Administering payroll poses a huge challenge for businesses of all shapes and sizes. The legislation governing tax and National Insurance Contributions (NICs) is forever changing, as are the rules relating to auto-enrolment pensions.
By the time Chancellor Philip Hammond rose to his feet in the House of Commons to deliver the first Spring Statement, he had already offered plenty of hints that this would be a low-key affair. Gone was the primetime Wednesday slot after Prime Minister’s Questions, gone was the trailing of policy announcements in the days[…]
One of Hertfordshire’s leading bookkeeping and payroll experts, Modina, has said the Chancellor’s first Spring Statement hinted at larger moves in this year’s Autumn Budget, which needs to consider the needs of smaller businesses.
Businesses are being reminded that important changes to workplace pensions will take effect from the beginning of next month.
Research has suggested that pension savers on auto-enrolment will get a £5 billion pay rise.
If you run a smaller business, you may benefit from cash accounting over traditional accruals-based accounting system. Cash accounting allows you to record revenue and expenses as and when the money comes into and goes out of your business, meaning that you won’t pay tax on invoices you’ve issued where you haven’t received the money[…]