Updates For April 2017
Latest tax updates for businesses from HM Revenue & Customs (HMRC)
Construction Industry Scheme (CIS) Verifications
From April 2017 HMRC will no longer accept any telephone calls to verify subcontractors. Changes also include the ability to amend returns online, and the addition of an online message/alert service. What you must do as a Construction Industry Scheme (CIS) contractor.
National Minimum and National Living Wage
The National Minimum Wage is the minimum pay per hour almost all workers are entitled to. The National Living Wage is higher and workers get it if they’re over 25. National Minimum Wage and National Living Wage.
Understanding employee’s tax codes
HMRC have support to help you put an employee’s tax code into your payroll software, so you work out how much tax to deduct from their pay throughout the year. Understanding your employees’ tax codes.
Update on Tax-Free Childcare
Tax-Free Childcare launches in early 2017 as a new government scheme to help working families’ childcare costs. Eligible parents will be able to open online childcare accounts for the childcare. Tax-Free Childcare: top things childcare providers should know.
Have you stopped or temporarily stopped employing people?
Avoid unnecessary penalties by telling HMRC the date you stopped being an employer. If you don’t pay anyone in a tax month, or you know you are not going to pay anyone for a length of time tell HMRC on an Employer Payment Summary (EPS).
Automatic enrolment of pensions
The law on workplace pensions has changed. Under the Pensions Act 2008, every employer in the UK must put certain staff into a pension scheme and contribute towards it. This is called automatic enrolment for employers.
Income from property
HMRC’s updated e-learning guide, letting out property, is clear, flexible and easy to use. This comprehensive guide will benefit both new and experienced landlords.
Student loan thresholds from 6 April 2017
From April 2017 the threshold for plan 1 will change to £17,775 and plan 2 will remain at £21,000. This starter checklist will confirm which plan to use.
