Minimum wage

If your company has employees, please find out more about National Minimum wage.

The National Minimum Wage is worked out at an hourly rate. This means that, however someone gets paid, they still need to work out their equivalent hourly rate to see if they’re getting the minimum wage.

The employers should pay people who do work for them at least the minimum wage if they are a ‘worker’ for minimum wage purposes and a specific exemption does not apply.

Current rates

These rates are for the National Living Wage (for those aged 23 and over) and the National Minimum Wage (for those of at …

Claim Tax Back from HMRC for Research & Development in Your Company

To encourage companies to invest in research and development, the government offers additional tax reliefs on the expenditure.  

This claim is applicable for the businesses that seek to research or develop an advance in their field. R&D credits are a corporation tax relief. It can be claimed even for unsuccessful projects.

SME R&D relief allows companies to:

deduct an extra 130% of their qualifying costs from their yearly profit, as well as the normal 100% deduction, to make a total 230% deductionclaim a tax credit if the company is loss making, worth up to 14.5% of the surrenderable loss

The rules for claiming R&D …

The Marriage Allowance

If you are married or in a civil partnership, find out more about transferable “marriage allowance”

COVID-19 latest news: business support.

In connection with the developing situation around the coronavirus infection, we inform You about the planned financial support for business from the government.

The Chancellor has set out a package of temporary measures to support public services, people and businesses during this period of suspension caused by COVID-19.

The state business support Program includes the following measures:

The coronavirus job retention scheme, under which HMRC reimburses 80% of the salary costs of employees on leave. Amount limit up to 2500 pounds per month;Deferred VAT and income tax payments until June 2020;Legislative package of sick leave assistance for small and medium-sized businesses;12-month business …

Inheritance Tax Exemptions

Decrease your Inheritance Tax bill with Home Transfer.

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. The gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven years after making the gift. There is a tapered relief available if the donor dies between three and seven years after the gift is made.

The rules are different if the person making the gift retains some ‘enjoyment’ of the gift made. This …

What is Mileage Allowance relief?

If your employees are using their own vehicles at work, they could benefit from a tax-free allowance.

Employees who use their own car at work can under certain circumstances be paid a tax-free allowance by their employers when using their own car, van, motorcycle or bike for work purposes. This is known either as Mileage Allowance Relief or a Mileage Allowance Payment. It is important to note that this tax-free allowance, does not include journeys to and from work but is relevant to employees who use their own vehicles to do other business-related mileage.

Employers usually make payments based on a …