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Home Owner & Debtor Protection (Scotland) Act 2010
Q. What changes have been made in this latest act and what impact will they have on those facing serious debt problems?
A. Important changes have been made to the law on Bankruptcy and Trust Deeds. Click here for our summary.
National Minimum Wage
Q. One of my employees is turning 21 soon. What should I be paying them?
A. As from Friday 1st October 2010, the main rate of national minimum wage is payable to those aged 21 and over. The rate is £5.93.
Q. Has the Income Tax Personal Allowance rate increased this year?
A. Unfortunately not. The rate has been frozen from 2009/10 at £6,475 and HMRC have imposed an earnings limit of £100k after which the allowance is tapered. Those earning over £112,950 won’t receive any allowance.
Q. Is Vat definatley going up in 2011?
A. Yes. On Tuesday 4th January VAT will be charged at 20%. All the normal exclusions apply though. See our podcast section for assitance on changing the VAT code in Sage.