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PAYROLL UPDATE INFORMATION

Friday, August 06, 2010

NATIONAL MINIMUM WAGE INCREASE

 

From 1st October 2010 the National Minimum Wage Rate will increase as follows:

            

·         For employees aged between 16 and 17 there will be an increase from £3.57 to £3.64.

 

·         For employees aged between 18 and 20 there will be an increase from £4.83 to £4.92.

 

·         For employees aged 21 and over there will be an increase from £5.80 to £5.93.

 

APPRENTICE MINIMUM WAGE

 

A minimum wage rate for apprentices has been set for the first time which will be £2.50 per hour for:

·       apprentices under 19

·       apprentices aged 19 and over, but in the first year of their apprenticeship.

 

 

PAYE/NICs LATE PAYMENT PENALTIES

 

As from 6th April 2010 HM Revenue & Customs have introduced penalties for late payment of PAYE, the calculation of which is as follows:

 

No. of times payments are late in a tax year

Penalty percentage

Amount to which penalty percentages apply

1

No penalty (as long as the payment is less than six months late)

Total amount that is late in the tax year (ignoring the first late payment in that tax year)

2-4

1%

5-7

2%

8-10

3%

11 or more

4%

 

INTEREST ON LATE PAYMENT OF PAYE/NICs

 

A daily interest on late payments of PAYE/NICs will be charged after the end of the tax year once HM Revenue & Customs receive the end of year returns.

Categories: Payroll

Welcome to Chandler & Georges

Thursday, July 08, 2010

Welcome to Chandler & Georges; a dynamic and progressive firm of Chartered Accountants and Registered Auditors with offices in South East London and Ilford, Essex. We have successfully provided tax and accounting services to businesses and individuals for over 25 years.

As you will see from our website, we offer a wide range of services, helping our business clients to achieve greater profitability, and our individual clients to enjoy greater wealth.

So whether it is traditional tax and accounting services, Self-Assessment Tax Returns or more proactive business and tax advice, we approach the task with the professionalism and dedication you should expect from a firm of qualified accountants.

You are welcome to make full use of the free online services on this site. You will find hundreds of pages of up-to-date information and advice to help you with your business development, personal finances, and tax planning. To discuss how we can help you further, please contact us.

Categories: Business & Economy, Companies House, Financial reporting, HMRC, Payroll, Tax