Newsletters
April 2008 Newsletter
Every worker aged 16 or over is entitled to be paid at least the national minimum wage (NMW), although the hourly rates vary according to the person's age....
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The recent changes to capital gains tax may have left you confused as to whether you should hold your assets, such as property, within your company or in your own name. There is no single answer to this question, as the factors to be considered will depend on your future intentions for the investment, your plans for passing on your wealth, and the possibility of selling the company....
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If your company has built up some large cash balances you should review the interest rate it is earning on those deposits. Even business deposit accounts can pay up to 5.5% on deposits of £25,000 or more. The interest rates paid on personal savings accounts can be higher, but you should also consider how much tax you and the company will pay on the interest earned....
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When your employees become parents they may take some maternity, paternity or adoption leave. If they earn more than the NI threshold (£87 per week for 2007/08) and have worked for you for at least 6 months, you will also be required to pay them at the statutory rate during most of that leave period. These statutory wages (SMP, SPP or SAP) must be paid at a flat weekly rate of £112.75 for 2007/08, although SMP is paid at 90% of a woman's average wage for the first six weeks of the leave period....
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Questions and answers this month...
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Key dates for your diary in April 2008.
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