Providing training, management skills, accounting and payroll services to the charity and voluntary sectors
Our next newsletter is almost ready for the printer, so should be in the post very soon.
In this issue you can read more about
New Minimum Wage Rates from October 2015
Spotlight on the role of the Treasurer
Planning for Automatic Enrolment for Workplace Pensions
News of workshops and training in the Autumn
Excel is a great piece of software for a treasurer to use to keep track of their accounts.
BUT – can you print out a hard copy for your accountant without having to stick many pages together?
If you need help to achieve a workable spreadsheet system, then look out for our training courses.
Some comments from previous participants:
It was very useful and informative
Good handouts
Everything was explained very well
The tutor was very informative and knowledgeable
I learned some useful keyboard shortcuts
Contact us here if you would like to be put on the waiting list for the next course in September
Audit or Independent Examination of Accounts?
Except for NHS charities, only those charities with gross income of more than £25,000 in their financial year are required to have their accounts independently examined or audited – below that threshold, an external scrutiny of accounts is only needed if it is required by the charity’s governing document.
The thresholds have been increased from 31st March 2015. An independent examination is needed if gross income is between £25,000 and £1 million and an audit is needed where the gross income exceeds £1 million.
More details can be found in this Government document
Charity Reporting and Accounting: the essentials March 2015
Minimum Wage rates are set to rise in October
Rates are as follows:
| Old Rate | Rate from
1st October 2015 |
|
| For Adults (over 21) | £6.50 | £6.70 |
| Development Rate for age
18 to 20 years |
£5.13 | £5.30 |
| For age
16 to 17 years |
£3.79 | £3.87 |
| Apprentice Rate | £2.73 | £3.30 |
Tax codes for this new tax year beginning 6th April 2015 will increase by 60 if you have a tax code ending in L
(eg if your tax code was 1000L for the tax year ending 5th April 2015, your new tax code for this year will be 1060L)
Payroll Year End – 19th April 2015 deadline
Don’t forget, you must submit your end of year declarations to HMRC no later than 19th April 2015.
If you need help or advice on this, please contact us here
ACT NOW!
The law on workplace pensions has changed. Every employer with at least one member of staff must automatically enrol those who are eligible into a workplace pension scheme and contribute towards it.
The pensions regulator will send a series of communications about these new legal duties, so you need to nominate a member of staff to be the contact person by 30th April 2015.
Go to http://www.tpr.gov.uk/letter for all the details
If you fail to comply with your duties you could be fined and/or prosecuted
If you would like a hard copy sending out to you, please contact us here
Or read it online here: DCAS Spring Newsletter 2015
| BANDS OF TAXABLE INCOME AND CORRESPONDING TAX RATES | ||
| 2014/15 | 2015/16 | |
| Basic Rate | 20% | 20% |
| Higher Rate | 40% | 40% |
| Basic Rate Band | £0 – £31,865 | £0 – £31,865 |
| Higher Rate Band | £31,866 – £150,000 | £31,866 – £150,000 |
| Personal Allowance | £10,000 | £10,600 |
| NATIONAL INSURANCE CONTRIBUTION THRESHOLDS | ||
| Weekly Lower Earnings Limit(Below which earnings do not accrue entitlement to SSP, SMP, and SPP) | £111 | £112 |
| Weekly Primary Threshold | £153 | £155 |
| Weekly Secondary Threshold | £153 | £156 |
| Weekly Upper Earnings Limit | £805 | £815 |
| NATIONAL INSURANCE RATES | |||
| Employee (Primary) | Employer (secondary) | ||
| Weekly earnings | Ni Rate (%) | Weekly earnings | Ni Rate (%) |
| Below £112 (LEL) | 0 | Below £156 (ST) | 0 |
| £112 -£155 (PT) | 0 | Above £156 (ST) | 13.8 |
| £155 – £815 (UEL) | 12 | ||
Derby Community Accountancy Service 