Accountancy Highlights

Reducing Your Marginal Rate of Tax

Umbrella Vs Limited Company set-up

Treasury to clamp down on stamp duty avoidance

Growth in the market for contractors in the UK

Proposal to merge PAYE and National Insurance

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Sterling Plummets Following Brexit Announcement

Sterling plummeted after Theresa May announced that Article 50 would be triggered by end of March 2017. The “Flash Crash” saw Sterling lose 6% of its value on Thursday. The Pound fell to as low as 1.13 against the dollar and now trades at 1.23. The Euro fell to 1.12 and is currently being sold to consumers at 1.08 on the high street. The turmoil is likely to continue until there is clarity over the exercise of Article 50 and its impact on the UK economy.

If you are a contractor and are looking to go abroad, now might not be the best time to convert your Pounds. In fact, now would bea good time to call in debts from any overseas customers.


National Minimum Wage to increase on 1 October 2016

The National Minimum Wage to increase on 1 October 2016. The increase will apply to the different age bands and for apprentices.

- The national minimum wage for adults aged 25 and over will remain at £7.20 per hour

- The standard rate for adults aged 21-24 will increase from £6.70 to £6.95 per hour

- The development rate for workers between 18 and 20 will rise from £5.30 to £5.55

- The rate for apprentices increases from £3.30 to £3.40


New Five Pound Note Released in UK

The Bank of England released the new plastic £5 bank note into circulation in September 2016. The new notes are made of plastic and are highly durable. They are difficult to tear and can survive being left in the washing machine or dipped in a curry!

The paper £5 notes will disappear from circulation later this year and after May 2017 will no longer be legal tender.

New £5 note

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