Your employees may be able to claim tax relief if they have to use their own money, and you haven’t reimbursed them, for travel or things that they must buy for their job. For example; – repairing or replacing small tools – cleaning, repairing or replacing specialist clothing, for example, a uniform or safety boots – business mileage, where an employee uses their own vehicle or fuel costs, if using a company car – travel and overnight expenses – professional fees and subscriptions paid to some approved professional organisation It’s free and easy to make a claim through HMRC….
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Rewards for employees where the employer and the employee benefit from cost savings include; Childcare Support Workplace Nursery Employee Travel Workplace Parking Staff Recognition Awards Gym Membership Employee Cars Mobile Phones Well-persons Check Private Healthcare Carbon off-setting Luncheon Vouchers Christmas Parties Meals in Staff Canteen Hot Drinks & Water at Work Car Clubs Professional Subscriptions Trivial Benefits upto £50 (inc High Street Vouchers) Training Long Service Awards Read more here
Successful entrepreneurs don’t pay good wages because they have a lot of money, they have a lot of money because they pay good wages. A business is only as good as the people who work in it, so people who feel they are getting a good deal are much more likely to do a good job.
Income Tax Rates 20% Basic Rate: £0 – £31,785 40% Higher Rate: £31,786 – £150,000 45% Additional Rate: £150,000+ Income Tax Allowances Personal Allowance for anyone born after 1938 £10,600, born before 1938 £10,660, (income limit for age related allowances is £27,700). Blind Persons Additional Allowance £2,290. National Insurance Rates Class 1: Lower Earnings Limit (LEL) £112, Primary Earnings Threshold (PET) £155, Secondary Earnings Threshold (SET) £156, Upper Accrual Point (UAP) £770, Upper Earnings Limit (UEL) £815. Class 2: £2.80 per week, Small Earnings Exception £5,965 per annum, Special Rate for Share Fisherman £3.45 per week, Special Rate for Volunteer Development…
Remember to file a Full Payment Summary (FPS) on, or before, the date you pay your employees. Or submit an Employer Payment Summary (EPS) by the 19th if you don’t pay any employees.
Class 1 Secondary Nic’s (employer nic’s), upto the Upper Earnings Limit (UEL) (£813 per week), no longer payable for under 21’s to encourage employers to employ under 21’s.
This means an extra £600 can be earnt tax free, putting an extra £120 in your pocket for lower rate tax payers (20%), and £240 for higher rate tax payers (40%)
Allows working mothers the option to end their maternity pay and leave early (after 2 weeks of birth (or placement for adoption)) and to share untaken leave and pay with their partner, to enable partners to take a greater role in caring for the child. Shared Parental Leave can be stopped and started, and parents can be off at the same time. Parents must give their employers 8 weeks notice of their SPL plans. And all ShPP and SPL must be taken before the childs 1st birthday.
If your income is less than £10,600 in the 2015 to 2016 tax year, you may be able to reduce your husband, wife or civil partner’s tax by up to £212. The new Marriage Allowance will let you transfer some of your Personal Allowance to your partner. This is the amount of income people can get before paying tax. Marriage Allowance will be available later this year. You can register here https://www.gov.uk/marriage-allowance to get an email telling you when you can claim.