7 months ago

Local Life - Wigan - May 2018

Wigan's FREE local lifestyle magazine.


62 ADVERTISEMENT Keeping it in the family by Chris Alcock - CMA Accountancy We often get asked about paying your child from the business. You can pay your son or daughter from your business, but they must do some real work for that money, work which is worth what you pay them. The work need not be performed at your business premises. Skills which could be used to promote your business online or to design marketing materials could be applied remotely, perhaps while away at university. However, you need to be able to prove that adequate work was performed for the rewards. Where work is done in between studying and is not supervised, there needs to be an accurate record such as a timesheet. Also, there are rules on how many hours a child under sixteen is legally allowed to work, during school term time and during the holidays. Where the pay is more than £113 per week, you must put it through the payroll as you would for any other employee. On the subject of payroll, the national minimum wages, NMW, rates rise on 01 April 2018. The NMW depends on each employee’s age and the top rate for those aged 25 and over will rise from £7.50 to £7.83 per hour. There are different rules for company directors and we are happy to advise on these. If you are employed then you should be receiving your tax code notices for the 2018/19 tax year. You should carefully check these to ensure they accurately reflect your income position. If you believe the figures are incorrect you can ask for an amendment using your personal tax account; ask us how. Here at CMA we always offer a free consultation for any sole trader business, landlord or companies that would like to speak to us about their finances. We provide dynamic, value for money accountancy services and work alongside business owners to implement cloud based solutions that enable them to work efficiently and achieve their personal and business goals. Alternatively drop by the office on Skull House Lane in Appley Bridge and we can discuss these further over a coffee. There will be no charge for the initial meeting. Contact Details Chris Alcock ACMA CMA Accountancy 39 Skull House Lane, Appley Bridge, Wigan, WN6 9DR Tel: 01257 255521 Email web

63 SA deadline Benefits AE VAT Do you need help and guidance with; SA Company Accounts? Auto Enrolment? Self Assessment? Cloud-based Software? Payroll Services? Call CMA Accountancy today Skull House Lane, Appley Bridge. 01257 255521