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Hutchcraft Accountancy & Taxation Services-Cambridge accountants
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FROM 1ST APRIL 2018 NATIONAL MINIMUM WAGE & NATIONAL LIVING WAGE INCREASES

Age 25+ - £7.83
Age 21-24 - £7.38
Age 18-20 - £5.90
Under 18 - £4.20
Apprentice - £3.70

You must be school leaving age to get the national minimum wage.
Apprentices - aged under 19 or
- aged 19 and over in 1st year of apprenticeship
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ACAS announces new guidance on managing bereavement at work


Workplace expert Acas has today published its new guide on managing bereavement in the workplace.

It is estimated that one in ten people is directly affected by bereavement and research has found that a third of employees who had suffered bereavement in the past five years felt that they had not been treated with compassion by their employer. Nearly nine out ten people believed all employers should have a compassionate employment policy that included paid bereavement leave.

Acas' new guide has been developed in partnership with Cruse Bereavement Care, bereavement leave campaigner Lucy Herd and many other organisations.
www.acas.org.uk/bereavement
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MINIMUM WAGE will increase from 1st October 2014:

AGE 21 yrs and over to £6.50 per hour
AGE 18-20 yrs to £5.13 per hour
AGE 16-17 yrs to £3.79 per hour
APPRENTICE RATE to £2.73 per hour
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DO YOU LET OUT A PROPERTY?... HAVE YOU TOLD HMRC?...

RECENTLY HMRC HAVE BEEN WRITING TO LETTING AGENTS.
They are asking for details of rents collected on behalf of landlords for the tax year ended 5 April 2013.
They also use information from voters list entries and housing benefit details to track down landlords not declaring their true income.

MY RENTAL INCOME ONLY JUST COVERS MY MORTGAGE REPAYMENTS & OTHER COSTS - if this is the case you may still have to inform HMRC. It is only the interest part of the mortgage repayments that can be claimed as an expense and not the capital. You may have a taxable profit without realising it. If profits are below £2,500 and you are employed - HMRC may be able to collect the tax through your PAYE code without the need to complete a tax return.

MY RENTAL INCOME IS BELOW £4,250 PER YEAR - This exemption level is only available if you let out a room in your own home.
If you are letting out a separate property you have to inform HMRC even if your rental income is below this level.

HMRC has launched the LET PROPERTY CAMPAIGN to encourage voluntary disclosures of undeclared rental income from landlords.

Please contact us for advice.
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I am now a certified partner for Xero cloud accounting software. Please contact me for more information about this innovative software for your business. 
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