PAYE and NI

A pilot project marking a significant change in the way that PAYE payments are calculated has been launched by HMRC, with the first volunteer employers testing the new Real Time Information (RTI) system.

The average weekly state pension for 2012/13 has risen by £6 from £118 to £124 according to Government estimations following changes which came into effect last week.

The Government has published the Finance Bill 2012, in which tax measures announced in Budget 2011 and 2012 come into force.

The earnings thresholds for automatic pension enrolment will be aligned with tax and national insurance contributions, the Government has confirmed following consultations.

Small businesses may benefit from a simplified tax system in which full accounts may not have to be presented to HMRC, under plans announced by Chancellor George Osborne in the Budget.

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