The London Institute Of Banking And Finance

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The London Institute Of Banking And Finance por Mind Map: The London Institute Of Banking And Finance

1. minimum wage

1.1. October 2016 (current rate)

1.2. 25+

1.2.1. £7.20

1.3. 21-24

1.3.1. £6.95

1.4. 18-20

1.4.1. £5.55

1.5. under 18

1.5.1. £4.00

1.6. apprentice

1.6.1. £3.20

1.6.1.1. Apprentices are entitled to the apprentice rate if they’re either: aged under 19 aged 19 or over and in the first year of their apprenticeship

2. working hours

2.1. You can’t work more than 48 hours a week on average - normally averaged over 17 weeks. This law is sometimes called the ‘working time directive’ or ‘working time regulations’.

2.2. Exceptions You may have to work more than 48 hours a week on average if you work in a job: where 24-hour staffing is required in the armed forces, emergency services or police in security and surveillance as a domestic servant in a private household as a seafarer, sea-fisherman or worker on vessels on inland waterways where working time is not measured and you’re in control, eg you’re a managing executive with control over your decisions

3. Payslips

3.1. Your employer must provide you with a payslip. They don’t have to do this if you’re: not an employee, eg a contractor, freelancer or ‘worker’ Your payslips can be used as proof of your earnings, tax paid and any pension contributions. Employers can choose whether they provide printed payslips, or send them electronically (online). Payslips must be provided on or before payday. What should be on your payslip Your payslip must show: your earnings before and after any deductions the amount of any deductions that may change each time you’re paid, eg tax and National Insurance Employers must also explain any deductions fixed in amount, eg repayment of a season ticket loan. They can choose to do this either on a payslip, or in a separate written statement. This separate statement must be sent out before the first payslip. Employers must update this every year.

4. Pay As You Earn

4.1. P60

5. Income Tax

5.1. Income tax pays for the NHS, education and welfare

5.2. Amounts paid

5.2.1. Band Taxable income Tax rate Personal Allowance Up to £11,000 0% Basic rate £11,001 to £43,000 20% Higher rate £43,001 to £150,000 40% Additional rate over £150,000 45%

6. tax returns

6.1. Overview                                                                     Self Assessment is a system HM Revenue and Customs (HMRC) uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. People and businesses with other income must report it in a tax return. If you need to send one, you fill it in after the end of the tax year (5 April) it applies to. Sending your return Log in and file your tax return online, or send a paper form. Deadlines Send your tax return by the deadline (31 January if you file online). If you didn’t send an online return last year, allow extra time (up to 20 working days) as you’ll need to register first. Filling in your return You need to keep records (for example bank statements or receipts) so you can fill in your tax return correctly. You can get help filling in your return. Paying your bill HMRC will calculate what you owe based on what you report. Pay your Self Assessment bill by 31 January (or 30 December if you want HMRC to collect tax automatically from your wages or pension).

7. National Insurance

7.1. You pay National Insurance contributions to qualify for certain benefits like the State Pension.

7.2. You pay National Insurance if you’re: 16 or over an employee earning above £155 a week self-employed and making a profit of £5,965 or more a year

7.3. Amounts paid

7.3.1. £155-827/week = 12%

7.3.2. £827+/week-2%