April 2017 Updates
Payroll Compliance | Business Payroll Management
by Rachel Houghton
3y ago
Dividends vs. Salary Company Directors often pay themselves a small salary and obtain the remainder of their income from dividends, based on the company’s profits.  This helps to keep personal tax liability to a minimum whilst ensuring that National Insurance contributions are made. In previous years, dividends were tax-exempt; however, George  Osborne’s tax reforms introduced  a new tax on dividends which came into force in 2016 and further changes to the tax-free dividend allowance may lead some companies to change their remuneration strategy sooner rather than later. Currentl ..read more
Visit website
Apprenticeship Levy 2017
Payroll Compliance | Business Payroll Management
by Rachel Houghton
3y ago
Apprenticeship Levy 2017 The Government aims to create 3 million new apprenticeships by 2020 and is funding this through new employer contributions.  This Apprenticeship Levy comes into effect from April 6th, 2017. Employers will be expected to pay the Apprenticeship Levy if they: Have an annual pay bill of more than £3 million Are connected to other companies or charities for Employment Allowance which in total have an annual pay bill of more than £3 million This applies to all employers including public and private sector companies, charities and education providers such as universiti ..read more
Visit website
Salary Sacrifice Schemes
Payroll Compliance | Business Payroll Management
by Rachel Houghton
3y ago
Salary Sacrifice Schemes Employers: do you know that the rules regarding salary sacrifice schemes are due to change next April?  Have you considered what this will mean to your company budget? Employees: do you drive a company car or benefit from a company mobile phone, paid for through a salary sacrifice scheme?  If you do, you will want to read on… Salary sacrifice schemes are a popular way to provide company perks to employees whilst saving money. Employers benefit from reduced National Insurance costs, while employees gain from their lowered taxable income. Everyone’s a winner!&n ..read more
Visit website
Opting OUT
Payroll Compliance | Business Payroll Management
by Rachel Houghton
3y ago
Opting OUT Eligible employees have the opportunity to opt out of their employer’s chosen pension scheme.  If you are eligible for Auto Enrolment and considering opting out, you need to be aware of the following important pieces of information:  You still need to be enrolled along with your fellow employees Government legislation requires all business to enroll all eligible employees in time for their given staging date, regardless of whether or not they intend to opt out. You will notice deductions from your pay packet in the first month after staging Once the staging date has ar ..read more
Visit website
Know your Auto Enrolment (AE) Responsibilities
Payroll Compliance | Business Payroll Management
by Rachel Houghton
3y ago
Know your Auto Enrolment (AE) Responsibilities What all employers need to know about AE: All employers have a duty to ensure that their workforce is assessed for AE, enrolled if they are eligible, and informed of their pension scheme rights and responsibilities. All employees are entitled to know about AE and what it means for them so that they can make an informed choice as to whether to opt in or out. Although not every employee will be eligible for enrolment under the current rules, they will still be entitled to opt in to a pension and therefore should be notified of their employer’s chose ..read more
Visit website
Why We Must Become A Society Of Savers
Payroll Compliance | Business Payroll Management
by Rachel Houghton
3y ago
Why We Must Become A Society Of Savers Active and Passive Savers When it comes to pensions, we are a society divided in two: those who plan for their future and those who do not. Some aren’t consciously planning for old age but are lucky enough to have a certain amount of security provided for them by their public sector pension scheme. Teachers, police and fire service workers, civil servants, and those working for the NHS may be concerned about the future returns on their pensions but they do at least have a pension plan. These professionals have always been secure in the knowledge that they ..read more
Visit website
Auto Enrolment = Workplace Pension
Payroll Compliance | Business Payroll Management
by Rachel Houghton
3y ago
Auto Enrolment = Workplace Pension As we have been meeting with small and micro employers over Bristol and the South West my colleagues and I find that employers are unaware of the extra work and responsibilities Auto Enrolment brings.  For some employers they don’t realise that Auto Enrolment is the main part of workplace pensions being  the assessment of the employees.  All the TV adverts ‘workplace pensions – we’re in’ and general advertising seems to be directed at the employees and it is not clear to some that the workplace pension is the end product of Auto Enrolment. What ..read more
Visit website
What The Pensions Regulator doesn’t tell you!
Payroll Compliance | Business Payroll Management
by Rachel Houghton
3y ago
What The Pensions Regulator doesn’t tell you! Yesterday I met with a Financial Advisor from Sanlam Wealth Planning to discuss the different pension options for companies.  We were both in agreement that The Pensions Regulator’s Guide lacks clarity on how to weigh up your different options and doesn’t necessarily give the employer the whole picture (it is also very confusing and contradicts itself in places). From our meeting a few interesting nuggets of information came to light that I wanted to share with you all. They concern eligibility, opting out, paternal leave and pensionable pay ..read more
Visit website
Pros and Cons of Zero Hour Contract for employers and workers
Payroll Compliance | Business Payroll Management
by Rachel Houghton
3y ago
Pros and Cons of Zero Hour Contract for employers and workers What is a Zero hour contract? A zero hour contract is a contract between an employer and a ‘worker’ where there is no obligation for the employer to offer work, or for the employee to except it. Am I classed as a ‘worker’? According to Gov.UK you are classed as a worker if the following applies to you: you have a contract or other arrangement to do work or services personally for a reward (your contract doesn’t have to be written) your reward is for money or a benefit in kind, e.g. the promise of a contract or future work you only ..read more
Visit website
Salary vs. Dividends – The Facts for Directors
Payroll Compliance | Business Payroll Management
by Rachel Houghton
3y ago
Do you own your own company? As a company owner you are in a favourable position: you benefit from being rewarded as a director and a shareholder. Directors take a salary from the company. Shareholders draw dividends. By splitting your income between salary and dividends you could generate large income tax and national insurance (NI) savings. By managing your salary and dividends effectively you could find yourself in a lower tax bracket with more spendable income. What is the difference between salary and dividends? Salaries can be paid even if the company is making a tax loss A salary is t ..read more
Visit website

Follow Payroll Compliance | Business Payroll Management on FeedSpot

Continue with Google
Continue with Apple
OR