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Posts archive for ‘Business News’


4th January 2018

Increase in minimum contributions for Automatic Enrolment Pensions

Filed Under: Tax, Accounting, Business News


Under the Pension Act 2008,  from 6 April 2018 the minimum contributions employers and employees must pay into their workplace pension scheme will increase to:

  • Employer minimum contribution – 2%
  • Employee minimum contribution – 3%
  • Total minimum contribution         – 5%

All employers must take action to make sure at least the minimum amounts are being paid into their Automatic Enrolment pension schemes.

For any queries, please contact our Payroll Manager on 01903 300230.

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13th December 2017

HMRC to end payments by personal credit card

Filed Under: Tax, Business News


New rules come into effect from 13 January 2018 meaning that it will no longer be possible for consumers to be charged a handling fee when paying by credit card.  The down side to this is that HMRC will no longer accept credit card payments from this date.  Therefore, if you usually pay your 31 January tax bill by credit card you will need to do so by 12 January 2018.  If you believe you may be affected by this change by HMRC and have not as yet provided us with your tax return information please do so without further delay.

Due to the change detailed above, some of the team will be working over the Christmas break.  Should you need to speak to someone please phone the office on the usual number and leave a message and someone will get back to you.

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22nd November 2017

Summary of the 2017 Autumn Budget

Filed Under: Tax, Accounting, Business News, VAT


Personal Tax

  • Personal Allowance to rise to £11,850 from 6 April 2018.
  • Higher rate tax threshold to increase to £46,350.

Business

  • VAT threshold for small business to remain at £85,000 for two years.
  • Rises in business rates to be pegged to CPI measure of inflation.
  • National Living Wage to rise in April 2018 to £7.83 (from £7.50).
  • The indexation allowances used to calculate the chargeable gain on disposals made incorporated business will be frozen.

Motoring and Travel

  • Fuel duty rise for petrol and diesel cars scheduled for April 2018 to be scrapped.
  • Vehicle excise duty for diesel cars (not vans) that do not meet latest standards to rise by one band in April.
  • Existing diesel supplement in company car tax to rise by 1%.
  • Young person’s railcard extended to 26-30 year olds.

Stamp Duty and Housing

  • From 22 November 2017 first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax (SDLT).
  • First time buyers paying between £300,000 and £500,000 will pay SDLT at 5% on the amount of the purchase price in excess of £300,000, a reduction of £5,000 compared to the amount of SDLT they would have previously paid.
  • 100% council tax premium to be levied on empty properties.

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