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New Tax Credits The new working tax credit and child tax credit will replace working families, disabled person’s and children’s tax credits from April 2003. They will be a major extension of delivery of welfare to the tax system, and will extend much further up the income scale than traditional social security benefits. Child Tax Credit is available to families with at least one child (under 16) or young person (under 18 and still in full-time education). Working Tax Credit is for people (over the age of 16) who are in paid work (including working as a self-employed person) for the required number of hours. You may be eligible if:
Click on the link below to see if you qualify & how much you can receive: https://www.taxcredits.inlandrevenue.gov.uk/Qualify/DIQHousehold.aspx Internet filing of PAYE returns All employers will be required as from 2010 to file their End of Year returns eletronically, either directly or through an intermediary, with earlier dates for larger employers. This service enables employers, agents and payroll bureaus to send and receive a range of forms and returns over the Internet. When you register to use the Internet service for PAYE, a User ID and Activation PIN will be sent to you by post. This will normally arrive within 7 days of registering, and must be used within 28 days of the date shown on the Activation PIN letter. Click on the link below for further information: http://www.inlandrevenue.gov.uk/efiling/help/mainhelp.htm National Minimum Wage From 1 October 2001
From 1 October 2002
You can only pay the development rate for the first six months, in these circumstances, and after that you must pay the main rate. From 1 October 2003
From 1 October 2004
Click on the link below for further information: http://www.tiger.gov.uk/home.htm Authorised Mileage Rates The following rates are the maximum amount that can be exempted from tax and NIC's for business miles travelled in the employee’s own vehicle:
* For NIC's purposes, only use the up to 10,000 miles rate for all business miles travelled in a privately owned car or van. Additional Passenger Rate You can also pay up to 5p per mile free of tax and NIC's for each employee who travels as a passenger on a business journey.
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