April 2016: Tax and NMW Changes
A number of changes take place from April this year, and we have looked at some of them in previous blog articles. One change that does apply and that we have not looked at before is the introduction of the National Living Wage (NLW). This will affect a large number of readers, whether they are … Continue reading April 2016: Tax and NMW Changes
Quarterly reporting to the tax office is on its way, that is certain. This will apply to business as well as all individuals with secondary or non-PAYE income in excess of £10,000 in any tax year. You may think that that does not apply to you but you may be in for a painful shock … Continue reading Quarterly reporting is on its way
The Pensions Regulator has warned small businesses that they risk being issued with a penalty for failing to meet their obligations to provide a workplace pension. He has emphasised that if a firm has a registered PAYE scheme then it will receive a letter informing them of a staging date even if they have no … Continue reading Workplace Pension Penalty Warnings
There are a number of major changes to taxation from April of which we are already aware. There are major changes to the taxation of dividends. From 6th April each individual will: receive a tax-free dividend allowance of £5,000 in addition to their personal allowance, and all dividends above £5,000 will be taxed at 7.5% … Continue reading Planning for 2016/17 and April changes in Taxation
As we approach end of the current tax year on 5th April it is time to consider whether there are any tax savings to be made. A few suggestions follow: Transfer Personal Allowance We have included in a separate article how, under certain circumstances, you can save £212 very simply by transferring unused allowances to … Continue reading End of Year Financial Planning