Statutory payment rates for the tax year 2019/20
The following statutory payment rates have been confirmed:
The standard weekly rates of Statutory Adoption Pay (SAP), Statutory Paternity Pay (SPP) and Statutory Shared Parental Pay (ShPP) will increase from £145.18 to £148.68 from 01 April 2019. The weekly rate of Statutory Sick Pay (SSP) will increase from £92.05 to £94.25 from 06 April 2019 and the standard weekly rate of Statutory Maternity Pay (SMP) will increase from £145.18 to £148.68 from 07 April 2019.
Note the different effective date for the increases in SAP, SPP and ShPP to that for SMP. The increase to SSP always takes effect from the start of a new tax year. The lower earnings limit, below which employees are not entitled to SMP, SAP, SPP, ShPP and SSP, will increase from £116.00 to £118.00 per week from 6 April 2019.
Posted by Cassey Nixon on
1st February 2019
Protecting yourself from an HMRC investigation
A tax investigation is stressful, time consuming and usually very expensive. And it could easily happen to you. HMRC’s investigations are more focused than ever before. During the tax year 2017-18, the tax man collected over £30 billion through ‘compliance activity’. Special investigators are using high tech methods to gain information and maximise tax revenues. […]
Loss Buying Restrictions
Under qualifying circumstances, Corporation Tax relief is available where your company makes a trading loss. The trading loss can be used by offsetting the loss against other gains or profits of your business in the same or previous accounting period. The loss can also be set against future qualifying trading income. However, there are restrictions […]