To help with connecting Quickbooks and Online Banking McGinty Demack have produced a fact sheet.
Quickbooks will soon be updating the way they link to your bank. This is to improve the connection and help provide a better service.
To help keep you informed of this change please see our FAQ sheet below. If you have any questions please do not hesitate to contact us.
Open Banking FAQ
A recent Low Pay Commission (LPC) report sets out its findings on the number of people being paid less than the statutory minimum wage.
The LPC found that, in April 2018, 439,000 workers were paid less than the National Minimum Wage (NMW). Of this amount, 369,000 were employees aged 25 and over, who were paid less than the National Living Wage (NLW), an increase from previous years. On 1 April 2019, the NMW and NLW rates rose to the hourly rates detailed below:
|Minimum wage rate||Hourly rate from 1 April 2019|
|National Living Wage (for workers aged 25 and over)||£8.21|
|21-24 year-old rate||£7.70|
|18-20 year-old rate||£6.15|
|16-17 year-old rate||£4.35|
|Accommodation Offset||£7.55 per day: £52.85 per week|
The LPC also revealed that women are ‘more likely’ than men to be paid less than the NMW, and that underpayment is common amongst younger and older workers. In addition, underpayment was more common in certain sectors including hospitality, retail, cleaning, maintenance and childcare.
Commenting on the findings, Bryan Sanderson, Chair of the LPC, said:
‘Our analysis reveals a worrying number of people are being paid less than the minimum wage. We recently celebrated 20 years of the minimum wage – it has raised pay for millions of workers, but it is essential that people receive what they are entitled to.’
‘It is also vital for businesses to be able to operate on a level playing field, and not be illegally undercut on wages.’
Contact us for help with payroll issues.
Internet link: GOV.UK news
A capital gains tax (CGT) exemption applies when an individual disposes of a dwelling that has been used as their only or main residence under the Private Residence Relief (PRR) rules. The exemption applies as long as the relevant conditions are met throughout the total period of ownership. This relief is supplemented by ancillary reliefs that aim to deal with other related situations.
The government has previously announced and legislated to reform two of the ancillary reliefs to better target PRR at owner-occupiers. The reliefs which are being amended are:
- the final period exemption will be reduced from 18 months to nine months, although the special rules that give those with a disability, and those in care, an exemption of 36 months will not change
- lettings relief will be reformed so that it only applies where an owner is in shared occupancy with a tenant.
These changes will take effect from 6 April 2020. The government is now consulting on the changes in more detail and on how they will work in practice. It also invites views on some technical aspects of the PRR rules.
Internet link: GOV.UK consultation
The government has launched a consultation on proposed reforms at Companies House, including a ‘major upgrade’ of its register.
The consultation aims to tackle misuse of the register. It also strives to provide business owners with ‘greater protection from fraud’.
The consultation seeks views on a series of reforms to limit the risk of misuse:
- knowing who is setting up, managing and controlling companies
- improving the accuracy and usability of data on the companies register
- protecting personal information on the register
- ensuring compliance, sharing intelligence and other measures to deter abuse of corporate entities
Louise Smyth, Chief Executive of Companies House, said:
‘This package of reforms represents a significant milestone for Companies House as they will enable us to play a greater part in tackling economic crime, protecting directors from identity theft and fraud, and improving the accuracy of the register.’
The consultation is open until 5 August 2019.
Internet links: GOV.UK consultation GOV.UK news
From April 2019, Welsh taxpayers were assigned new income tax codes beginning with the letter ‘C’. However, HMRC recently revealed that some Welsh taxpayers were mistakenly given Scottish income tax codes by their employers. As a consequence, Welsh taxpayers have been charged income tax using the Scottish income tax rates and bands.
For 2019/20 the Welsh rate of income tax is set at 10% and this is added to the UK rates, which are each reduced by 10%. Therefore, the overall tax payable by Welsh taxpayers continues to be the same as English and Northern Irish taxpayers.
The income tax rates and bands that apply to employment income, self-employed trade profits and property income are different for taxpayers who are resident in Scotland, with tax rates and bands ranging from 19% to 46% rather than the 20% to 45% which apply across the rest of the UK. Tax codes for Scottish taxpayers begin with the letter ‘S’.
HMRC stated that it does not know the full extent of the error or how many Welsh taxpayers have been affected but they will carry out a review of the operation of Welsh tax codes in June 2019.
Llyr Gruffydd, Chair of the National Assembly for Wales’ Finance Committee, said:
‘We raised concerns about the flagging process for identifying Welsh taxpayers during our enquiries into fiscal devolution and the Welsh government’s draft budget.
‘On each occasion, we were told the matter was in hand, and the lessons from the devolution of income tax powers to Scotland, where there were similar issues, had been soundly learned and would be put into effect. We are seeking an immediate explanation of how this has happened and will be asking representatives from HMRC to appear before this Committee in the near future.’
If you have any concerns about tax codes, please get in touch.
Internet links: HMRC letter Welsh Assembly news