- £6.31 – the main rate for workers aged 21 and over
- £5.03 – 18-20 year old rate
- £3.72 – the 16-17 year old rate for workers above school leaving age but under 18
- £2.68 – the apprentice rate, for apprentices under 19 or 19 or over and in the first year of their apprenticeship
The rates change from 1st October 2013 - make sure you are paying or receiving the right amount:
With the deadline for submitting your paper return a little over a month (31 October) away I hope you are all on top of things. If you are struggling to meet the deadline then you may be able to submit your return on-line, giving you until the 31st January 2014. To find out more or see how we can help please get in touch.
The best times to telephone are - term time Mon/Tue/Thu/Fri 9.30 - 2.30. We are also available on Wednesdays, evenings 6-8 and weekends by appointment. Alternatively send an email or inquiry form and we will respond as soon as we can. We look forward to hearing from you.
Simplified expenses are easier to follow rules that can be used when calculating some business expenses. These simplified expenses are all optional.
There are some businesses and situations where simplified expenses may not be used, and it can still be more tax efficient to use actual expenses and apportion them for business use, so a calculation to compare the two still needs to be performed.
If you are eligible then a summary of the types of expenses is given below:
• fixed allowances for business mileage (rather than deductions for actual expenditure on purchasing, maintaining and running a motor vehicle or motor cycle, apportioned between business and private use)
• a flat rate to calculate expenses relating to business use of home (rather than deductions for actual amounts, apportioned between business and private use)
• a 3 tier banded rate to calculate the adjustment for private use of business premises (rather than deductions for actual amounts, apportioned between business and private use)
Simplified expenses can be used by any unincorporated business whether or not they have also chosen to use the cash basis.
From the 2013/14 tax year self employed individuals or partnerships carrying on the smallest trading businesses (Turnover < £79k) will be able to choose to be taxed on the basis of receipts less payments. All unincorporated businesses will be able to use simpler rules for some business expenses. Whilst I personally do not believe that cash accounting provides a true reflection of trading patterns, the use of simplified expenses may be beneficial for some businesses.