Monthly Archives: March 2018

National Minimum Wage & More

By | Blog | No Comments

Drummond Laurie Chartered AccountantsNational Minimum Wage and National Living Wage will increase on April 1st. Those aged over 25 on the National Living Wage will benefit from an increase of 4.4%, with hourly payments rising from £7.50 an hour to £7.83 an hour. Younger workers and apprentices will also benefit from similar improvements, with the new rates as follows:

  • 21-24 years old – £7.38 per hour
  • 18-20 years old – £5.90 per hour
  • Over compulsory school age – £4.20 per hour
  • Apprentice – £3.70 per hournat wage

1st April will also see the introduction of a new set of ‘family friendly’ pay rates. Increases will be made to the weekly rates of statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP) and statutory shared parental pay (ShPP).  These rates will all rise from £140.98 per week to £145.18 per week and are seen as particularly important in providing added support to workers with families.With April on the horizon, you need to act quickly to ensure compliance – there is likely to be an increase in media coverage as the deadlines approach and employees will be well aware of their rights as a result. money

Coinciding with the next tax year of 6th April, statutory sick pay (SSP) will also rise from £89.35 a week to £92.05 a week. Having previously been described as ‘manifestly inadequate’ by the European Committee of Social Rights, this represents an attempt to increase the financial security of employees who will now have to earn at least £116 a week to be eligible for SSP and the family-friendly rates. Your clients should review and update any workplace policies which relate to these family-friendly pay rates ahead of the deadline.

There is likely to be added attention surrounding the incoming wage increases due to the release of the government’s latest ‘naming and shaming’ list of those employers who failed to pay staff minimum wage. The government is increasing enforcement in this area and substantial financial penalties can be issued to your clients if they fail to meet the new legal requirements.

For more information on this speak to your usual contact at Drummond Laurie or give us a call on 01324 441250.

Making Tax Digital

By | Blog | No Comments

Drummond Laurie Chartered Accountants

Making Tax Digital (MTD)  will be mandatory for VAT reporting from April 2019. VAT registered businesses with turnover above the VAT threshold will be required to maintain digital accounting records and use MTD compliant software to file their VAT returns, from the first VAT quarter starting on or after 1 April 2019. The current online VAT return will not be an option for such businesses after that date. Businesses with turnover below the VAT threshold who have registered voluntarily for VAT will not be required to comply with MTD requirements but can do so voluntarily. These businesses will be able to continue to use HMRC’s online portal.

Other taxes

The government has given an undertaking that MTD (electronic record keeping and quarterly reporting) will not be made mandatory for other taxes until the system is working well and not until April 2020 at the earliest.

Pilots

The pilot of MTD for VAT will start in April 2018.   We expect the government will make the final detailed requirements available to the software providers by April 2018 to allow the pilot to run as effectively as possible.  Whilst the pilot is in progress we will be keeping well informed of the developments and working alongside the software providers to provide us with all the information to support our clients.

However you currently keep your accounting records, we will be pleased to discuss your options with you and how you could benefit from better record keeping and financial information.  Please get in touch for an informal chat our contact details can be found here here

making-tax-digital-600x300

Welcoming William

By | Blog | No Comments

Drummond Laurie Chartered Accountants

williamWe’re delighted to welcome William Main to Drummond Laurie this week as a Reporting Accountant within our outsourcing team.

William has worked in practice since leaving university and qualified with ACCA in 2017. During this time he has worked with a variety of businesses and has gained a wide range of experience during this time.  He’ll be working closely with clients in order to produce monthly management accounts whilst working to strict deadlines to ensure excellent client service.

Outside of work William enjoys going to football and rugby as well as running and fundraising for charities close to him. We look forward to working with William and we’re excited to have another runner!

 

 

 

 

 

 

It’s snow going to stop us…

By | Blog | No Comments

Drummond Laurie Chartered Accountantssnow4This week we’ve been battered by weather from Siberia. As things worsened, we had various red warnings for blizzard-like conditions.

How are businesses supposed to deal with weather conditions that have not been seen for almost a decade?

Thankfully it’s rare, the last big freeze happened in 2010, when 20% of workers were unable to get to work, resulting in a £1.2bn hit to the UK economy.

Organisational responses to the kinds of disruption experienced this week should be part of a good business continuity plan. Where some employers still expect to see employees at the office no matter what, employment law and common sense suggest it is better not to risk staff health and safety.

We stayed safe at Drummond Laurie, although we had to close the office, a red weather warning meant it was unsafe to travel, most of our team are able to work from home, keep in touch with our clients and make sure nothing slips.  Our payroll and outsourcing teams were able to continue processing and submitting BACS ensuring employees and suppliers were paid on time.  Our accounts team are able to help with client queries and ensure any work needing done could still be carried out.

All that said we look forward to normality next week and returning to the office.

snow5

Let's Get Started: Contact Us