Latest News from JPS
1st April 2008 – New rates for the National National Minimum Wage come into effect on 1 October 2007.
Aged 22 or over 5.52 per hour.
Aged 18-21 4.60 per hour.
Aged 16 and 17 3.40 per hour.
The Rates from October 2008 will be as follows.
Aged 22 or over 5.73 per hour.
Aged 18-21 4.77 per hour.
Aged 16 and 17 3.53 per hour.
Tougher penalties for employers who break the law, increasing the maximum penalty for non-payment of the National Minimum Wage from 5,000 to an unlimited fine. Serious cases of non-compliance will be tried in a Crown Court.
1st April 2008 – Payment of PAYE
HMRC accept payment by a range of methods but recommend payment is made electronically. Electronic payments are generally more efficient and secure than payment by post.
You can pay by BACS Direct Credit, Internet or Telephone banking, CHAPS or by Debit Card over the Internet. They also accept payment by Bank Giro or at the Post Office.
If you are sending payment direct to HMRC please post your payment to the Accounting & Payments Service Accounts Office at Shipley This office has systems which process your payment automatically which means your account is brought up to date promptly. Rather than posting a payment please consider paying electronically.
For help with checking your reference number before using your bank/building society Internet or telephone banking facility to pay, please use the reference checker.
You need a payslip booklet to pay at a Bank or Post Office counter or if you post us a cheque. You do not need a payslip booklet if you pay us electronically.
Related: [http://www.hmrc.gov.uk/howtopay/paye.htm]
12th March 2008 – Cash ISA limit confirmed as 3,600 a year from April 2008.
Funds available through the small firms loans guarantee will increase by 60% in the next year.
From 2009, major reform of the vehicle excise duty. For new cars from 2010, the lowest polluting cars will pay no road tax in the first year. Higher polluting cars will pay more.
Cigarettes up 11p a packet.
Beer up by 4p a pint, wine 14p a bottle, spirits 55p a bottle and cider 3p a litre by Sunday.
Duties on alcohol will go up by 2% above inflation for next four years.
Delay 2p rise in fuel duty for six months.
The British economy grew by 3% last year, but will this year grow from 1.75-2.25%.
To provide certainty, the chancellor said he is writing to the governor of the Bank of England to keep a 2% target on inflation.
Public spending in the coming three years will grow by 2.2% a year.