TRBC Blog

National Minimum Wage Increase

The national minimum wage increased as of 1st October 2013.

HMRC enforces the national minimum wage and will serve penalties if the amounts below are not met.

  • For workers aged 21 years or more:  £6.31 per hour
  • For workers aged 18-20 inclusive:  £5.03 per hour
  • For workers aged under 18 (but above compulsory school age):  £3.72 per hour
  • For apprentices aged under 19:  £2.68 per hour

Tax Return Catch Up

Open to individuals who are yet to complete a self assessment tax return for all years up to the 2011-12 tax year and who have already received a notice from HMRC. Those wanting to take part will have to notify HMRC, complete and submit returns by 15 October 2013, and pay any tax payment that may be due.

Under the campaigns, individuals will be able to take advantage of paying the tax they owe and benefit from lower penalties than if HMRC were to find them at a later point.

If you need any help contact dawn@therealbusinessclub.co.uk

Simplified income and expenditure accounts for small businesses

From 1 April 2013, sole trader and partnership businesses  will be able to account for their income and expenditure on a cash basis. This means income is recorded when it is received and not when it was earned along with expenses recorded when they are paid for. This will hopefully make things a little easier for small  businesses.  Need help with your bookkeeping or Tax Return contact dawn@therealbusinessclub.co.uk