Chancellor George Osborne delivered the first fully Conservative Budget since 1996 earlier today. How will the measures affect you or your business?
Business Tips
Late Tax Return Reasonable excuse
Do you have a late Tax Return? Have you been issued with a late filing penalty? With a ‘reasonable excuse’, HM Revenue & Customs (HMRC) will waive your penalty.
A Budget 2015 Summary for Individuals
Chancellor George Osborne described in his final Budget how thanks to the hardworking people of Britain, Britain is “walking tall again” and urged people not to return to the “chaos of the past”! He emphasised his commitment to helping those who “work hard and want to get on”. So how will George Osborne’s measures impact on our personal finances?
Here’s our Budget 2015 summary for individuals of the key announcements:
Minimum Wage
- for 21+ year old workers, the rate will rise by 20p to £6.70p per hour from October 2015.
- for workers aged 18-20, the rate will rise by 17p to £5.30p per hour from October 2015.
- for workers aged under 18, the rate will rise by 8p to £3.87p per hour from October 2015.
- people on minimum wage will be paid £8 an hour by 2020.
A Budget 2015 Summary for Business
The business community will welcome today’s Budget announcements with the continuing theme of growth, consistency and stability.
Here’s our Budget 2015 summary for business outlining the key announcements:
Corporation Tax
- for small businesses, the rate of Corporation Tax remains at 20%.
- the main rate will be cut to 20% from April 2015. The rules will be amended to prevent contrived loss arrangements.
Xero Launches Business Payroll Software
Xero is set to enhance its online accounting software package by adding the ability to also manage your business payroll from 4 March 2015. Integrating your business payroll with your accounting software is simply a great idea! Integration makes things easier and more efficient.
National Minimum Wage Rates
The National Minimum Wage rates are set to increase next week, from Wednesday 1 October 2014.
Online Accounting – Xero Certified Advisers
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