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National Living and National Minimum Wage increases from 1st April 2021

Increases in the National Living and National Minimum Wage have been announced by the Government from April 2021.The age from which workers will become eligible for the National Living Wage has dropped from 25 to 23 years old.Workers in the 23 to 24 year old group will receive a substantial pay increase of nearly 9%.From 1st April 2021, the rates of the national minimum wage will be as follows:▪ Workers aged 23 and over (national living wage): £8.91 per hour;▪ Workers aged 21 or 22: £8.36 ...

November 28, 2020

Brexit and the self-employed - Whats next?

It's not just COVID-19 worrying contractors and freelancers at the moment, but also Brexit – whether or not they have clients in mainland Europe.While the UK left the EU on 31 January 2020, it entered a transitional period until 31 December 2020 in which EU law is still applicable. So, with the transitional period coming to an end soon, it’s crucial that self-employed individuals are aware of what to do and how Brexit can affect their business.As accountants, we make sure to stay up to date ...

November 28, 2020

How much can you take out of your business as dividends?

One of the questions we get asked most often is how much you can take as dividends. Taking money out of your limited company without double checking what you are doing is also one of the easiest ways to get yourself into a financial mess.Most of us were employees on somebody else’s payroll before we set up our own business. When you are an employee your employer does pretty much all of it for you. They file your salary information with HMRC, work out how much tax to withhold from your salary, ...

October 4, 2020

HOW TO MANAGE OVERDUE INVOICES AND MINIMISE THE POST VIRUS CRUNCH

Like so many SME’s in the UK, the majority of our small business clients have found recent months tough going.  We always try to coach our customers on the importance of managing the cash flow of their business, and post coronavirus, this will now become more vital than ever before.One of the best places to start is to ensure you have in your possession, all the money that is owed to you.  Unpaid invoices can interrupt your cash flow and have a detrimental knock on effect to your ent...

October 3, 2020 Posts 1-4 of 4 | Page
 

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