Employers are reminded that new National Minimum Wage (NMW) rates will take effect from 1 October 2013. From that date, the rate for employees aged 21 and over will rise by 12p an hour to £6.31 and by 5p to £5.03 for those aged 18-20. Under-18s will receive a 4p an hour increase, taking their… Read more…

A new regime of simplified expenses is now available for sole traders and business partnerships has now taken effect. The Finance Act 2013, which came into effect in July, means that they now have the option of using flat rates for any or all of their expenses relating to: business costs for vehicles business use… Read more…

A new system of fees for workers taking a claim to an employment tribunal has now been implemented. Historically, there has been no charge for someone wishing to bring an employment tribunal claim against their employer or former employer. But from 29 July 2013, a fee will now be payable, which will vary depending on… Read more…

Plans to simplify the way self-employed people pay national insurance contributions (NICs) have been published for consultation by HM Revenue & Customs (HMRC). HMRC launched the consultation on 18 July to explore whether it would be simpler and more straightforward to collect these contributions alongside Class 4 NICs and Income Tax through the self assessment… Read more…

A new police unit aimed at targeting intellectual property crime is to be created to help save the UK economy millions of pounds each year. The unit, one of the first of its kind in the world, will tackle online piracy and other forms of intellectual property crime such as counterfeit goods. The Intellectual Property… Read more…

The millionth UK employee has now been automatically enrolled into a workplace pension. The landmark figure was announced by the Pensions Regulator on 19 July, nine months after the largest firms began automatically enrolling employees into workplace pension schemes. The initiative is being introduced for all employers on a phased basis, with all UK employers… Read more…

Small and medium-sized enterprises (SMEs) in the UK are exposed to serious levels of financial risk, with £223 billion worth of corporate debt currently unprotected, according to new research. According to a study commissioned by Legal & General as part of its Every Business Matters campaign with professional advice search website unbiased.co.uk, 51 per cent… Read more…

HM Revenue & Customs (HMRC) has launched a new initiative to encourage more people to put their tax affairs in order, warning that they could face further investigation of their tax arrangements unless they do so. HMRC announced on 9 July that anyone who has failed to submit a tax return for any year up… Read more…

The UK has strengthened its position as the leading European destination for foreign direct investment (FDI), new figures show. The 2012-13 Inward Investment Annual Report published on 24 July by UK Trade and Investment (UKTI), showed that the number of jobs and projects secured were both up on 2011-12. In the last financial year: the… Read more…

The amount of money which long-serving staff can receive in retirement if their company folds is set to increase. Long service is not currently taken into account when a person whose defined benefit pension scheme collapses and is then taken over by the Pension Protection Fund (PPF). Now the government is to increase the maximum… Read more…