When child benefit becomes a liability
A typical two parent, two child family can claim £34.40 per week in Child Benefit (CB). In a tax year this would amount to £1,789. Often, this becomes part of the family housekeeping and is spent. Consider Mary and John and their two children. John collects the CB, it is paid into his current account […]
Tax Diary May/June 2018
1 May 2018 – Due date for corporation tax due for the year ended 30 July 2017. 19 May 2018 – PAYE and NIC deductions due for month ended 5 May 2018. (If you pay your tax electronically the due date is 22 May 2018) 19 May 2018 – Filing deadline for the CIS300 monthly […]
Why tax credit payments can change
If you are claiming tax credits make sure that you keep an eye on changes that may affect the amount you receive. Your payments can go up if: your income goes down by more than £2,500 your benefits stop or go down you start getting personal independence payment (PIP), Disability Living Allowance (DLA) or other […]
Who qualifies for the minimum wage
As you would expect there are a range of conditions that affect the answer to this question. We have reproduced below a summary of the main conditions to be observed. Workers must be at least school leaving age to get the National Minimum Wage. They must be 25 or over to get the National Living […]
Payments in lieu of notice
Up to 5 April 2018, certain payments in lieu of notice were not taxable, primarily, those not contractually required to be made. This is no longer the case. Employers will now need to pay Income Tax and Class 1 National Insurance contributions (NICs) on an element of all termination payments from 6 April 2018, whether […]
Location is everything
Now that Wales and Scotland have devolved powers for taxation purposes, residents that live and work in the border areas with England have more planning options. Wales have their own stamp duty regime from April 2018, the Land Transaction Tax (LTT), and Scotland, from April 2015, the Land & Building Transaction Tax (LBTT). Scotland have […]
