Are you sure you are deducting the correct National Insurance Contributions from your female employees who are approaching retirement age?

 

All women reaching age 60 after 5 April 2010 no longer reach state pension age on their 60th birthday.  Many payroll software products do not automatically calculate the correct state pension age.  It is easy for employers to get caught out by either stopping employee NIC ...

New Penalties for late filing of tax returns

New late filing penalties will take effect for tax returns from 6 April 2011.  The penalty for submitting a tax return after the filing date will commence at £100 (or £100 per partner for a partnership return).  The late filing penalty will not be mitigated by lack of liability shown on the return.  HMRC will have the powers to impose daily penalties for ...

Personal allowance

The Government’s long-term objective is to increase the personal allowance to £10,000.  As has been expected the personal allowance will be increased from 6 April 2011 and further increased from 6 April 2012. 

Capital Gains Tax Annual Exemption

The annual exempt amount will be increased from £10,100 to £10,600 from 6April 2011.  However from 6 April 2012 the CPI will be used to calculate ...

Main rate of corporation tax

From 1 April 2011 there will be a 2% reduction in the main rate of corporation tax to bring it down to 26% whilst the small profits rate of corporation tax will fall by 1% to 20%.  The main rate of corporation tax will drop by 1% annually until it reaches 23% on 1 April 2014.

Short-life Asset Elections

Short-life asset elections accelerate tax relief on plant and machinery. They will be able to be made ...

It may be my advancing age but pension changes seem to be of ever increasing interest to me. Two new ones came in the budget yesterday. The automatic linking of retirement age to life expectancy and the scrapping of the state second pension in favour of an increased basic pension. In recent years there has been a steady move away from those heady days of the 1980s when the mood was that everyone would soon be able retire in there ...