New late payment regulations to come into force
On 6 April 2017 new rules will come into force that will require large Limited Liability Partnerships (LLPs) and large companies to publish reports on their payment practices.
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Reminder: Payroll changes ahead
From 1 April 2017, the statutory wage for employees in the UK is to increase. The change will mean that those aged 25 and over in receipt of the National Living Wage will see their hourly rate increase from £7.20 to £7.50.
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“Business Rates Burden” Expected to Increase for Small Firms
In April 2017, businesses are expecting to receive the first indication of their new business rates following the latest revaluation.
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One in five micro-businesses unaware of Making Tax Digital, research shows
Research published by FreeAgent has found that a fifth of the smallest business are unaware of Making Tax Digital (MTD) – HM Revenue & Customs’ (HMRC) flagship policy, which will introduce quarterly electronic reporting for most businesses.
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£30K tax-free redundancy payments set to be abolished
Payments in Lieu of Notice (PILON), one aspect of a typical redundancy payment, alongside compensation for loss of employment, is set to lose its tax-free exemption, which currently applies to payments of up to £30,000, where it is not a contractual requirement.
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The information in this newswire is believed to be correct at the time of circulation. It is essential to take advice on specific issues.