Member Since: 4th Apr 2003
1st Feb 2019
Getting this wrong cost Debenhams about £200,000 a couple of years ago, when they underpaid almost 12,000 staff
1st Feb 2019
There are actually 52 weeks and 1 day in a calendar year (52 weeks and 2 days in a leap year). The correct calculation is, therefore, 8 x 9 x 52 1/7, which gives an annual salary of £3,754.29.
At £9 an hour it won't matter, but I believe some large companies have been caught out not paying the minimum wage because of this. If someone was, for example, working 20 hours per week, earning £7.83 per hour and paid monthly. Their employer was calculating their monthly wage as 7.83 x 20 x 52 / 12 = £678.60. The correct calculation should be 7.83 x 20 x 52 1/7 / 12, which gives £680.46.
9th Nov 2018
The capital gain after the exemption is £300. Shares costing £100 are effectively sold for £12,100 making a £12,000 gain.
26th Oct 2018
My signed copy of "War of the Wolf" - the latest book from the master of historical fiction, Bernard Cornwell
22nd Sep 2018
"It means he will end up deducting double CIS deductions."
No it doesn't - the two CIS amounts are set off against one another.
6th Sep 2018
Jacqueline Haigh v HMRC: -
Is this the one?
26th Mar 2018
The loss can be carried back and set off against any profits of the previous 12 months as long as the loss making activity was carried on as some point during the accounting period: -
7th Feb 2018
f. They don't change the wording of their original question (or delete it altogether).
3rd Feb 2018
You may want (need) to consider making a claim to special relief (TMA 1970 Sch 1AB para 3A).
26th Jan 2018
I haven't checked the details of your calculation but I think you are overlooking the fact that the 40% threshold hasn't been fully used up to month 9.
The employee can earn £118,965 ((£8,620+150,000)x9/12) up to month 9 before they reach 45%. They have earned £114,031. The cumulative PAYE system means that the unused 40% rate of £4,934 (118,965-114,031) will be used in January as well as the £2,250.
More of the bonus will, therefore, be taxed at 40% rather than 45% than you have calculated.