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Please find below the key tax changes that came into effect on 6th April 2015.
Employee National Insurance Contributions (NIC) Threshold (rate above which your start paying at rate of 12%)
£153 to £155 pw (per week)
Or if monthly paid
£663 to £672 pm (per month)
Only one week to go until the Chancellor, the Rt Hon George Osborne MP, delivers his 2015 budget.
The budget will be delivered to Parliament at 12.30pm on Wednesday, 18th March. Live coverage is on BBC2.
The good news for the average tax payer is that because it is an election year (Thursday 7th May) then the Conservative Party should be keen to spread the feel good factor and cut taxes in order to maximise votes!
There are numerous benefits and reasons that umbrella companies exist for contractors working in the UK and it is not just that they allow contractors to benefit from tax relief for travel and subsistence costs
At Umbrella we wish to highlight the deep concern felt with the points raised and possible proposals outlined in the recently published HMRC document titled ‘Employment Intermediaries: Temporary workers – relief for travel and subsistence expenses’
An article in the Daily Mail caught our eye this morning with the headline that Agency Workers working for the Brighton and Sussex Universities NHS Trust should also be considered when inviting staff to the annual Christmas Party.
Happy and Tax aren’t often seen in the same sentence as each other but a New Tax Year is normally a happy event with increases to personal allowance bands meaning contractors can normally see a bit more in their take home pay each week.
On 3rd March 2015 the Office of Tax Simplification (OTS) issued its report headed “Employment Status Report”. The aim of the report was to tackle the complexities in deciding whether a person was employed or self-employed for tax purposes and the issues on employment rights particularly for the low paid.
After the Festive Break and the beginning of a new calendar year we thought it would be good to do a round-up of current tax issues and news.
Yesterday 16th December 2014 HMRC issued their discussion document on changing the current scheme in respect of the tax relief temporary workers currently benefit from for costs reimbursed in relation to travel and subsistence (food and drink).
If you are self-employed or a sole trader it is important that you keep a record of all your business income and expenses in order that you can complete your annual tax return. You also need to keep a record of other income you receive i.e. bank interest, dividends etc.
