From 1st March all vat registered CIS registered companies will be paid net of VAT by their contractors. The vat will be shown as withheld on the invoice. This will have an immediate impact on cashflow but with a VAT rebate likely due, the cashflow should be the same over a quarter. Some larger companies may consider monthly VAT returns if this is a concern.
The latest news from PMC Partnership incorporating Pomfreys Accountants – 25th March 2024
From 6th April 2024 the National Minimum Wage for Employees 23 years and over will rise from £10.42 to £11.44. Please note this is the Employers legal responsibility to check their employees are earning at least this amount and inform the office to amend the payroll if required.