Minimum pension contributions are set to increase from 6 April 2019:
The Pensions Regulator has produced guidance for employers on dealing with the increase including a letter template to advise employees of the change.
Contact us if you would like help with auto enrolment.
Internet link: TPR increases
The 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.
The Scottish Parliament has confirmed the income tax bands that will apply to Scottish taxpayers for 2019/20. The bands confirm the announcement made in the Draft Scottish Budget last December.
The Financial Secretary to the Treasury, Mel Stride, has made a statement to the House of Commons setting out HMRC's progress on delivery of Making Tax Digital (MTD). He confirmed there would be no further delays in implementation.
For most businesses, compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019. However, MTD for VAT for some 'more complex' businesses has been deferred until 1 October 2019. This deferral applies to trusts; not for profit organisations not set up as companies; VAT divisions; VAT groups; public sector entities such as government departments and NHS Trusts, which have to provide additional information on their VAT return; local authorities; public corporations; traders based overseas; those required to make payments on account; annual accounting scheme users.
Contact us for help and advice on MTD for VAT.
Internet link: Hansard debate MTD
HMRC is urging business owners to make sure they are ready for a potential no deal Brexit.
Business owners are being urged to prepare now and take steps to ensure their businesses can continue to trade with the EU if the UK leaves the EU without a deal.