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Chartered Accountant

Sara Graff Chartered Accountant

Sara Graff Chartered AccountantSara Graff Chartered Accountant

NEWSLETTER AUGUST 2008

CHANGE IN PERSONAL ALLOWANCES

Nanny Payroll Further to the Chancellor's announcement following the protests regarding the abolition of the 10% tax code, the basic Personal Allowance for the 2008-09 tax year is increasing by £600 from £5,435 to £6,035 and the basic rate limit is reducing from £36,000 to £34,800. This will take place with effect from 7th September 2008.


As a result, many employees will see their tax code change in September. Those employees who get paid gross will see their salaries in September increase by up to £60 and £10 per month thereafter until the end of the tax year. Those employees who receive a net salary will not see any change to their salary but the tax liabilities of the employers will decrease by a similar amount.


Whether the full amount of £60 is received in September will depend on whether an employee has a cumulative tax code or a week 1/month 1 tax code. For most employees who have worked since the beginning of the tax year, the tax code is likely to be cumulative unless subsequently amended by HM Revenue & Customs. However, for those employees who have started during the tax year and have not produced a P45 when commencing employment or where a nanny share has commenced, they are likely to have a week 1 tax code. Employees may apply to their local tax office for their affairs to be reviewed either in September or April but any refund will be made to the employee and not the employer.

Please contact Taxing Nannies if you require further information.


NATIONAL MINIMUM WAGE

Please note that from 1 October 2008 the national minimum wage increases to £5.73 gross per hour for anyone aged 22 and over and £4.77 gross per hour for those aged 18 to 21. The minimum rate for 16-17 year olds is £3.53 per hour.

The minimum wage is not considered to apply to a nanny who lives with the family as part of the household. However, it is generally thought that where the employee earns over the lower earnings threshold that they should be subject to the minimum wage requirements. Where the nanny has separate accommodation then the national minimum wage will apply subject to an offset of £4.46 per day for each day that accommodation is provided.


ACCOUNTING SERVICES AND TAX RETURN SERVICE

Please note that Sara Graff is a qualified Chartered Accountant and Chartered Tax Advisor and provides accounting and tax services in addition to the general Taxing Nannies service. She would be happy to assist you in preparing your 2008 tax return or assist you with other accounting services and if you wish to avail yourselves or this service or would like some general advice please free to ring Sara on 020 8882 6847.


CORRECT POSTAGE

Although the Royal Mail changed their pricing structure some time ago, some of our clients are still sending large letters through with the wrong postage. We would request you to please check the amount carefully before sending any large letters as incorrect postage can result in delays in us receiving your post from you as well as Taxing Nannies incurring administrative costs from Royal Mail as well as the excess postage.

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Taxing Nannies offers efficient PAYE wage Payroll Services to a range of small employers in the UK which include;
nanny agencies, nannies, child carers plus housekeepers, cleaners, gardeners, butlers, drivers, & other small companies.
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