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05-01-2018

Client of Wolfson Associates should note that in order for the practice to comply with the new GDPR regulations, confidential data will be sent either via our secure client portal or as secure email using our Citrix/Sharefile secure mail system.  Both systems will require your to register your email address.  If in doubt about any communications from the practice, please call us.

04-01-2018

National Minimum and Living Wage are set to increase in April, with pay for those aged 25 and over rising from £7.50 to £7.83 per hour. For full details of the increases click here.

Historic rates can be found at:
https://www.gov.uk/national-minimum-wage-rates

22-12-2017

The government recently published the latest list of employers named for underpaying their workers the national minimum wage. You may be surprised at the errors employers’ make, read the HMRC guide on complying with the national minimum wage.

07-12-2017

From 15 December, it will no longer be possible to make payments to HMRC at a post office.  The contract with Santander that allowed this method of payment expires on that date and Santander and HMRC have not reached agreement on a new contract. Where electronic payment is not possible, payments can still be made at bank branches (with a payslip) and payments for self-assessment income tax can still be posted to HMRC.

From 13 January 2018, it will not be possible to pay HMRC using a personal credit card. The timing of this change coincides with the date from which HMRC will no longer be permitted to charge fees for payment by credit card.


04-12-2017

HMRC has published the new rates applicable to employees using company cars which come into effect from 1 December 2017 as follows:

Advisory Fuel Rates from 1 December 2017
Engine sizePetrol - amount per mileLPG - amount per mile
1400cc or less 11 pence 7 pence
1401cc to 2000cc 14 pence 9 pence
Over 2000cc 21 pence 14 pence
To view the HMRC full list click here.

04-12-2017

It has been announced that the National Insurance Contributions Bill will be introduced in 2018. As a result, the proposed new measures, including the abolition of Class 2 NICs, changes to the treatment of termination payments and changes to the treatment of sporting testimonials, will not now take effect until April 2019.

04-12-2017

Interest on late payment of the main taxes increased from 2.75% to 3% with effect from 21 November. Interest on repayments of tax is unchanged at 0.5%

23-11-2017

The rules on signing up for Tax-Free Childcare (TFC) mean employees must give up childcare vouchers within three months. Ending salary sacrifice for vouchers costs the employer 13.8% in NI, or 14.3% if they're big enough to pay the apprenticeship levy. Now might be the time to tempt employees back to vouchers to reinstate those savings given that vouchers are tried and tested and TFC clearly isn't. Employees don't have to give up vouchers if they have just opted for the 30 hours of free childcare that launched in September 2017 as that's a separate scheme.  Anyone can join, or rejoin, vouchers if they do it by S April 2018, and once they're in they can remain with vouchers if they stay with that employer and until the September after their child's 15th birthday.

23-11-2017

Since 6 April 2017 employees who have entered a new lease contract and given up salary in exchange for a company car with CO, emissions of 76g/ km or more have been subject to new tax rules. There is a two-step calculation of the benefit in kind (BIK) called the "modified cash equivalent". It uses as its starting point the higher of the salary given up or the 2017/18 company car BiK before any account is taken of any private use or capital contribution made from net pay. HMRC has now clarified that only the lease amount in respect of the car and any accessories should be used to compare to the BiK value; the salary sacrifice for insurance or maintenance can be ignored.

23-11-2017

In January 2013 HMRC introduced the high income child benefit charge (HICBC) designed to tax child benefit paid to families where one of the parents has income exceeding £50,000. Following negative press commentary earlier in 2017 HMRC has urged parents who have cancelled the benefit to register, but simply set the claim to zero.This will ensure that if either parent were to be out of the workplace, NI credits will automatically be triggered and equally the child will receive a national insurance number  (NINO) automatically at age 15 3/4.  Remember, if a salary sacrifice reduces pay to £50,000 or less (and the other parent is earning £50,000 or less too) then this restores entitlement to tax-free child benefit.  


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