Accountancy Blog

Staff bonus and rewards

This article outlines some of the different ways employers can reward their staff and the tax implications of each approach.

Seemingly as quickly as it came, another year is galloping off into the distance and people’s minds are beginning to turn to the festive holidays. Employers will want to show their staff that the year’s hard work and dedication has not gone unnoticed.

There are many ways that an employer can go about rewarding their staff, from gifts and bonuses to parties. And while it may at first seem like the only factors that need to be factored in are whether or not your employees actually deserve to be rewarded and how much money you are willing to spend, as with most things there are tax obligations to consider too. More…

Payroll

This guide looks at some of the common payroll problems and choosing payroll software.

Running payroll is one of the less glamorous aspects of being an employer.

However, it is often the mundane tasks that are the most crucial. Failing to pay your staff would quickly lead to a very unhappy workforce. While neglecting your responsibilities towards HMRC could result in penalties and investigations.

On top of all the dates and deadlines, you have to keep up with changes in your company and the law. More…

Top up your State pension ?

From 12 October 2015, eligible individuals will be able to begin topping up their state pension by up to £25 per week.

The lump sum payments, known as ‘class 3A voluntary contributions’, can be made up until 5 April 2017 by those that are entitled to a basic state pension before 6 April 2016. For men this means those who were born before 6 April 1951, while for women the relevant date of birth is before 6 April 1953. More…

Minimum wage increase from 1st October 2015

The adult rate of the national minimum wage (NMW) is set to rise by 20p to £6.70 on 1 October 2015.

As well as the change to adult rate:

  • the apprentice rate increases by 57p to £3.30
  • the rate for 18 to 20 year olds will rise by 17p to £5.30
  • those aged 16-17 will now be paid £3.87, an increase of 8p
  • the accommodation offset will rise from £5.08 to £5.35.

More…