Employing Family Members

There is a band of earnings which are subject to ‘nil rate National Insurance contributions’ – this apparent contradiction in terms means that no contributions are payable, by employee or employer, but the employee’s contribution record is still franked for pension and Social Security benefit purposes. For 2013/14, the ‘nil rate band’ runs from the ‘Lower Earnings Limit’ of £1… Continue Reading

Cash Accounting Schemes for Small Business

There have been substantial last-minute amendments to the cash accounting scheme for small businesses, originally announced in last year’s Budget. The scheme will give qualifying businesses the option of calculating their taxable profits as cash received less payments made in the year, so ignoring creditors, debtors, changes in stock levels, etc. It takes effect for 2013/1… Continue Reading