Increase to NMW from 1 April 2018

The government is increasing the National Minimum and National Living Wage rates on 1 Ap‌r‌il 2018. As the minimum wage increases more employers than ever will be directly affected, including those who currently pay above the minimum.

                                  Years25 and over          21 to 24          18 to 20      Under 18        Apprentice

April 2017 (current)   £7.50                            £7.05             £5.60          £4.05            £3.50

April 2018                   £7.83                            £7.38             £5.90          £4.20            £3.70

Cars and taxes - how much do they now cost?

After years of promoting the uptake of low-CO2-emitting cars, through low tax rates and grants on the cleanest plug-in hybrids, the government has opted to shake up the Vehicle Excise Duty system, removing much of the incentive for choosing a cleaner vehicle. So think again....

Every car registered after 1 April 2017 is now subject to a £140 standard rate from the second year onwards, regardless of emissions. In addition, there’s another extra £310 to pay on top of the standard rate in the second year to the sixth year, on all new cars with a list price of more than £40,000.

 

New Company Laws

All UK limited companies are now legally obliged to keep a ‘PSC Register’ (People with Significant Control Register).

 What is a PSC Register?The register allows the government (and anyone else - it is on the public register) to see who ultimately owns or controls a company. The aim of the register is to improve transparency and combat issues such as tax evasion and money laundering.

Please contact us if you require any assistance with this compliance.

Increases in National Minimum Wage 2017

The National Living Wage for those aged 25 and over is going up at the beginning of 1st April 2017 from £7.20 per hour to £7.50 per hour. There will also be increases at the same time to the National Minimum Wage payable to those under 25 and apprentices:

  • £7.50 per hour – 25 yrs old and over
  • £7.05 per hour – 21-24 yrs old
  • £5.60 per hour – 18-20 yrs old
  • £4.05 per hour – 16-17 yrs old
  • £3.50 for apprentices under 19 or 19 or over who are in the first year of apprenticeship.

 

Update on Company Law

It is now a legal requirement for all U.K. Limited companies to keep anregister of people with significant control (PSC). This replaces the previous annual return process. 

Failure to comply with the rules is a criminal offence punishable by a fine and/or upto two years imprisonment. 

New Landlord Obligations from February 2016

Anyone renting property whether furnished or unfurnished including anyone renting a room to a lodger will have a new obligation placed on them to ensure that their tenants or lodgers have a legal right to live in the UK.

As with all these things failure to do what you would quite naturally assume to be the job of the home office will result in a fine of up to £3,000.

Britain is extremely unlikely to face an economic recession over the next two years and is on safer ground than any other major country in the developed world, according to a new crisis-study by Goldman Sachs.

Will Buy-to-let taxes affect you?

As limited companies are not affected by the tax relief changes, it may be financially beneficial for some landlords to consider using this vehicle for their buy-to-let property investments. Of course, it will depend on individual circumstances and landlords considering this option should seek qualified tax advice beforehand.

Tax credits reversal

http://www.independent.co.uk/voices/the-privileged-osborne-must-never-be-allowed-to-wield-the-economic-axe-against-working-families-a6748391.html

excellent article in the independent which in our view supports our compaign against the tax credit cuts