WORKPLACE PENSION - minimum contribution rates increased on 5th April 2018 – 2% for Employers and 3% for Employees. (formerly 1% for Employers and 1% for Employees).
MINIMUM WAGE – NEW RATE FROM APRIL 2018
These rates are for the National Living Wage and the National Minimum Wage. The rates change every April.
25 and over £7.83
21 to 24 £7.38
18 to 20 £5.90
Under 18 £4.20
MTD – Making Tax Digital – HMRC are working on a completely new system whereby businesses report their profits quarterly, rather than annually. These reports have to be submitted online via compliant software. HMRC will not be providing this software.
April 2019 – VAT Registered businesses with turnover over £85,000 will report quarterly for VAT purposes only.
April 2020 – Will start to roll out for other taxes.
For more information: https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
Latest on the Workplace Pension and Minimum Wage as well as updates regarding Making Tax Digital
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