The start of the year for many means new plans and important decisions to make for you and your business. What however do you base these decisions on? An ideal prompt is HMRC and The Department for Work and Pensions announcing the proposed rates and limits for the up and coming year, beginning 6 April 2015.
If you are an employer or planning on becoming one you will need to know the following facts in order to plan.
Tax and National Insurance rates and limits
• Personal allowance £10,600
• National Insurance £8,060 *payments above this will attract a charge of 13.8%
• Car fuel benefit charge £22,100
• Van fuel benefit charge £594
• Van benefit charge £3,150
National Minimum Wage – up to 30 September 2015
• 21+ £6.50 per hour
• 18-20 £5.13 per hour
• Under 18 £3.79 per hour
• Apprentice £2.73 per hour
The proposed revised rates are as follows:
• The standard weekly rates of SMP and SAP and the weekly rates of SPP and ShPP will increase to £139.58, assuming the increase will commence for payment weeks beginning on or after Sunday, 5 April 2015
• Maternity Allowance will also increase to £139.58 per week
• The weekly rate of SSP will increase to £88.45
Keeping these rates and limits in mind when you are making plans is always beneficial but do you want to keep them in mind on a daily basis?
Would you benefit from outsourcing your payroll to ensure that you keep within the guidelines? For as little as £15.00 per month you could pass the worry of remembering all these figures to the specialists.
SeaMount Business Services Ltd offers traditional accountancy services but in a non-traditional manner. We understand that you need your accountant to work with you in the here and now and not just tell you what happened in your business 6 months ago.
Contact us HERE for more information on the proposed rates and limits and on our Payroll Services.