Quarterly News

October Oracle

This autumn the month of October is clearly in fashion as 1 October 2009 heralds a number of changes of interest to individuals and businesses alike.

For savers

From 6 October 2009 those aged 50 or over will be able to increase the level of investments in ISAs to £10,200 from the existing £7,200. The increased limit will be available to all from 6 April 2010. The maximum cash investment within the overall limit of £10,200 rises from £3,600 to £5,100.

For employers

It brings an increase to both the National Minimum Wage (NMW) rates and to the maximum wage used for statutory redundancy pay calculations.

The NMW for workers aged 22 and over increases to £5.80 per hour from £5.73. For 18 to 21 year olds it increases to £4.83 from £4.77 per hour and for 16 to 17 year olds increases to £3.57 per hour from £3.53.

The weekly wage limit for calculating statutory redundancy pay is normally increased annually, at the beginning of February. However, as well as the increase which occurred on 1 February 2009, a further rise in the limit from £350 to £380 was announced in the Budget 2009. The increase is to apply from 1 October 2009 instead of 1 February 2010, four months earlier than usual.

For companies

1 October 2009 also represents the final stage of implementation for the Companies Act 2006.

For further information or advice on any of these areas please contact us.

News Highlights

Plant capital allowances

Have you installed new 'plant' in a building used for the purposes of your trade recently? The read on.

Every pound counts

The AIA has now been increased from £50,000 to £100,000 in the Finance Act 2010.

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