New News
Posted by admin on 4 May 2011 | 0 Comments
There are a few significant changes happening that will have an impact on businesses;
All VAT returns must now be submitted online. Any return submitted after April 2011 must be submitted online. If not, you may be liable to a penalty or surcharges. Registering to complete your returns online is a simple process and we are more than happy to assist you in doing this.
Minimum wage is set to increase in October '11. Bear in mind that this will push up employer national insurance contributions so include that in your cash flow forecast! Not paying minimum wage can result in penalties up to £5000 and arrears ordered to be paid to the employee. Increases are as follows;
- Main rate from £5.93 to £6.08
- 18 - 20 rate from £4.92 to £4.98
- 16 - 17 rate from £3.64 to £3.68
- Apprentice from £2.50 to £2.60